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The Synthetix protocol’s native stablecoin, Synthetix USD (SUSD), has slipped further away from its US dollar peg, reaching new all-time lows under $0.70. However, the firm reiterates that this isn’t the first time the asset has been under significant stress, and several risk measures are in place.“Synthetix and sUSD have weathered multiple bear markets and periods of stablecoin volatility; this is not the first resilience test,” a spokesperson from Synthetix told Cointelegraph.SUSD down almost 31% from its intended 1:1 pegsUSD is a crypto-collateralized stablecoin. Users lock up SNX tokens to mint sUSD, making its stability highly dependent on the market value of Synthetix (SNX). At the time of publication, sUSD (SUSD) is trading at $0.70, 30% below its intended 1:1 peg with the US dollar, according to CoinMarketCap data.sUSD reached as low as $0.66 before rebounding to $0.70 at the time of publication. Source: CoinMarketCapDuring the same period, SNX has held relatively steady, dipping just 1.08% over the past week, trading at $0.63. However, from a broader view of the overall crypto market downturn, SNX has fallen approximately 26% over the past 30 days.The spokesperson explained that sUSD’s short-term volatility is driven by “structural shifts” after the SIP-420 launch, a proposal that shifts debt risk from stakers to the protocol itself. They explained that the firm has short, medium, and long-term plans to mitigate the risks.In the short term, Synthetix said it will continue supporting liquidity for sUSD through Curve pools and deposit campaigns on its derivatives platform, Infinex.For mid-term measures, Synthetix has introduced “simple debt-free” SNX staking that it says will “encourage individual debt repayment.”Over the long term, the firm says it will make capital efficiency changes through the 420 Pool, take over protocol-level management of sUSD supply, and introduce new “adoption-focused mechanisms” across Synthetix products.Related: Crypto in a bear market, rebound likely in Q3 — CoinbaseSynthetix founder Kain Warwick explained on April 2 that the volatility is largely due to the primary driver of sUSD buying having been removed. “New mechanisms are being introduced, but in this transition, there will be some volatility,” Warwick said in an X post.“It is worth pointing out that sUSD is not an algo stable, it is a pure crypto collateralized stable, the peg can and does drift, but there are mechanisms to push it back in line if it goes above or below the peg,” he added.On April 10, Cointelegraph reported that the asset has faced persistent instability since the start of 2025. On Jan. 1, sUSD dropped to $0.96 and only rebounded to $0.99 in early February. Prices continued to fluctuate through February before stabilizing in March. Magazine: 3 reasons Ethereum could turn a corner: Kain Warwick, X Hall of FlameThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

There has been a 66% year-on-year decrease in the number of crypto rug pulls this year compared to 2024, but recent data shows the size of each rug pull has been increasing. Rug pulls have dropped in frequency year-over-year, with early 2024 recording 21 separate incidents, compared to only seven so far in 2025, according to an April 16 report from blockchain analytics platform DappRadar.However, since the beginning of 2025, the Web3 ecosystem has lost nearly $6 billion to rug pulls, according to DappRadar’s report. However, the report attributes 92% of that to Mantra’s OM token collapse, which the founders have strongly denied was a rug pull.In comparison, during the same period in early 2024, three months into the year, total losses from rug pulls hit $90 million.“This shift suggests that rug pulls are becoming less frequent, but far more devastating when they do occur,” DappRadar analyst Sara Gherghelas said. “The scams are increasingly sophisticated, often orchestrated by teams with polished branding and well-planned narratives.”Memecoins main culprit for rug pulls Gherghelas says the nature of rug pulls is evolving. In the first quarter of 2024, most originated in DeFi protocols, NFT projects, and memecoins. In the same time frame for 2025, most rug pulls occurred in memecoins.Libertad project’s native Solana token, Libra (LIBRA), is one of the more recent high-profile cases of a rug pull; it rallied to a market capitalization of $4.56 billion on Feb. 14 after Argentina’s president, Javier Milei, posted about it on X.The token then fell by over 94% after he deleted the post, prompting accusations of a pump-and-dump scheme. “Rug pulls and exit scams remain a persistent threat, especially in ecosystems where projects can rapidly gain traction through hype, only to disappear with user funds overnight,” Gherghelas said.“Despite increasing awareness and more tools to detect suspicious behavior, rug pulls remain a recurring issue, particularly in DeFi and newly launched token ecosystems.”Gherghelas says red flags for rug pulls can include a sudden spike in unique active wallets without an apparent reason or unusually high volume paired with low user activity.DappRadar analyst Sara Gherghelas says several red flags could signal a project is a rug pull. Source: DappRadarAt the same time, projects with unverified smart contracts, limited GitHub activity, or anonymous developer teams or DApps that spike overnight can also be a red flag.Related: Savvy memecoin trader makes $988K in 3 hours despite rug pull“As the industry matures, so do the tactics used by bad actors. But the tools available to users are also getting stronger,” Gherghelas said.“While rug pulls may never be fully eradicated, their impact can be drastically reduced when users are equipped with the right information.”  Magazine: Mystery celeb memecoin scam factory, HK firm dumps Bitcoin: Asia Express

Manta Network co-founder Kenny Li says he was targeted by a highly sophisticated phishing attack on Zoom that used live recordings of familiar people in an attempt to have him download malware. The meeting seemed real with the impersonated person’s camera on, but the lack of sound and a suspicious prompt to download a script raised red flags, Li said in an April 17 X post.“I could see their legit faces. Everything looked very real. But I couldn’t hear them. It said my Zoom needs an update. But it asked me to download a script file. I immediately left.”Li then asked the impersonator to verify themselves over a Telegram call, however, they didn’t comply and proceeded to erase all messages and block him soon after.Source: Kenny LiLi believes the North Korean state-backed Lazarus Group was behind the attack.The Manta Network co-founder managed to screenshot his conversation with the attacker before the messages were deleted, where Li initially suggested moving the call over to Google Meet instead.Source: Kenny LiSpeaking with Cointelegraph, Li said he believes the live shots used in the video call were taken from past recordings of real team members.“It didn’t seem AI-generated. The quality looked like what a typical webcam quality looks like.”Source: Kenny LiLi confirmed that the real person’s accounts had been compromised by the Lazarus Group.Beware of being asked to download anything, says LiLi advised other members of the crypto community to always be aware of anything they’re asked to download out of the blue.“The biggest red flag will always be a downloadable. Whether it’s in the form of an update, an attachment, app, or anything else, if you need to download something in order to continue something with the person on the other side, don’t do it.”The Manta executive acknowledged that it could easily fool a crypto executive accustomed to being bombarded with messages and accepting sudden meeting requests.“These are hacks that play to your emotional connection and potentially mental fatigue.”Other members of the crypto community share similar storiesLi wasn’t the only to be targeted by the hackers in recent days.“They also asked me to download Zoom via their link, and said that it’s only for their business. Even though I actually have Zoom on my computer, I couldn’t use it,” a member of ContributionDAO said.Related: Lazarus Group’s 2024 pause was repositioning for $1.4B Bybit hack“They claimed it had to be a business version that they had registered. When I requested to switch to Google Meet instead, they refused.”Crypto researcher and X user “Meekdonald” said a friend of theirs fell victim to the exact same strategy that Li avoided.Magazine: Meet the hackers who can help get your crypto life savings back

American film producer, record executive and art collector David Geffen has hit back at crypto entrepreneur Justin Sun in a countersuit disputing ownership claims over a multimillion-dollar sculpture.The billionaire American media mogul filed a counterclaim against Sun on April 16, calling the Tron founder’s suit a “sham” and adding claims of “unethical and/or illegal business activities.”Sun sued Geffen in February, claiming that the statue was stolen from him by a former employee who then sold the artwork to Geffen in a deal worth around $65 million in artwork and cash.Sun purchased the Alberto Giacometti sculpture titled “Le Nez” at a Sotheby’s auction in 2021 for $78 million, working with the assistance of his former art adviser, Xiong Zihan Sydney.In the 100-page countersuit, Geffen claims that Sun and Xiong “contrived this fraudulent lawsuit” after they couldn’t profitably sell two paintings that Geffen had exchanged for the sculpture, along with $10.5 million in cash.“Sun’s claims concerning Le Nez, a sculpture by the artist Alberto Giacometti, are utterly without merit and constitute a bad-faith, tortious attempt to interfere with Geffen’s ownership of Le Nez,” the counterclaim read. Geffen also claims that Sun was eager to sell the sculpture because crypto markets were crashing throughout 2022 and 2023 and his crypto platforms Poloniex and HTX were repeatedly hacked for hundreds of millions of dollars in 2023.  Alberto Giacometti’s Le Nez. Source: Fondation GiacomettKey disputes include whether Xiong confessed to stealing the sculpture, inconsistencies in Sun’s claims about how much money Xiong allegedly stole, and Geffen’s claim that Sun still has the money and the paintings, which are being held by art dealers.Fraudulent behavior allegations Geffen takes things further by alleging Sun has a history of fraudulent behavior, such as being sued by former employees for punishing them for refusing to engage in “unethical and/or illegal business activities,” and making false statements in other lawsuits. Related: Justin Sun ‘not aware’ of circulating reports about CZ plea dealOn April 17, Sun’s lawyer, William Charron, refuted essential aspects of Geffen’s countersuit, according to ArtNet. Ms. Xiong confessed to her theft, was arrested in China, and is in detention in China today, he said before adding: “In spite of these facts, Mr. Geffen goes all-in on the idea that Ms. Xiong was not a thief; that she supposedly spoke for Mr. Sun at all times; and that she is walking freely in China today. Mr. Geffen’s pleading is extremely misguided.” “We eagerly look forward to litigating this case and to recovering Mr. Sun’s property,” he said. In November, Sun bought Maurizio Cattelan’s Comedian — a banana taped to the wall — at Sotheby’s New York for $6.2 million, and then ate the banana at a press conference in a publicity stunt. Magazine: Memecoin degeneracy is funding groundbreaking anti-aging research

Yemeni citizens are increasingly using decentralized finance (DeFi) protocols to bank themselves amid US sanctions aimed at the Houthi group, which they have deemed a terrorist organization. In the past, internet infrastructure challenges and low financial literacy among the war-torn population contributed to relatively limited crypto adoption, according to an April 17 report from blockchain intelligence firm TRM Labs.“However, there are signs of growing interest and usage driven primarily by necessity rather than speculation,” the blockchain intelligence firm said. “For those who use cryptocurrencies in Yemen, the ability to bypass the disruption in local financial services offers a modicum of financial resilience, especially as banks can be difficult to access or are simply inoperable due to the ongoing conflict.” Yemen has been in a civil war between the government and the Houthi group since September 2014. The US has also frequently sanctioned financial infrastructure in the country to disrupt Houthi activity, with the most recent action on April 17 hitting the International Bank of Yemen.DeFi platforms account for most of Yemen’s crypto-related web traffic, taking up over 63% of observed activity, while global centralized exchanges account for 18% of crypto-related web traffic, TRM Labs data shows.DeFi platforms account for most of Yemen’s crypto-related web traffic, followed by centralized exchanges. Source: TRM LabsSome local Yemenis also use peer-to-peer crypto transactions to move funds across borders or conduct remittances.“Although these interactions do not necessarily imply high transaction volumes, they reinforce that for some individuals in Yemen, decentralized infrastructure may provide a necessary alternative to traditional payment rails,” TRM Labs said.“The interest in DeFi services may reflect the appeal of systems that allow users to transact without intermediaries, particularly where local banking institutions are inaccessible or unreliable.” Increasing sanctions could spark higher crypto adoption in Yemen Currently, Yemen doesn’t have legislation in place for the use of crypto; TRM Labs speculates that increasing sanctions against the Houthis could be the spark that ignites higher crypto adoption in Yemen.Following the Biden administration’s relisting of the Houthis as a Specially Designated Global Terrorist in January 2024, a Yemen-based cryptocurrency exchange tracked by TRM experienced a 270% increase in overall volume, the blockchain intelligence firm said. Related: US DOJ says it seized Hamas crypto meant to finance terrorismIt eventually returned to pre-spike levels, but it saw another uptick again, this time by 223%, in the three months following the election of US President Donald Trump and the reinstating of the Houthis as a foreign terrorist organization by the US on Jan. 22. “Given the intensifying international sanctions on the Houthis and their primary backer, Iran, the group’s use of cryptocurrency is likely to grow in both scale and sophistication,” TRM Labs said. “As traditional financial avenues become increasingly restricted, decentralized digital currencies offer an alternative that is less susceptible to oversight and harder to trace.” Magazine: Terrorism and the Israel-Gaza war have been weaponized to destroy crypto