Crypto Investors was delighted this week after the U.S. Securities and Exchange Commission dismissed one of the most controversial lawsuits in the crypto industry.
In another important regulatory development, Solana-based Futures Exchange Funds (ETFs) debuted in the US.
SEC’s XRP reversal “industry victory”: Ripple CEO
The SEC’s firing of a long-standing lawsuit against Ripple Labs, developer of XRP Ledger Blockchain Network, is a “winning for the industry,” Ripple CEO Brad Garlinghouse said at Blockworks’ 2025 Digital Assets Summit in New York.
On March 19, Garlinghouse announced that the SEC would dismiss legal action against Ripple, ending a four-year lawsuit against blockchain developers in 2020 on allegedly $1.3 billion of unregistered securities.
“It feels like the industry’s victory and the beginning of a new chapter,” Garlinghouse said at the summit on March 19th.
The CEO of Ripple said the SEC is removing the lawsuit against blockchain developers. Source: Brad Garlinghouse
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Solana FuturesETF to expand institutional adoption despite limited influx
Crypto Industry is set to debut its first Sol Futures ETF. This is a critical development that could pave the way for the first Sol Sol ETF as the “next logical step” for Crypto-based trading products, according to industry watchers.
Volatility Share will launch two Sol futures ETFs on March 20th, with volatility Solana ETF (Solz) and Volatility Shares 2x Solana ETF (SOLT).
Volatility shares the Solana ETF SEC filing. Source: Sec
According to Ryan Lee, chief analyst at Bitget Research, the debut of the First Sol Futures ETF could result in a critical new institutional adoption of Sol Token.
The analyst told Cointelegraph:
“The launch of the first Solana ETF in the US could significantly increase Solana’s market position by increasing demand and liquidity for SOL, potentially narrowing down the gap with Ethereum’s market capitalization.”
The Solana ETF “will expand institutional adoption by providing a regulated investment vehicle, attracting billions of capital and enhancing Solana’s competitiveness against Ethereum,” Lee said, adding that “it remains a scary barrier to Ethereum’s entrenched ecosystem.”
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Pump.Fun launches its own Dex and drops Raydium
Pump.Fun could launch its own distributed exchange (DEX), known as Pumpswap, potentially replacing Raydium as the main trading venue for Solana-based Memecoins.
Starting March 20th, Memecoins, which bootstrapped liquidity or “bonds,” states in X-Post, as Pump.Fun moves directly to Pumpswap.
Previously, Bonded Pump.fun tokens have been migrated to Raydium. Raydium appeared as Solana’s most popular Dex, mainly thanks to its Memecoin Trading Activity.
According to Pump.Fun, Pumpswap is “works like Raydium V4 and Uniswap V2” and is designed “to create the most frictionless environment for trading coins.”
“Moving has been a major point of friction. It slows down the momentum of the coin and brings unnecessary complexity to new users,” says Pump.Fun.
“Now, migration happens instantly and for free.”
Raydium’s trading volume surged in 2024, primarily by Memecoins. Source: Defilama
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Bybit: 89% of $1.4 billion cryptography stolen are still trackable post hacks
The share of the hacked Bibit Fund’s Lion is still traceable after historic cyber theft, and blockchain investigators continue their efforts to freeze and collect the funds.
The crypto industry was shaken by the biggest hack in history on February 21st. Bibit has lost more than $1.4 billion in liquid-sinked ether (steth), mantle stayquests (female) and other digital assets.
Blockchain security companies, including Arkham Intelligence, have identified North Korean Lazarus group as the possible perpetrator behind the Bybit exploit as attackers continue to exchange funds to make them untraceable.
More than 88% of the $1.4 billion stolen remains trackable despite efforts by the Lazarus Group, according to Ben Zhou, co-founder and CEO of Crypto Exchange Bybit.
The CEO wrote in the X Post March 20th:
“The total hacked funds of US$1.4 billion are around 500 KETH. 88.87% are traceable, 7.59% is dark and 3.54% is frozen.”
“86.29% (440,091 ETH, ~1.23B) was converted to 12,836 BTC over 9,117 wallets (average 1.41 BTC each),” the CEO said, adding that the fund was inflated primarily through Bitcoin (BTC) mixers.
Source: Ben Zhou
CEO updates occur almost a month after the exchange is hacked. Cointelegraph reported on March 4th, and Cointelegraph reported on March 4th that 100% of the stolen funds were reported on March 4th.
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Libra Melania Creator “Wolf on Wall Street” Memocoin crashes 99%
The creators of Libra Token have launched another memo coin with several Onchain patterns on the same thing, pointing to important insider trading activities ahead of the 99% collapse of the coin.
Hayden Davis, co-creator of the official Melania Meme (Melania) and Libra Tokens, has launched a new Solana-based Memecoin with over 80% insider supply.
Davis launched the Wolf (Wolf) Memocoin on March 8th, and launched his own token based on rumors about Jordan Belfort, known as the Wolf of Wall Street.
The token reached a market capitalization of $42 million. However, 82% of Wolf’s supply was bundled under the same entity, according to a March 15 post by Bubblembaps.
“The bubble map revealed something strange. $Wolf had the same pattern as $Hood. A token released by Hayden Davis. Was he behind this too?”
Source: Bubblemaps
The blockchain analytics platform revealed transfers across 17 different addresses and has returned to the address “OxCeae”, owned by Davis.
“He provided funding for these wallets months before $libra and $wolf was released, moving the money through 17 addresses and two chains,” Bubblembaps added.
Source: Bubblemaps
Wolf Memecoin lost more than 99% of its value within two days, from its market capitalization of $42.9 million on March 8th to just $570,000 by March 16th.
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Overview of Defi Market
Most of the 100 largest cryptocurrencies by market capitalization ended the week on Green, according to data from Cointelegraph Markets Pro and TradingView.
Of the top 100, BNB Chain Native 4 (Form) tokens rose by over 110% as the biggest winner of the week, followed by Pancakeswap Cakes (Cake) tokens, up over 48% on the weekly chart.
Total value locked with Defi. Source: Defilama
Thank you for reading this week’s most impactful Defi development summary. See more stories, insights and education about this dynamic space next Friday.
