Daily Report | SEC Completes Two-Year Review of Coinbase; BNB Completes 31st Quarterly Token Burn
April 16 News OverviewOrganizer: Jerry, ChainCatcher
Important News:
- SEC completes two-year review of Coinbase, no amendments or restatements required
- Semler Scientific has applied to the SEC to issue $500 million in securities to purchase more BTC
- Thousands of Nigerian investors severely impacted by CBEX Ponzi crypto scam, with amounts involved possibly reaching millions of dollars
- Bithumb to list KERNEL on the KRW market
- Upbit adds WCT KRW, BTC, USDT trading pairs
- Upbit will list SHELL and DEEP BTC and USDT trading pairs
- BNB completes 31st quarterly token burn, worth approximately $916 million
"What important events occurred in the past 24 hours"
SEC completes two-year review of Coinbase, no amendments or restatements required
According to Cryptoslate, the U.S. Securities and Exchange Commission (SEC) has completed its long-term review of Coinbase's financial disclosures and ultimately did not require the company to amend or restate the relevant documents.
Coinbase's Chief Legal Officer Paul Grewal stated that the review covered the 10-K filings for the fiscal years 2022 and 2023, lasting over two years, and all relevant comments have been fully resolved with the SEC's Division of Corporation Finance. The SEC reminded in its letter that the company and its management remain responsible for the accuracy and completeness of the disclosures, and the completion of the review does not represent an official endorsement. This process began shortly after Coinbase went public in April 2021, alongside the ongoing evolution of compliance standards for crypto companies. Additionally, since the Trump administration took office, the U.S. regulatory stance has become more lenient, with the SEC withdrawing lawsuits against several crypto companies and working on a new regulatory framework for the industry.
Semler Scientific has applied to the SEC to issue $500 million in securities to purchase more BTC
Nasdaq-listed medical technology company Semler Scientific has applied to the U.S. Securities and Exchange Commission (SEC) to issue $500 million in securities through the submission of an S-3 registration statement.
The proceeds from this issuance will primarily be used for general corporate purposes, including but not limited to purchasing Bitcoin.
According to CryptoSlate, the Nigerian digital asset trading platform CBEX has been exposed as a Ponzi scheme, causing significant financial losses for many investors. Although local media initially reported losses as high as 1.3 trillion naira (approximately $800 million), analysis indicates that the address in question is actually a Binance hot wallet, and the true loss amount may be closer to $12 million.
CBEX claims to be the "China Beijing Equity Exchange," but it has no affiliation with the official institution of the same name in China. The platform promised to double returns in 30 days under the guise of AI quantitative strategies, attracting a large number of investors and requiring them to recruit others for commissions, essentially operating as a typical Ponzi structure. The project was even promoted in Nigerian national media as a "poverty alleviation program," further misleading users.
By April 2025, CBEX suddenly froze accounts, preventing users from withdrawing funds, which sparked public outrage. Some investors besieged its offices in Ibadan and Lagos, and many victims shared their loss experiences on social media.
Independent analyst Specter pointed out that CBEX is linked to other similar scams, LWEX and PCEX, suspected of sharing website architecture and funding flow patterns. The related wallets are also connected to the Southeast Asian payment system Huione Pay, which has been identified by Elliptic as a major hub for money laundering and telecom fraud, involving over $24 billion in suspicious transactions.
Bithumb to list KERNEL on the KRW market
According to an official announcement, South Korean crypto exchange Bithumb will list KERNEL on the KRW market.
Upbit adds WCT KRW, BTC, USDT trading pairs
According to an official announcement, Upbit has added Wallet Connect (WCT) KRW, BTC, USDT trading pairs.
Trading will open at 6 PM local time on April 16.
Upbit will list SHELL and DEEP BTC and USDT trading pairs
Upbit will list SHELL and DEEP BTC and USDT trading pairs.
BNB completes 31st quarterly token burn, worth approximately $916 million
The BNB Foundation announced the successful completion of the 31st quarterly BNB token burn, with a total of 1,579,207.72 BNB burned, worth approximately $916 million. After this burn, the remaining BNB to be burned is 40,886,572.43, with a total supply of 139,311,899.514.
"What interesting articles are worth reading in the past 24 hours"
In a crypto world that emphasizes decentralization, practical experience, and fast pace, how significant is the role of academic credentials?
U.S. crypto companies enter a frenzy: Mergers, IPOs, and a wave of tokenization
What are the crypto giants planning?
How does a company that has been established for only seven years and has only 520 employees create annual revenue that is twice that of the world's largest asset management company, BlackRock?
Bitcoin and the COIN50 index have recently both fallen below their respective 200-day moving averages, signaling that the crypto market may be entering a bear market. It is expected that the market may stabilize in the latter half of the second quarter of 2025 and see a rebound in the third quarter.
In 2024, Boya has steadily developed its traditional online board games while actively expanding into the Web3 field, continuously increasing its cryptocurrency reserves, holding approximately 3,351 Bitcoins and about 295 Ether, and investing in and incubating multiple Web3 projects.
Full text of U.S. SEC stablecoin regulation: What kind of stablecoin is not a security?
As elaborated later, we refer to such stablecoins covered by this statement as "Covered Stablecoins."
A guide to earning yields with stablecoins
Currently, the main categories of earning yields through stablecoins are as follows, and this article will further analyze each type of yield in detail.
Meme Popularity Rankings
According to the meme token tracking and analysis platform GMGN, as of April 16, 19:50:
The top five popular Ethereum tokens in the past 24 hours are: AvA, COCORO, PLUSE, Fur, SPX
The top five popular Solana tokens in the past 24 hours are: ERIC, SHAVV, Barron, LUCK, FLUFO
The top five popular Base tokens in the past 24 hours are: degeninme, DRB, VIRTUAL, BRETT, USDT
