Gate Crypto Flash News and Market Updates

The Russian government has submitted a bill to impose the maximum 2,000,000 ruble fines and up to 5 years in prison for illegal cryptocurrency mining. Of the roughly 50,000 miners nationwide, only 1,500 have registered; the ban has been expanded to 13 regions, and the prohibition will remain in effect until 2031.

Gate News, April 2, Wormhole issued an official response to the attack on Drift, stating that Wormhole users’ assets are not currently at risk and that the cross-chain bridge functionality can still be used normally. However, due to the built-in security mechanisms configured for Solana, some cross-chain transfers may experience delays. Wormhole’s core contributors have been in communication with the Solana ecosystem team and will continue providing support as needed.

Gate News update: On April 2, Japan’s Nikkei 225 index (Japan’s stock market benchmark index) saw an intraday decline of 2%.

Gate News: According to the latest Gate TradFi data, AUDUSD (AUD/USD) has dropped by 0.5% in a short period. Current volatility is significantly higher than recent averages, indicating increased market

Gate News bot message, Gate price display shows that ETH has broken below 2050 USDT, with the current price at 2049 USDT.

Loopscale’s declaration is not directly related to Drift. Most funds are secure, with some indirect exposure. Deposits in the SOL Genesis Vault will fully reimburse users; deposit and withdrawal functionality is temporarily disabled, and will be reopened once services are restored.

Gate News message, April 2, Defillama data shows that in March 2026, the total DEX trading volume was $202.0 billion, nearly dropping back to the $251.3 billion level from March 2025. During the same period, Solana DEX trading volume was about $57.3 billion, falling to its lowest level since September 2024.

Polymarket’s single-day fee revenue surpassed $1 million on April 1, reaching $1.02 million, showing a clear increase. This change was driven by its adjustment to the fee mechanism and the addition of multiple market categories to broaden its chargeable scope.

The Yinchuan City Xingqing District People's Court concluded a virtual currency investment dispute case. The plaintiff, Mr. Wei, entrusted the defendant to invest, and later, after requesting repayment due to an urgent need for funds and failing to obtain it, brought a lawsuit for "unjust enrichment." The court held that the matter should be governed by a mandate contract relationship, and ultimately, through mediation, the plaintiff withdrew the lawsuit and Li returned the invested principal, and both parties reached a settlement.

Gate News message, Trader HXiRSK sold another 47,401 SOL ($3.98M) to cut losses after the Drift Protocol exploit. Seven months ago, this trader purchased 91,891 SOL ($16.04M) at $175. His total loss now exceeds $4M.

Gate News reports that on April 2, Anna, the founder of stablecoin infrastructure company Perena, issued a statement confirming that its three products—Perena USD, USD-J, and USD-P—were not affected by the Drift attack incident. However, the JLP vault managed by Neutral Trade, a platform sharing quantitative strategies within the Solana ecosystem, is running on Drift, which may pose certain risks or implications.

On April 2, Paul Grewal, the Chief Legal Officer of a certain CEX, said in an interview that the debate over stablecoin yield in the United States’ soon-to-be released “CLEAR Act” is nearing an agreement. He emphasized that although there are disagreements, all parties recognize that other elements of the bill are just as important, and he is optimistic about the bill’s prospects. Grewal opposed conflating the issue of stablecoin yield with challenges facing the banking industry. The CEX and its CEO previously opposed a proposal to limit stablecoin rewards, saying it would harm innovation and consumers’ interests.

Gate News reports that STO (STO Chain) has seen a significant price increase recently, up 223.71% within 24 hours, with a market cap of about $138 million. Changes in liquidity, making new all-time highs in price, and an increase in capital outflows indicate improved market sentiment. Investors are leaning toward long-term holdings, and you should watch for risks related to market volatility.

Gate News update: On April 2, crypto reporter Eleanor Terrett disclosed that the text of the U.S. stablecoin yield bill will not be released as scheduled later this week. The delay is due to concerns among the relevant parties that an early release of the bill text would give opponents an opportunity to delay the bill before it is considered in the Senate.

Gate News: According to the latest Gate TradFi data, XAGUSD (Silver) has dropped by 2% in a short period. Current volatility is significantly higher than recent averages, indicating increased market activity.

On April 2, the crypto market broadly fell, with the RWA and Layer 1 sectors down 1.71% and 1.66%, respectively. Bitcoin fell 0.75% to $68,000, while Ethereum inched up 0.15%. The GameFi sector performed better, rising 0.71%. Most other sectors trended downward.

Gate News update: On April 2, the Solana liquidity protocol Meteora issued a statement saying that all funds on Meteora are safe, and that all platform features and the treasury have not interacted with the Drift protocol.

Gate News update: On April 2, according to Gate market data, as of the time of writing, PIPPIN (pippin) is trading at $0.0603. Over the past 24 hours, it is up 20.56%, with a high of $0.0779 and a low of $0.0499. The 24-hour trading volume is $21.2392 million. Its current market cap is approximately $60.3162 million. Pippin is an SVG unicorn drawn using the latest LLM benchmark from ChatGPT 4o. Pippin was created by Yohei Nakajima, a widely recognized innovator and thought leader in the AI VC space. He is known for his public-building approach, and has been at the forefront of the "AI for VC" movement

Gate News message. April 2, according to Coinglass data, liquidations across the entire network over the past 24 hours totaled $375 million, including $204 million liquidated on long positions and $170 million liquidated on short positions. In detail, Bitcoin had $51.7929 million liquidated on long positions and $41.8973 million liquidated on short positions; Ethereum had $42.568 million liquidated on long positions and $47.1016 million liquidated on short positions.

On April 2, an account on the Polymarket platform placed a $160,000 bet that the Spurs would beat the Warriors. This account has made a profit of more than $1.7 million. The Spurs currently have a record of 57 wins and 18 losses and are ranked 2nd in the Western Conference.