Ether.fi Launches First DeFi Bank in the United States

Ether.fi has launched a decentralized, non-custodial financial platform it’s calling the first true “DeFi bank,” aimed at replacing traditional banking rails with crypto infrastructure. The new product, called ether.fi Cash, combines staking, liquid vaults, and real-world spending tools in a single app experience.

The launch coincides with the protocol's U.S. market expansion enabled by the new crypto-friendly administration. “The staking product is opening up, and then the cash product is going to be available for most states,” said CEO Mike Silagadze, adding that they “couldn’t have done this 6 months ago.”

The new DeFi bank will include a crypto-backed debit card, fiat onramps, and the ability to borrow against yield-generating strategies. The product is part of a broader goal to offer full-stack financial services without user custody risk, and Silagadze says it already handles 70-80% of his personal finances.

Ether.fi hopes to onboard 100,000 card users by year-end and is targeting $60 million in revenue from Cash in its second year. “Even for myself... I’ll really be able to move close to 100%, which is what we want to offer to people,” Silagadze said.

ZKsync Hacker Returns $5.7M After Bounty Offer

ZKsync has recovered roughly $5.7 million worth of stolen tokens after a hacker exploited its airdrop contract on April 15. The attacker minted 111 million unclaimed ZK tokens and drained ETH, then returned 90% of the assets after accepting a bounty within ZKsync’s 72-hour “safe harbor” deadline. Three transfers (two on ZKsync Era and one on Ethereum) restored nearly all the lost funds.

The recovery was publicly confirmed by the ZKsync Association on April 23, with the hacker keeping a 10% bounty. Onchain data shows the returned assets gained value post-incident, pushing the final recovered total above the original amount stolen. A final incident report is pending, but the ZKsync team confirmed that no user wallets were impacted during the breach.

TON Foundation Names MoonPay Co-Founder as CEO

The TON Foundation appointed MoonPay co-founder Maximilian Crown as CEO to lead the Telegram-linked blockchain through its next growth phase. Crown, who previously served as COO and CFO at MoonPay, brings experience navigating crypto regulations and banking partnerships. He will remain on MoonPay’s board while directing TON’s global expansion strategy.

The leadership move follows TON’s recent $400 million VC round and a tenfold user jump from 4 million to 41 million over the past year. Despite this, the TON token is down 46% year-over-year, even as the foundation aims to onboard 30% of Telegram’s 1 billion users by 2028. Crown highlighted TON’s built-in Telegram integration and scalability as key to adoption.

CME Group to Launch XRP Futures in May

CME Group announced it will launch XRP futures contracts on May 19, expanding its regulated crypto derivatives lineup. The contracts will come in two sizes: 2,500 XRP and 50,000 XRP, and be available through its global derivatives marketplace. CME said demand for XRP hedging tools is rising as institutional adoption grows.

The reveal follows last month’s debut of Solana futures and marks the third major crypto futures listing after Bitcoin and Ethereum. XRP currently ranks as the fourth-largest cryptocurrency with a $126 billion market cap, trading around $2.19. CME called the listing a milestone for XRP’s ecosystem, which was originally built to streamline cross-border financial transfers.

Data of the Day

The FBI reported that Americans lost $9.3 billion to crypto-related fraud in 2024, a 66% jump from the prior year. According to its Internet Crime Complaint Center (IC3), 140,000 complaints involved crypto, with individuals over 60 losing $2.8 billion - the most affected age group. The most common scams were investment schemes, followed by extortion and ATM fraud.

The report said total online crime losses hit $16.6 billion last year, with crypto fraud becoming a dominant threat vector. In response, FBI initiatives like “Operation Level Up” helped prevent an estimated $285 million in potential fraud losses. However, analysts warn that AI scams may make 2025 even worse, particularly with crypto usage rising globally.

More Breaking News

• Former Celsius CEO Alex Mashinsky will be sentenced May 8 after pleading guilty to fraud and market manipulation tied to CEL token price.
• Coinbase now offers free PYUSD-to-dollar conversions for all users as part of its push to expand stablecoin payments and challenge USDC.
• The SEC has delayed decisions on Polkadot, Hedera, and Bitwise ETF filings as it continues reviewing a growing backlog of crypto fund proposals.
• Russia's finance ministry and central bank are building a crypto exchange for wealthy investors under a three-year experimental legal regime.
• BlackRock’s IBIT recorded $643M in daily inflows, its biggest since January, amid surging investor confidence in spot Bitcoin ETFs.
• Shaquille O’Neal reached a confidential settlement in the FTX lawsuit after months of evading service over his role promoting the exchange.
• Tether has raised its stake in Juventus FC to over 10%, gaining greater voting rights and hinting at deeper crypto-sports collaboration.
• A Long Island man was sentenced to 18 years for running a $12M crypto scam with his son, posing as brokers in fake high-yield deals.

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