The Blockchain Bulletin March 18th: HEX Burns $600M Tokens, Price Up 2.32%
Hey Folks! Welcome to the latest edition of our Blockchain bulletin series as we delve into insights that hit the headlines in the past 24 hours. The crypto platform HEX made quite a bold move by burning 250 billion tokens valued at $600 million. This strategic decision, recorded on the Ethereum blockchain, was aimed at reducing supply and would probably increase its value. Following the burn, HEX saw a 2.32% price increase, reaching $0.002446, with trading volume rising 42.48% to $227,430. Despite this, its market cap remained steady at $1.4 billion, showcasing the resilience of its value in a fluctuating market.
Meanwhile, the global stage is witnessing shifts that further illustrate nation-states’ involvement in cryptocurrency. The infamous Lazarus Group, a North Korean hacking collective, recently targeted the Bybit exchange. The group converted stolen Ethereum into Bitcoin, boosting North Korea’s digital asset reserves. With over 10,000 BTC, the country now ranks just behind the U.S. and U.K. in Bitcoin holdings.
On the other hand, Telegram founder Pavel Durov had returned to Dubai after spending months in France. Durov was arrested in August 2024 citing criminal activities on Telegram. The court proceedings target Telegram for allegedly enabling unlawful behavior through its platform including distributing extremist and terrorist material. Durov’s recent departure from France occurred with the court’s consent, marking the end of his enforced stay in the country.
Related: US Bitcoin Reserve Could Trigger Financial Crisis: Villeroy
In the development arena, Aptos (APT) has made headlines in the development arena due to an obscure post showing the Pump.fun logo. This has induced speculation about a collaboration between the two platforms. Investors have stayed glued to Aptos’s actions, but the post has stirred curiosity, and many are questioning what will come next.
Meanwhile, a controversial developer Hayden Davis has launched the $WOLF token amidst ongoing investigations by Interpol. Known for creating the failed Libra and Melania tokens, Davis tried to conceal his involvement in the new token using complex wallet structures. Bubblemaps, in collaboration with Coffeezilla, exposed Davis’ role in this new token, shedding light on his ongoing attempts to operate in the crypto space despite his previous controversies.
In other market movements, BinaryX (BNX) has seen an impressive 300% surge over the past two months. This stands in stark contrast to Immutable (IMX), which has experienced a 57% decline. Despite broader market uncertainties, BNX continues to show strength, while IMX’s struggles raise questions about the token’s future.
Meanwhile, Binance had offered its users six months of zero-fee trading on its wallet. However, the firm stated that gas fees would be applied. This offer was initiated on March 17 and will conclude on September 17. Further, the wallet’s Alpha section allows users to buy major assets with USDT and USDC directly.
Related: Strategy Acquires 130 Bitcoin, Now Holds 499,226 BTC: Report
OKX has temporarily shut down its DEX aggregator as it improves other formations concerning the developments in its security measures following the Lazarus Group’s hacking attempts. Such a spate is associated with an increasing pattern of asking on crypto exchanges, as the Lazarus Group boasts of some highs in its collection of successful hacks.
Taking a drastic step, the Bank of Korea rejected the idea of adding Bitcoin to South Korea’s foreign exchange reserves. The bank’s statement came on March 16, 2025, making it clear that it would approach Bitcoin cautiously, despite growing discussions about digital assets as reserve assets.
BNB Chain exceeded Solana as the fastest-growing decentralized exchange in terms of daily trading volume, registering $1.64 billion in trades- the highest volume ever recorded in decentralized exchanges. This boom in trading activity is due to the growth. Analysts predict that these are causing more changes in market dynamics.
Related: DOGE Holds $0.16 as Traders Anticipate a Break Above $0.19
XRP is facing a critical moment. Analysts predict a bearish trend due to a head-and-shoulders formation on its weekly chart. If the $2 support level is breached, XRP could face further downward pressure. In another analytical scope, the price of XRP has dropped by 1.88% to $2.29, according to CoinmarketCap. This decline is reflected in its 24-hour trading volume, which has fallen by 13.17% to $3.5 billion. Despite this, XRP’s market capitalization remains at $133.48 billion.
