Aave Files Emergency Motion to Block Ether Seizure in Kelp Exploit Case

Tech  Aave Files Emergency Motion to Block Ether Seizure in Kelp Exploit CaseAaves legal team has cautioned that the protocol, its users, and the larger DeFi community are suffering “irreparable harm” as a result of the delay.If the court maintains Gerstein Harrows notice, Aave argues, it might discourage future attempts to recover monies from cyberattacks involving North Korea.  On Monday, decentralized finance protocol Aave took swift action by filing an emergency motion in New York. The purpose was to overturn a restraining order issued by a US law firm, which had been put in place to prevent Arbitrum DAO from releasing 30,766 frozen Ether to the victims of the Kelp exploit.  On Friday, Gerstein Harrow LLP informed Arbitrum DAO of its intention to issue a restraining order, citing the roughly $877 million in default judgments that its clients owe North Korea. With the North Korean hacking gang responsible for the Kelp vulnerability allegedly in possession of the tokens, the law firm asserts that its clients have a justified claim to the Ether.  Coordinated Industry-Wide Effort  Stolen goods cannot be legitimately owned, according to Aave‘s emergency motion filed in a New York district court. The statement continued by saying that the North Korean government is only

05-05

Coinbase Cuts 14% Of Workforce, Signals AI-Driven Future

Tech  Coinbase Cuts 14% Of Workforce, Signals AI-Driven Future  Coinbase announced a 14% reduction in its workforce on Tuesday, a decision CEO Brian Armstrong described as preparation for what he called a “new way of working” built on artificial intelligence—not a defensive reaction to market conditions.  In a company-wide email, Armstrong cited two forces behind the move: the persistence of crypto market cycles and a transformation in how AI has changed the pace of internal work.  Engineers at Coinbase use AI to ship in days what full teams required weeks to complete, Armstrong wrote, and the pace of that shift is an acceleration, not a plateau.  Coinbase had 4,951 employees as of December 31, 2025, placing the number of affected workers at an estimated 693 people. Departing U.S. employees will receive a minimum of 16 weeks of base pay, plus two weeks per year of service, their next equity vest, and six months of COBRA health coverage.  Employees on work visas receive extra transition support. System access was cut on the day of the announcement — a practice Armstrong acknowledged as harsh but defended as a matter of customer data protection.  The cuts follow a pattern that traces to 2022. In June of that year, Coinbase eliminated

05-05

Polygon Makes a Sharp Move Into Private Stablecoin Payments

Tech  Polygon Makes a Sharp Move Into Private Stablecoin Payments  Polygon private stablecoin payments for institutions, adding confidentiality to USDC and USDT transfers on Polygon through its wallet infrastructure.  The feature went live on May 4, 2026, through Polygon Wallet and uses Hinkals privacy protocol. It lets users send stablecoins without publicly exposing the sender, receiver, or amount onchain.  The launch targets institutions that need blockchain settlement but cannot expose payment flows in public. That includes businesses, treasuries, payment companies, and financial firms handling sensitive transactions.  Polygon Targets Institutional Stablecoin Use  Public blockchains show transaction activity by default. That transparency can create problems for companies that move large amounts of money or settle payments with suppliers, partners, and clients.  Polygon said private payments help protect business activity while keeping the benefits of blockchain settlement. The system uses zero knowledge proofs to verify transactions without revealing full payment details.  The payments remain non custodial, according to Polygon. That means users keep control of their assets while the privacy layer shields transaction data from public view.  Private Stablecoin Payments Add to Polygons Payment Push  The rollout fits Polygons wider push into stablecoin payment infrastructure. Polygon has positioned its network as a low cost, fast settlement layer for digital dollars and global payments.  The

05-05

Coinbase Cuts 14% of Staff as Armstrong Restructures Around AI-Native Pods

Coinbase plans to cut about 14% of its staff in a restructuring announced Tuesday by chief executive Brian Armstrong. The move will flatten the exchange and rebuild operations around artificial intelligence.  The cut will collapse the company hierarchy to a maximum of five layers below the CEO and chief operating officer. Senior leaders are expected to manage 15 or more direct reports while still contributing as individual workers.  Why Coinbase Is Cutting Now  The 14% constitutes approximately 700 of Coinbase employees, with Brian Armstrong tying the decision to two simultaneous pressures.  First, the broader crypto cycle, which has weighed on recent quarterly results. The company remains well-capitalized and is positioning for an adoption wave in stablecoins, prediction markets, and tokenization.  The second is what Armstrong described as an inflection point in how companies operate. He said engineers at Coinbase now ship in days what previously took teams weeks.  Non-engineers are also pushing production code. The shift extends earlier moves, including the firms push to make most of its code AI-generated by October.  “~40% of daily code written at Coinbase is AI-generated. I want to get it to 50% by October,” Armstrong said in September 2025.  The new structure leans on what Armstrong called AI-native pods built around staff

05-05

Oil: Higher prices, limited margin pressure – UBS

Finance  Oil: Higher prices, limited margin pressure – UBS  UBSs Chief Economist Paul Donovan notes that Oil markets showed a muted reaction to reports of US–Iran exchanges in the Gulf, as investors had already discounted earlier US optimism and focused on Iranian comments. He argues Oil prices remain below levels needed to balance supply and demand once reserves are depleted, and warns that political pressure for lower retail Oil prices could worsen imbalances.  Muted reaction and consumer pass-through  “Markets have had a muted reaction to reports of the US and Iran exchanging fire in the Gulf.”  “Investors had tended to dismiss US President Trumps weekend optimism and focused instead on comments from Iran, so an escalation was not unexpected.”  “Prices are still not at levels that would bring supply and demand into balance (once reserves are exhausted), and various politicians globally talking of subsiding retail oil prices will make things worse.”  “Higher oil prices are being passed through to consumers which means profit margins are not being particularly affected.”  “This can continue as long as consumers are using savings to pay for higher oil costs.”

05-05

Morocco abandons total ban for regulation as crypto use defies authorities

Crypto adoption in Morocco has reached 16% of its population despite a decade-old ban on transactions with digital assets and recently increased scrutiny.  The growing popularity of coins among Moroccans seems to have finally convinced their government to prepare to abandon full restrictions in favor of regulation.  Proper oversight may replace ineffective prohibition  The use of cryptocurrencies has been formally banned in Morocco since late 2017, with regulators regularly reminding citizens that any transaction with the digital assets is punishable by law.  At the time, the decision was justified with breaches of existing rules and lack of customer protection, risks of money laundering and capital flight, all endangering the nations monetary stability.  Since the end of last year, the warnings issued by Bank Al-Maghrib, the Foreign Exchange Office and the Moroccan Capital Market Authority have been accompanied by increased financial scrutiny.  Moroccan authorities are now stepping up surveillance of crypto transfers, which are widespread, albeit prohibited, the local news outlets Challenge and Le360 unveiled this week.  That has become evident from a letter sent by lOffice des Changes, the body monitoring foreign exchange transactions and financial flows between Morocco and other jurisdictions.  In the correspondence addressed to a number of individuals, the watchdog informs it has identified violations

05-05

Coinbase to cut 14% of workforce as Armstrong pushes AI-native structure

Coinbase will cut about 14% of its workforce as it adjusts costs during a weaker market period. Coinbase will cut about 14% of staff to lower costs during weaker crypto market conditions.Armstrong said AI lets smaller teams ship faster, pushing Coinbase toward AI-native workflows.Coinbase is still expanding products, including Australia SMSF crypto support and internal AI agents.  CEO Brian Armstrong announced the decision on May 5, 2026, in an email to employees that he later shared publicly.  Armstrong said two forces shaped the move. He pointed to crypto market cycles and the faster use of artificial intelligence across company workflows. He said Coinbase remains well-capitalized, but the company needs a lower cost base while market conditions remain uneven.  Armstrong says AI is changing work  Armstrong said AI has changed how small teams operate. He wrote that engineers now use AI to ship work in days that once took teams weeks. He also said non-technical teams are shipping production code as more workflows become automated.  He described the shift as an “inflection point” for Coinbase and other companies. Armstrong said the exchange must become “lean, fast, and AI-native.” He added that Coinbase wants to return to the speed and focus it had as a startup.  Moreover, Coinbase

05-05

Coinbase Cuts Workforce By 14% In AI Shift Ahead Q1 Earnings

Tech  Coinbase Cuts Workforce By 14% In AI Shift Ahead Q1 Earnings  CEO Brian Armstrong has announced a massive workforce reduction at Coinbase. The exchange is reducing about 14% of its staff as the company changes its operating model to rely on AI. Moreover, the announcement is deemed important as it comes on the heels of the Q1 2026 earnings report.  Coinbase Slashes Workforce By 14%, Shifts To AI  Armstrong shared an internal email on X today. The email noted that this move was a “difficult decision.” He outlined reasons such as market conditions and their rapid progress in artificial intelligence.  He wrote, “Were currently in a down market and need to adjust our cost structure now so that we emerge from this period leaner, faster, and more efficient.”  The CEO pointed to the fact that AI is fundamentally transforming productivity throughout the company. Armstrong said “Ive watched engineers use AI to ship in days what used to take a team weeks.”  He further added that even non-technical teams are now producing code worthy of production. He said this change has put Coinbase at an “inflection point.”  Thus, Coinbase has also decided to flatten its organizational structure, reduce layers of management. It aims to focus on AI-native pods

05-05

AAVE ETH Freeze: Aave Seeks Court Order to Unlock $71M

Arbitrums Security Council later froze 30,766 ETH linked to the exploit. The purpose of the action was to prevent further movement and save money to work out the recovery plan. Then Aave, KelpDAO, and others engaged in a DeFi United process to regain support and provide compensation to the affected users.  The problem changed when plaintiffs in a separate North Korea-related case obtained a restraining notice. That order blocks Arbitrum DAO from transferring the ETH. Aave says the freeze now harms users whose assets were stolen, recovered, and meant for restitution.  Court Order Puts Arbitrum DAO Under Legal Pressure  Aaves motion asks the Southern District of New York to vacate the notice or grant temporary relief. The company argues that a thief does not gain legal ownership by moving stolen assets on-chain. It also says blockchain transfers show movement, not a valid title.  The filing challenges the claim that the funds can satisfy judgments against North Korea. Aave argues the theory depends on attribution, not a court finding that North Korea owns the ETH. That matters because New York enforcement rules usually require a direct debtor interest in the property.  The case also raises a bigger question for DeFi governance. The court treated Arbitrum DAO

05-05

Ethereum Sheds $81.6 Million in Funds as Crypto Snaps Mid-Week Risk Off

Ethereum funds shed $81.6 million in outflows last week. The drop ended a three-week streak that had averaged above $190 million in inflows, CoinShares reported.  The reversal narrowed asset participation across digital asset products. Meanwhile, only four cryptocurrencies attracted positive flows versus nine a week earlier. The wider category still booked its fifth consecutive week of net inflows.  Ethereum Funds Stand Out as Markets Snap Back Friday  Total digital asset funds attracted $117.8 million for the week, the slimmest figure of the current run. Combined assets under management held steady near $155 billion, broadly flat versus the prior reading.  However, the headline number hides a sharp swing within the period. Products bled $619 million from Monday through Thursday. A single Friday session then pulled in $737 million, flipping the tape positive.  “The Friday figure ranks among the largest single-day inflows of 2026, likely reflecting a sharp improvement in risk appetite. Total AuM stood at $155 billion, broadly unchanged,” read an excerpt in the latest Coinshares report.  Bitcoin funds, by contrast, absorbed $192.1 million, lifting year-to-date inflows to $4.2 billion. The weekly figure trailed the roughly $1 billion average set across the prior three weeks. Short-bitcoin products added $6 million.  Crypto Fund Flows by Asset. Source: CoinShares Report  Regional

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