In the world of cryptocurrency today, Pump.fun ICO accumulates $500 million, the bankruptcy administrator for BlockFi and the DOJ finalize a settlement regarding a $35 million crypto asset transfer lawsuit, and US-based spot Bitcoin ETFs experienced yet another day of inflows exceeding $1 billion this past Friday.
Memecoin launch platform Pump.fun secures $500M during ICO
Pump.fun, a platform for launching memecoins, secured $500 million in an initial coin offering (ICO) on Saturday, allocating 18% for institutional backers and 15% earmarked for individual investors.
The PUMP token was completely sold out in just 12 minutes, as reported by Pump.fun, receiving accolades from investors, venture capitalists, and industry experts for demonstrating the capabilities of internet capital markets to amass significant funds within a brief timeframe.
“Today, you’ll see how launching a business on-chain can lead to immense success and scalability without the need for traditional finance,” remarked CEO of Helius Labs Mert Mumtaz on social media.
The platform’s triumphant ICO may signify the resurgence of capital formation strategies that peaked in 2018 before encountering regulatory challenges under Gary Gensler’s SEC.
BlockFi bankruptcy administrator and DOJ resolve $35M lawsuit
The overseer of BlockFi’s bankruptcy wind-down and the US Department of Justice (DOJ) have come to an agreement to dismiss a $35 million crypto asset transfer lawsuit involving the financial institution.
The settlement was ratified by Judge Michael B. Kaplan of the US Bankruptcy Court for the District of New Jersey on Friday, based on court documents.
This lawsuit, initiated in May 2023, aimed to transfer over $35 million in crypto assets from BlockFi to the US government. The DOJ indicated that it held warrants to confiscate the funds from two Estonian citizens’ BlockFi accounts in a criminal fraud case not related to BlockFi’s bankruptcy.
At the time, the DOJ contended that the US Bankruptcy Court for the District of New Jersey lacked the jurisdiction to stop BlockFi from transferring those assets. The contention arose during BlockFi’s bankruptcy proceedings.
US Bitcoin ETFs mark first consecutive $1B inflows
US-based spot Bitcoin ETFs witnessed over $1 billion in inflows for the second consecutive day on Friday, representing the first instance since their January 2024 inception that they have experienced two consecutive days of ten-digit inflows.
On Friday, the 11 spot Bitcoin ETF products reported total inflows of $1.03 billion, following the prior day’s inflows of $1.17 billion, according to Farside data.
President of NovaDius Wealth Management Nate Geraci noted in an X post that since the January 2024 launch, there have been only seven inflow days surpassing $1 billion, two of which occurred in the preceding two days. Prior to that, the last was on January 17, with $1.07 billion.