The Blockchain Bulletin, March 19: Musk Reveals Government’s Money Printing Flaw

Hey folks! Welcome to the latest edition of the Blockchain Bulletin, which focuses on insights from the last 24 hours. Elon Musk, now heading the Department of Government Efficiency, has once again disrupted the status quo by revealing that his team uncovered 14 federal computers with unchecked authority to print money.

Speaking on Senator Ted Cruz’s podcast, Musk pointed out that these machines are scattered across key government agencies, including the Treasury, Defense, and Health & Human Services, issuing payments without proper oversight. His claims come just before the Federal Open Market Committee (FOMC) meeting on March 18-19, where policymakers will decide on interest rates, monetary policy, and inflation measures, making the timing particularly significant.

While the government’s monetary control faces scrutiny, investment management firm Canary Funds has filed for the first-time ever a SUI ETF.  If approved, the ETF will provide traditional brokerage access to SUI tokens, reflecting rising institutional interest in the blockchain’s infrastructure. Grayscale, VanEck, Franklin Templeton, and Ant Financial have already developed investment products on the Sui network, signaling growing momentum among financial institutions. 

Meanwhile, Cumberland SG is expanding in Asia’s crypto market, securing in-principle approval for a Major Payment Institution (MPI) license from Singapore’s Monetary Authority. Once granted, this license will allow Cumberland SG to provide regulated digital payment token services, solidifying Singapore’s role as a financial hub. Cumberland SG is the Asian arm of Chicago-based Cumberland.

While institutions push forward, World Liberty Financial (WLFI) has reached a major milestone, raising $550 million since its token launch on October 15, 2024. The first two rounds of WLFI sales generated $300 million and $250 million, respectively, showcasing sustained enthusiasm for blockchain projects. 

Binance, on the other hand, has earned formal recognition from the Singapore Police Force (SPF) for its contributions to cybersecurity, joining companies like Google, Microsoft, and Meta and receiving awards at the APPACT networking dinner. The exchange’s role in combating digital threats highlights the growing relationship between crypto platforms and regulatory bodies. Also, adding to its ecosystem expansion, the exchange has announced Bubblemaps (BMT) as the 12th project in its HODLer Airdrops program. A total of 30 million BMT tokens—3% of the supply—will be distributed to eligible users, with trading set to begin on March 18, 2025. 

Elsewhere, YZi Labs has made a strategic investment in Plume Network, a modular blockchain integrating real-world assets (RWAs) on-chain, signaling a continued push to merge traditional finance with blockchain technology.

Continuing its Bitcoin accumulation, Metaplanet Inc. has added 150 BTC to its holdings, bringing its total reserves to 3,200 BTC. CEO Simon Gerovich announced the $12.5 million purchase at an average price of $83,508 per BTC, reinforcing the firm’s long-term confidence in Bitcoin as a treasury asset.

Meanwhile, South Korea’s central bank has launched its “Digital Test Project Hangang,” a three-month pilot exploring the feasibility of a central bank digital currency (CBDC). With seven major banks participating and 100,000 citizens set to use digital tokens for payments, the initiative marks a significant step in the country’s blockchain adoption.

On the market front, Dogecoin (DOGE) continues to struggle, trading at $0.1676 after a 2.33% decline in the past 24 hours. While the meme coin’s market cap stands at $24.88 billion, daily trading volume has risen by 11.8% to $1.14 billion. Large holders remain optimistic, with wallets holding over one million DOGE increasing by 1.24% since early February, suggesting continued smart money interest. 

Following DOGE, Stellar (XLM) remains trapped in a downtrend, facing resistance at $0.33 while struggling to hold above the $0.24 support level. Analyst Ali Martinez believes XLM could maintain a bullish structure if it stays above this threshold, but without strong momentum, a rebound seems unlikely. 

Meanwhile, a Hyperliquid whale has placed a historic $520 million Bitcoin short with 50x leverage, sending shockwaves across the market. With an entry price of $83,898 and a liquidation threshold of $85,561, the high-risk move has drawn significant attention, signaling strong market positioning amid volatility.

Despite a robust software system, SlowMist uncovered an exploit in the Four.Meme launchpad system on the BNB Chain. A hacker manipulated a function in the smart contract, allowing them to buy tokens before their public release, leading to financial losses and raising concerns over security in DeFi.

In conclusion, as markets shift, institutions expand, and regulatory developments unfold, the coming weeks promise further shakeups across the crypto landscape. With major moves in Bitcoin trading, government oversight, and blockchain innovations, the industry continues evolving, leaving no room for dull moments.