Libra token collapses 94% after insiders cash out $107M, wiping out over $4B in market cap

The launch of Libra (LIBRA), a cryptocurrency backed by Argentine President Javier Milei, turned disastrous after insider wallets drained over $107 million in liquidity, causing a 94% drop in value within hours. The token briefly reached a $4.56 billion market cap before crashing to $257 million. Onchain data from revealed that at least eight wallets tied to the Libra team withdrew funds through liquidity removals and fees. Milei initially endorsed the project in a now-deleted post but later blamed political opponents for the fallout. Blockchain analysts had warned about the token’s poor structure, with 82% of the supply unlocked from the start.

Grayscale Seeks SEC Approval to Introduce Staking in Spot Ethereum ETFs

Grayscale has filed with the US SEC to allow staking in its spot Ethereum ETFs, including the Grayscale Ethereum Trust ETF (ETHE) and the Grayscale Ethereum Mini Trust ETF (ETH). If approved, the funds would earn staking rewards, but Grayscale will not guarantee specific returns. The firm argues that staking would enhance ETF efficiency and benefit investors. This follows a similar move by 21Shares, which recently applied for staking approval. A potential policy shift under a more crypto-friendly SEC could pave the way for broader staking integration in crypto ETFs.

SEC Hints at Possible Settlement With Coinbase Amid Crypto Task Force Review

The SEC has requested a four-week extension to respond to Coinbase’s appeal, citing its newly formed crypto task force led by Commissioner Hester Peirce. The regulator suggests the task force’s work could help resolve both the district court case and potential appellate review. This follows a prior ruling that Coinbase may have sold unregistered securities. The SEC recently sought a similar extension in its case against Binance, signaling a possible shift in approach under Acting Chair Mark Uyeda.

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Abu Dhabi sovereign fund invests $437M in BlackRock Bitcoin ETF amid growing crypto exposure

Abu Dhabi’s Mubadala Investment Company, a sovereign wealth fund, purchased $436.9 million worth of BlackRock’s spot Bitcoin ETF (IBIT) in Q4, according to an SEC filing. The investment coincided with BlackRock securing a commercial license to operate in Abu Dhabi. IBIT leads the U.S. spot Bitcoin ETF market, with $56 billion in assets under management and $41 billion in net inflows since launching in January 2024. This is one of Abu Dhabi’s largest crypto-related investments, following its 2023 involvement in Bitcoin mining infrastructure.

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