Elon Musk-led Twitter has shifted its logo to the popular cryptocurrency Dogecoin's (DOGE) symbol. Following the move, Dogecoin increased by over 30% in value, replacing Cardano (ADA) as the seventh largest cryptocurrency by market value on the rank. More: - With the logo change, Dogecoin surpassed the $0.10 level for the first time since December last year.
- The change can be viewed by the social media giant's roughly 360 million monthly active users across the platform.
- After the shift, Elon Musk tweeted a meme in which the dog in the Dogecoin symbol says, "That's an old photo" for the bird in the Twitter icon, implying that the logo change came to stay.
- The logo change was first proposed to Elon Musk by a Twitter user, WSBChairman.
- The move came shortly after Elon Musk requested the dismissal of a $258B Dogecoin lawsuit that alleges that he conducted a Ponzi scheme to support the popular cryptocurrency.
Zoom Out: - The Dogecoin lawsuit against Musk claims that the famous CEO deliberately caused Dogecoin's price to jump over 36,000% in two years before allowing it to plummet.
- Musk's lawyers said the statements in his tweets were too vague to support fraud, and supporting a legal cryptocurrency with a $10B market cap through tweets or funny pictures is not unlawful.
- Musk said he would continue supporting DOGE wherever possible last year, though he was highly criticized in 2021 over his Twitter posts that caused Dogecoin to increase in value many times.
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Binance, the largest crypto exchange by trading volume, lost 16% of its market share following the U.S. Commodity Futures Trading Commission's (CFTC) complaint against it. The platform's market share declined to 54% from 70% two weeks ago, retreating to the lowest rate since November 2022. More: - In March, the CFTC filed a lawsuit against Binance and its CEO Changpeng Zhao (CZ) with allegations of seven counts of regulatory violations.
- The accusations in the lawsuit include executing unregistered futures transactions, failing to properly register with the derivatives regulator, law evasion, and market manipulation.
- At the time, Zhao said the company did not agree with the allegations in the lawsuit, calling the CFTC's complaint unexpected and disappointing.
- Shortly after the complaint, the popular crypto exchange also halted its zero-fee trading promotion for 13 Bitcoin (BTC) spot trading pairs.
- The termination of zero-fee trading led the platform to see its lowest BTC trading volume since July last year.
- Within the first 24 hours of the CFTC's complaint, Binance users reacted to the news with nearly $1B in net outflows.
Zoom Out: - In addition to the CFTC, Binance has also been under scrutiny by the Internal Revenue Service (IRS), the Securities and Exchange Commission (SEC), and federal prosecutors in the U.S.
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The decentralized wallet platform KuCoin Wallet has rebranded as Halo Wallet, departing from the parent crypto exchange, KuCoin. As part of the rebranding efforts, the platform gained a new name, logo, user interface (UI), and roadmap. More: - Several investors, including KuCoin Ventures, IDG, and HashKey Capital, have backed Halo Wallet with funding.
- With this move, the platform aims to shift its focus from the Web3 wallet to a broader SocialFi ecosystem that combines social media and decentralized finance (DeFi).
- Halo Wallet plans to integrate its platform into various on-chain and off-chain social media protocols like Lens and Twitter.
- The platform also says that it would gradually hand over the control of its SocialFi ecosystem to the community through a decentralized autonomous organization (DAO).
- Jeff Haul, the head of Halo Wallet, stressed that decentralized wallets serve as consumers' main entry point into the Web3 ecosystem.
Zoom Out: - KuCoin Wallet (now Halo) has added more than 1 million users to its network since its launch in June 2022.
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The bankrupt hedge fund Three Arrows Capital's (3AC) founders, Su Zhu and Kyle Davies, launched a new crypto exchange dubbed OPNX. The launch also includes a token giveaway of OPNX's native token, FLEX, for eligible users on the waitlist. More: - The platform is not available in certain regions, including the U.S. and Canada.
- The Dubai-based venture raised $25M from investors.
- The new crypto exchange mainly aims to support the trading of user assets in the form of tokens stuck on bankrupt crypto platforms, including FTX and Celsius.
- Zhu and Kyle established the exchange by rebranding the derivatives platform CoinFLEX in collaboration with its CEO, Mark Lamb.
- Mark Lamb's wife, Leslie Lamb, became the CEO of OPNX.
- FLEX's market cap currently stands at $256M.
Zoom Out: - Three Arrows Capital had to file for bankruptcy in July last year with the impact of a prolonged crypto winter triggered by the multi-billion dollar Terra ecosystem's collapse in May.
- Founders Kyle Davis and Su Zhu were held responsible for the failure and multi-billion dollar losses by many people after the bankruptcy.
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Three Canadian crypto exchanges, WonderFi, Coinsquare, and CoinSmart, have announced that they plan to merge to create a leading crypto exchange. Following the announcement, WonderFi's shares increased by over 43% in value. More: - WonderFi President Dean Skurka said the merger would allow the exchanges to scale their business as a market leader in Canada, have a strong balance sheet supporting growth, and form a clear route to profitability.
- WonderFi, Coinsquare, and CoinSmart have 1.65 million users together.
- The exchanges also manage over $600M of assets under custody.
- The move aims to create a single crypto exchange that would dominate the Canadian market by combining the powers of three platforms.
Zoom Out: - In January, Coinsquare canceled an agreement to buy CoinSmart.
- Shortly after CoinSquare's termination, a report claimed that WonderFi and Coinsquare were in advanced discussions to merge.
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The U.S.-based fashion brand Ralph Lauren has revealed plans to accept crypto as a payment method at its Miami store. The cryptocurrencies accepted at the store will include Bitcoin (BTC), Polygon (MATIC), and Ethereum (ETH). More: - The company has collaborated with a crypto payment service provider, BitPay, to make the new payment option available.
- The brand will also give refunds in the same cryptocurrency initially used for the payment, and the refunds will match the total dollar amount of what is returned to adapt to the volatility in the values of the cryptocurrencies.
- The new Miami Design District store in Miami will be the company’s first location to accept crypto payments.
- The store has also partnered with the Web3 community Poolsuite to gift NFTs.
- As part of the partnership, all 3,000 Poolsuite community members will be given a co-designed Ralph Lauren x Poolsuite NFT that will unlock entry to a party at a private waterfront Miami estate later this month.
Zoom Out: - Italian high-end luxury fashion house Gucci also started accepting crypto payments through BitPay integration at select stores in the U.S. last year.
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- South Korean authorities have reportedly seized $160M worth of assets belonging to the executives of the Terra ecosystem that collapsed last year, wiping over $60B off the crypto market.
- Crypto exchange Binance has denied the claims that its CEO Changpeng Zhao is wanted for arrest with a red notice issued by the International Criminal Police Organization (Interpol).
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 |  | Doga is a tech and science editor who has been writing news for nearly 10 years. She worked for leading tech platforms and mainstrem media channels as an editor and presenter throughout his career. Then, she carried her know-how to more than one platform. She is a part-time cat lover and binge-watcher, and also fond of science, space, and emerging tech. She always has a story to tell. She is a bit addict to the laughter and -unfortunately- the '90s culture. |  | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
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