There’s been a lot going on in the crypto world, and you’re in the right place to catch up. We’ve got the top stories that matter. First, as always, gainer and losers for warming up. Grab a coffee, and let us bring you up to speed.
Top Gainers of the Week
- Cardano (ADA): With a 47.61% surge, ADA’s price climbed to $0.8696.
- Bitcoin Cash (BCH): Jumping 45.95%, BCH reached $399.19.
- Hedera (HBAR): Gaining 36.75%, HBAR’s price rose to $0.2488, marking a solid upward trend.
Top Losers of the Week
- Maker (MKR): Facing a 18.95% decline, MKR’s price dropped to $1,270.63, continuing a tough week for the token.
- Hyperliquid (HYPE): Down 16.04%, HYPE saw its value decrease to $15.91.
- Sonic (prev. FTM) (S): Losing 15.71%, Sonic’s price fell to $0.5322.
Australia on the Verge of Institutional Crypto Adoption
The upcoming Australian federal elections in May could serve as a major catalyst for institutional involvement in cryptocurrency. A YouGov survey reveals that 59% of crypto investors are likely to support candidates who favor digital assets.
Kate Cooper, the newly appointed CEO of OKX Australia, believes that introducing clear crypto regulations remains the key to mass adoption. Regulatory frameworks have been under discussion and development for the past two years, and if the new government enacts them, stablecoin activity could see a surge. In 2024 alone, stablecoin transactions have already reached $27.6 trillion.
Excited to announce: I've joined @OKX_Australia as CEO!
— Kate Cooper (@kate_cooper) March 5, 2025
OKX is bringing a bold, secure, and innovative alternative to Aussie crypto traders, institutions & partners. We’re raising the bar with regulation, transparency & cutting-edge products.
Catch us at the @McLarenF1 pit at the…
"I believe regulatory clarity is essential for institutional adoption. As for retail consumers, nearly a third of Australians already own some form of digital asset, mainly cryptocurrencies, and they need protection," Cooper emphasized.
While adoption is progressing, Australia’s current ruling party doesn't plan to go as far as the U.S. in creating a national cryptocurrency reserve. Instead, they prefer to observe global developments before making any significant moves.
U.S. Blocks Iranian Operator of Darknet Marketplace Nemesis
While some marketplace operators are granted amnesty by the U.S. President, others are blocked. The U.S. Department of the Treasury (OFAC) has imposed sanctions on Behrouz Parsarad, an Iranian citizen who operated the darknet marketplace Nemesis. This platform was used for trading drugs, counterfeit documents, and hacking tools, which enabled cybercriminals to hack online accounts and victims' messages.
The scale of the crime is staggering: the marketplace facilitated drug sales totaling at least $30 million since 2021. It had over 30,000 active users and 1,000 suppliers operating internationally, including clients in the U.S. Parsarad's personal wallets contained 44 BTC addresses and 5 Monero addresses, with a Chainalysis investigation showing around $850,000 passed through them, which grew to $1.6 million as cryptocurrency prices increased.
In March 2024, authorities from the U.S., Germany, and Lithuania seized the marketplace's servers, but Parsarad continues his efforts to restore the platform, negotiating with former suppliers.
Over the past two years, law enforcement agencies have ramped up efforts to identify and shut down illegal cryptocurrency operations. The EU, UK, and U.S. recently imposed sanctions on the Russian cryptocurrency exchange Garantex, which helped bypass financial restrictions.
International cooperation and tough sanctions are making these operations more effective, but despite this, the turnover of darknet marketplaces grew from $1.6 billion to $1.7 billion in 2024.
They seem to grow like hydras: for every one blocked, two more appear in its place.
Animoca Brands Revenue Growth as AI Cuts Costs
Animoca Brands, a Hong Kong-based company specializing in the development and publishing of mobile and blockchain games, as well as investments in Web3 and the metaverse, is best known for its game The Sandbox, where users can create, own, and monetize virtual assets.
In 2024, the company recorded $314 million in bookings (total payments received and potential sales), marking a 12% increase compared to 2023 ($280 million). Key contributors to this growth include:
- Digital Asset Advisory (DAA) consulting business: $165 million (+116%)
- Subsidiaries and incubated projects: $110 million
- Investment activities: $39 million
Animoca Brands reduced operating expenses by 12%, from $246 million in 2023 to $217 million in 2024. This was made possible through optimization measures and AI implementation, which is used in investing and game development.
We are pleased to report key unaudited financial and business highlights for the quarter and fiscal year ending on 31 December 2024.
— Animoca Brands (@animocabrands) March 5, 2025
Key business highlights for Q4 2024 also include a transition of three fundamental business pillars at @animocabrands:
1️⃣Digital Asset Advisory… pic.twitter.com/Fj5aDySKd8
Co-founder and Chairman of Animoca, Yat Siu, expects further growth through 2025, citing improvements in cryptocurrency regulation in the U.S. The company is actively developing Web3 consulting, real-world asset (RWA) projects, and a stablecoin initiative in partnership with Standard Chartered and Hong Kong Telecommunications.
Argentine President Accused of 'Pump and Dump' Scheme with LIBRA Coin
Since taking office in December 2023, Argentine President Javier Milei has earned admiration from his fellow citizens by cutting government spending and implementing other measures that reduced the country's high inflation.
However, when the budget fell short of funding all his ideas, he thought, "What’s stopping me, like Donald and Melania, who launched their coins?" and decided to fill the state budget using the cryptocurrency Libra — but something went wrong...
Last month, Milei promoted LIBRA, which was supposed to help Argentina's economy by funding small businesses and startups, telling his followers, "The world wants to invest in Argentina."
LIBRA's price surged to a market capitalization of about $4.5 billion. But shortly after, it crashed, leading some observers to claim it was a "pump and dump" scheme. Just before the crash, major holders withdrew significant sums, including entrepreneur Hayden Davis, who was left with $100 million.
another presidential meme
— Bubblemaps (@bubblemaps) February 14, 2025
82% of $LIBRA is held in one cluster
no tokenomics shared—trade with caution https://t.co/Nx4Ar2kqoL pic.twitter.com/VUCtpKi5mU
The lead prosecutor investigating President Javier Milei's possible involvement in the LIBRA scandal has called for freezing assets tied to the case and for restoring deleted social media posts.
The president hastily distanced himself from the controversial meme token, but prosecutors have already taken up the case and continue their investigation. This isn't the first time Milei has been linked to cryptocurrency scandals. In 2022, he supported the CoinX platform, which later turned out to be a fraud.
It’s admirable when a president takes unconventional measures to help their country, but in the future, it’s best to operate within the law, Mr. Javier.
HODL Team
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