Enforcement Actions

Ondo Finance filed a request with the SEC on April 13, seeking confirmation that recording securities interests on the Ethereum mainnet in a tokenized form is compliant under certain patterns. Ondo believes that this on-chain recording can improve collateral monitoring, optimize processes, and simplify reconciliations, with the goal of operating in coordination with traditional finance.

A U.S. federal district court ruled that Arizona is barred from using its gambling laws to prosecute prediction market platform Kalshi, finding that the U.S. Commodity Futures Trading Commission has exclusive jurisdiction. The ruling affects the boundary between state and federal authority over financial market regulation, and Kalshi insists that its business is a financial product rather than traditional gambling. Courts in different states have reached different decisions regarding prediction markets, and the Trump family has also expressed support for prediction markets.

The Bank of Korea recommends introducing a circuit breaker mechanism in the crypto-asset industry to prevent abnormal trading, and points out that the Bithumb mistaken payment incident reveals a structural vulnerability. The governor nominee, Hyun-sung Shin, emphasizes that CBDCs and deposit tokens should be the core of digital currencies, and proposes a phased opening strategy for stablecoins. The Bank of Korea also plans to launch an offshore KRW system with real-time gross settlement in 2027 to reduce credit risk.

A 21-year-old Manhattan resident, Nicholas Truglia, faces 21 counts of felony charges for carrying out a SIM card swap attack that stole more than $23 million in assets from cryptocurrency investor Michael Terpin. This case highlights vulnerabilities in phone-number-based verification mechanisms, sparking discussions in the crypto community about the need for stronger security solutions and driving adoption of safer verification methods such as hardware security keys.

The conflict between the crypto project WLFI supported by Trump’s family and Justin Sun escalates, with Sun accusing the WLFI token contract of containing a backdoor that freezes users’ funds. WLFI, in turn, refutes Sun’s claims as exaggerated. This dispute highlights the tension between crypto project governance and the principles of decentralization.

Bitcoin has pulled back from its peak to $71,110. The chair of the U.S. CFTC said it will defend its regulatory authority over prediction markets. An FBI report shows that in 2025, losses from cryptocurrency fraud reached $11.36 billion, with seniors hit the hardest. The market is optimistic in the short term, but you should be mindful of the impact of oil prices and monetary policy.

American musician G. Love downloaded a counterfeit Ledger Live app from the Apple Mac App Store. After entering the recovery phrase, he lost 5.92 bitcoins, worth more than $424,000. The app passed the review successfully, creating a trust crisis for users. Security experts remind hardware wallet users never to enter recovery phrases on internet-connected devices and to go directly to the official website to download the app. The source of the funds appears to be a CEX, and the likelihood of recovery is extremely low.

CFTC Chair Mike Selig emphasized that the CFTC has the only regulatory authority over prediction markets, and that states cannot replace federal oversight. At the same time, the CFTC is clarifying regulatory details through rulemaking and welcomes public input. In addition, the digital asset classification guidance jointly released by the CFTC and the SEC will help businesses clearly determine the nature of digital assets.

The FBI’s 2025 Internet Crime Report shows that losses from cryptocurrency-related fraud reached $11.37B, up 22% from 2024. Losses among people ages 60 and older totaled $4.4 billion, mainly stemming from cryptocurrency investment scams. California had the highest losses at $2.1B.

Sun Yuchen publicly accused World Liberty Financial (WLFI) of embedding a backdoor in its smart contract, claiming that its wallet was unlawfully frozen in 2025, and pointing out four categories of misconduct by the WLFI team: charging unreasonable fees, controlling the backdoor, freezing funds, and manipulating governance. He emphasized that this conduct violates basic investor rights and called on WLFI to restore transparency.

A loan-shark smart contract scam case led by Chiou Zhihau raised over 50 billion yuan, and 14 people have already been detained. The platform lured victims with high returns of 3% to 7% monthly interest, but in reality it was a carefully designed con, using DeFi concepts to lower their guard. During the period when Chiou Zhihau was released on bail, he committed fraud again, reflecting regulatory loopholes; prosecutors are currently continuing to investigate.

The U.S. federal government is working together with the CFTC and the Department of Justice to try to shift regulatory authority for Kalshi prediction markets from local governments to the federal level, arguing that sports event contracts are financial derivatives. If the court supports this position, it will change the legal status of prediction markets and provide uniform national regulation, reducing the influence of state-level gambling laws.

The U.S. federal government is working together with the CFTC and the Department of Justice to try to shift regulatory authority over Kalshi’s prediction markets from state and local governments to the federal level, arguing that sports-event contracts are financial derivatives. If the court supports this position, it will change the legal status of prediction markets and standardize regulation nationwide, reducing the influence of local gambling laws.

The U.S. federal government is working with the CFTC and the Department of Justice to try to shift regulatory authority over Kalshi prediction markets from state and local governments to the federal level, arguing that contracts for sports events are financial derivatives. If the court backs this position, it will change the legal status of prediction markets and unify nationwide regulation, reducing the influence of state and local gambling laws.

North Korean hackers’ attacks against the cryptocurrency industry continue to escalate, becoming an important source of funding for maintaining their military budget. Experts say that, unlike hackers from other countries, North Korea relies more heavily on crypto theft; its tactics have evolved into precision takeover—long-term infiltration that is difficult to effectively defend against—posing a serious threat to the industry.

Democrats are investigating the Trump Coin conference due to concerns about political involvement in the crypto sector. The event's timing with the White House Correspondents Dinner raises ethical questions, especially regarding the Blockchain Regulatory Certainty Act.

Robinhood takes a cautious approach in its prediction market business, excluding “market mentions” contracts that could easily trigger manipulation risks, and emphasizing that it only offers regulated event contracts to protect customer interests. Recent insider trading incidents have intensified industry concerns, and to mitigate risk, Robinhood partners with regulated platforms to ensure user identity verification.

A 27-year-old German hacker, Noah Christopher, was arrested in Thailand and faces up to 74 counts of cybercrime, accused of developing ransomware and providing network attack services, involving transnational cybercrime. His visa was revoked, and he is awaiting extradition to Germany.

The U.S. federal government is working with the CFTC and the Department of Justice to try to shift regulatory authority over Kalshi’s prediction markets from local governments to the federal government, arguing that sports event contracts are financial derivatives. If the court backs this position, it will change the legal status of prediction markets and create uniform nationwide oversight, reducing the impact of state-level wagering laws.

The U.S. federal government is working jointly with the CFTC and the Department of Justice to try to shift regulatory authority over Kalshi prediction markets from local governments to the federal level, arguing that sports event contracts are financial derivatives. If the court backs this position, it will change the legal status of prediction markets and unify nationwide oversight, reducing the influence of state-level gambling laws.