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Weekly Recap: MOVE scandal, Token2049 in Dubai

Happy weekend Defiers!

Crypto markets have been fairly flat the past few days, with BTC and ETH up about 1.5% on the week. On Thursday, BTC crossed $97,000 for the first time since February, following softer-than-expected macroeconomic data, but is back down near $96,200.

Among large-cap alts, eyes were on VIRTUAL and MOVE (for very different reasons), which were some of the biggest gainers and losers this week, respectively.

Token2049 in Dubai brought together prominent industry players, generating both news and predictions.

Plus, Ethena and the TON Foundation announced a major partnership

Enjoy!

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Top stories this week

Three Major Financial Institutions Reveal Upcoming Crypto Activations

Yes, the institutions are coming for your coins. This week alone, financial giants Charles Schwab, Goldman Sachs and Morgan Stanley all revealed plans to roll out crypto trading to their users. Schwab’s CEO went so far as to say the firm’s goal is to launch spot crypto trading by next April.

AI Agent Token VIRTUAL Surges 32% on Genesis Launch Updates

Virtuals Protocol’s native asset VIRTUAL grew almost 30% over 24 hours on May 1, after the project revealed new features of its AI agent token launch mechanism, Genesis. The recent growth is part of a larger boom in the AI agent token sector this past week.

A Single Phishing Attack Drives $364M in April Crypto Losses: CertiK

CertiK reported that net losses from crypto thefts for last month totaled just over $345 million. Around $330 million of that stemmed from a single phishing attack resulting in 3,520 BTC stolen, which ZachXBT first flagged on Monday.

MOVE Falls 50% in a Month Plagued by Controversy and Scandal

The team behind Ethereum L2 Movement confirmed the suspension of its cofounder, Rushi Manche, amidst a third-party investigation surrounding governance and a market making scandal.

Coinbase announced on Thursday that it was delisting Movement's native asset, MOVE. The token is down 26% this week and over 50% on the month.

Crypto Leaders Forecast Bitcoin Surge, SWIFT Disruption at Token2049 Dubai

Token2049 brought over 10,000 people to Dubai this week. This included well-known industry leaders CZ and Arthur Hayes, who made bold predictions, ranging from the price of Bitcoin in 2028, to the convergence of crypto and AI.

At the conference, centralized crypto exchange MEXC also revealed its new $300 million Ecosystem Development Fund for web3.

Ethena Integration Is a ‘Massive Leap’ for TON and Telegram Users

Ethena and the TON Foundation announced a strategic partnership this week, which gives Telegram’s one billion users the ability to earn interest on Ethena’s sUSDe natively in their Telegram-based wallets.

“Ethena is a massive leap forward because it’s not just a stablecoin,” TON Foundation’s CEO Max Crown told The Defiant, adding, “For the first time, users on TON will be able to earn and save on-chain.”

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