KEYTAKEAWAYS
- OKX has relaunched its DEX with a real-time abuse detection system following a $100 million laundering incident linked to North Korea's Lazarus Group, marking a significant step in crypto security oversight.
- VanEck has filed for the first US BNB ETF, enabling staking rewards from trust holdings, as the SEC prepares to decide on the Canary Litecoin ETF today, with analyst predicting likely delays but possible approval.
- Major exchanges saw 15,710 BTC net outflows last week with early Ethereum ICO participants selling $29.35 million in ETH, while BNB volatility prompts trader caution as it tests $590 support levels.
CONTENT
Welcome to the CoinRank Crypto News Roundup. CoinRank will provide daily important crypto news in this column series, allowing readers to quickly obtain the latest crucial updates from the cryptocurrency market.
MORNING NEWS
1. Early Ethereum ICO Participant Sells 1,500 ETH Worth $1.76 Million
According to Cointelegraph, a wallet address marked as an early participant in the Ethereum ICO has executed another sale operation. The address recently transferred and sold 1,500 ETH, worth approximately $1.76 million at current prices.
Data shows the address has been selling since ending its long-term dormancy on April 17. So far, a total of 16,500 ETH has been sold, with a total value of about $29.35 million and an average selling price of about $1,779 per ETH. After this sale, the wallet still holds 13,500 ETH, currently worth approximately $24.82 million.
2. Major Crypto Exchanges See 15,710 BTC Net Outflow in Past Week
According to Coinglass data, major cryptocurrency exchanges had a cumulative net outflow of approximately 15,710 BTC from April 28 to May 4. Coinbase Pro and Binance observed significant BTC outflows during this period, approximately 10,274 and 7,241 respectively, which were the main components of this net outflow.
After last week’s fund changes, the total BTC balance of exchanges currently counted by the Coinglass data platform is approximately 2.2 million.
3. OKX Relaunches DEX with Real-Time Abuse Detection System
OKX has officially resumed its decentralized exchange (DEX) operations with a new real-time abuse detection and blocking system designed to combat illicit activity. CEO Star Xu announced: “OKX DEX will restart today with a real-time abuse detecting and blocking system.”
The relaunch follows months of scrutiny after the platform was linked to a $100 million laundering operation allegedly tied to North Korea’s Lazarus Group. The upgraded DEX aggregator includes online abuse protection, immediate IP banning, and real-time blacklist checking. Suspicious activity is monitored and blocked in seconds, while wallet addresses connected with hacks are automatically blacklisted.
This comes after multiple compliance issues for OKX, including a €1.1 million fine from Malta’s FIAU in April 2025 and a $505 million settlement with the U.S. Department of Justice for running an unlicensed money-transmitting business.
4. New Wallet Opens $2M HYPE Long Position with 5X Leverage
A newly created wallet withdrew and deposited $2 million USDC into Hyperliquid and opened a $HYPE long position with 5X leverage.
5. SEC to Decide on Canary Litecoin ETF Application Today
According to Cointelegraph and Bloomberg analyst James Seyffart, today (May 5) is the first resolution deadline for the SEC regarding the Litecoin (LTC) spot ETF application submitted by Canary Capital.
Unlike most other cryptocurrency ETF applications, the Litecoin ETF application has not previously been subject to an SEC review extension. Despite the lack of extension records, Seyffart predicts the SEC will likely choose to postpone the final decision rather than approve or reject it outright.
NOON NEWS
1. Peter Schiff: Bitcoin and Gold Move in Opposite Directions
Economic commentator Peter Schiff posted on X, “U.S. stock index futures and the dollar are both being sold off. However, gold and Bitcoin are once again moving in opposite directions. Gold is acting like a safe-haven asset, rising about 1%. Meanwhile, Bitcoin is trading like a risk asset, falling about 2%. Clearly, Bitcoin is not digital gold.”
2. Litecoin Shows Bullish Momentum as ETF Decision Looms
Litecoin (LTC) shows bullish momentum with daily trading volumes jumping 31% to over $338 million, as the SEC is set to decide on the Canary Litecoin ETF.
Bloomberg ETF analyst James Seyffart highlighted the unique status of the filing, stating that the SEC has delayed multiple other ETF filings but not this one. He noted that while approval is possible, a delay is more likely.
Analyst Crypto Patel reports that Litecoin is on the verge of a massive rally, having broken through multi-year resistance. Short-term price targets are $255 and $500, with long-term targets ranging from $1,000 to over $1,458.
3. Elon Musk Advocates Using AI to Replace Government Workers
Elon Musk called the US government inefficient and suggested using artificial intelligence to replace some public workers’ functions, according to someone who attended the closed-door session at the Milken Institute Global Conference.
Musk’s comments come as he prepares to wind down his role leading the Department of Government Efficiency (DOGE), the Trump administration project aimed at shrinking the federal workforce. The Tesla CEO is facing pressure to refocus on the electric carmaker as sales decline.
4. BNB Drops Below $590 with High Volatility
BNB has dropped below $590, currently trading at $589.93 (-1.53% 24h). Traders are advised to exercise caution due to high volatility.
5. Whale Faces $550K Loss on GRIFFAIN Long Position
According to OnchainDataNerd, whale address 0x0af opened a GRIFFAIN long position at $0.249 with 1X leverage and now faces an unrealized loss of approximately $550,000. The maximum unrealized loss peaked at nearly $1 million when the token price fell to $0.026, highlighting risks large holders face even with low leverage.
EVENING NEWS
1. Spot Gold Rises 2% Intraday
Spot gold rose by 2% intraday, with the latest price at $3,305.34 per ounce.
2. VanEck Files for First US BNB ETF with Staking Rewards
VanEck has submitted an S-1 form to the US Securities and Exchange Commission (SEC) to launch the first-ever Binance Coin (BNB) exchange-traded fund (ETF) in the United States. If approved, VanEck will be able to utilize the trust’s BNB holdings to generate staking rewards, additional BNB, or other forms of income.
BNB, the native token of the BNB Chain and a cornerstone of the Binance ecosystem, has a market capitalization of nearly $87 billion and ranks as the fourth-largest non-stablecoin cryptocurrency. The timing coincides with TOKEN2049, where both Binance founder CZ and Jan Van Eck of VanEck attended.
Analysts forecast that if bullish sentiment continues and the SEC shows openness to altcoin ETFs, BNB could cross the $700 mark within the coming months.
3. OKX Web3 Wallet Launches 1M USDT ZKJ Token Airdrop
OKX Web3 Wallet has initiated the Cryptopedia Polyhedra Friends Season, featuring an airdrop of ZKJ tokens worth 1 million USDT. The airdrop is divided into two categories: Solana Chain users and EVM Chain users, each eligible for 500,000 USDT worth of tokens.
To qualify, users must have maintained over 100 USDT in their OKX Web3 Wallet and met specific transaction requirements on respective chains between December 6, 2024, and March 16, 2025. Eligible users need only click “Verify” to receive their tokens.
4. Reports Suggest Nvidia Exploring Bitcoin as Reserve Asset
According to @solidintel_x on X, chip giant Nvidia (NVDA) is reportedly exploring the possibility of allocating some company assets to Bitcoin, considering adding it to its balance sheet. However, this news is currently only a market rumor and has not been officially confirmed by Nvidia.
5. QCP Capital: Federal Reserve Expected to Hold Rates Steady Amid Economic Data
QCP Capital released a market analysis noting that Friday’s macro data provided a nuanced snapshot of the US economy, with non-farm payrolls increasing by 177,000, exceeding the expected 133,000, and unemployment stabilizing at 4.2%.
The Federal Reserve is widely expected to keep interest rates unchanged at this week’s policy meeting. Meanwhile, Strategy has doubled its funding target to $84 billion despite first-quarter losses, highlighting firm belief in its long-term Bitcoin strategy. Steady inflows into spot Bitcoin ETFs indicate continued institutional demand.
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