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Changpeng Zhou (CZ), the founder and former CEO of Binance, received a four-month prison sentence and a $50 million fine for Bank Secrecy Act violations perpetrated by Binance under his watch. The U.S. Department of Justice had sought a 36-month sentence for CZ.

The crypto markets continue to trend downward. The bearish momentum comes despite Bitcoin and Ethereum futures ETFs launching in Hong Kong, with the funds posting an underwhelming debut performance.

In other news, SynFutures v3 ranks as the top DEX by daily volume, Witness Chain attracts more than $5 billion in delegated staked Ether, and Kamino Finance’s token tanks on its first day of trading.

Plus, Coinbase has launched support for the Bitcoin Layer 2, Lightning Network.

✍️ In today’s newsletter:

CZ cops four months and $50M fine
Crypto market tumble to two-month low
SynFutures overtakes dYdX by daily volume
Restakers back Witness Chain with $5B
KMNO crashes on debut
Coinbase integrates Lightning Network support

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📈 Markets in the last 24 hrs:

Ticker	Value	24h
Bitcoin	$63,9251.42	%
Ethereum	$3,217	-1.29 %
Gold	1st Future$2,345 0.45	%
S&P 500	5116.17 0.32	%
Arch Web	32.09	-0.28 %
Learn more about Arch Indices ,[object Object]		%

🎬 WATCH

Check out our podcast with Stani Kulechov, the founder of Aave, to learn more about his journey in web3. Plus, check out our video exploring how you can qualify for airdrops by playing web3 games.

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⚖️Binance Founder Changpeng Zhao Gets 4-Month Prison Sentence

Changpeng Zhao, the founder of Binance, was sentenced to four months in jail and a $50 million fine by a Seattle court for Bank Secrecy Act violations perpetrated by Binance under his oversight. The sentencing follows CZ entering a guilty plea in November, while Binance paid a $4.3 billion fine.

📉Crypto Markets Bleed on Underwhelming Hong Kong ETF Flows

Bitcoin has tumbled to its lowest level since late February, with BTC sliding below $57,000 earlier today, according to CoinGecko. The bearish move follows the launch of Bitcoin and Ethereum futures ETFs in Hong Kong, with the six funds hosting just $11 million in volume on their opening day of trade.

⬆️SynFutures v3 Overtakes Uniswap and dYdX By Daily Volume

SynFutures v3, a Blast-based perpetuals DEX, has emerged as the top decentralized exchange by daily volume with nearly $1.5 billion, overtaking dYdX and Uniswap. The surging activity follows the launch of a points campaign in March and comes despite the exchange hosting just $50.5 million TVL.

🚀Witness Chain Soars Past $5B In Delegated ETH Amid Polygon DePIN Push

Witness Chain is now the third-largest Actively Validated Service on EigenLayer after attracting more than $5.2 billion worth of delegated ETH from restakers. Witness Chain seeks to facilitate the emergence of a unified DePIN ecosystem comprising an end-to-end supply chain of decentralized physical infrastructure.

⬇️Kamino Finance Debuts Token With 70% Drop In Price

KMNO, the native token of Kamino Finance, the top lending protocol on Solana, suffered a brutal debut day of trading. KMNO has crashed more than 65% since trading began to last change hands for less than $0.042.

⚡Coinbase Rolls Out Bitcoin’s Lightning Network

Coinbase users can now use the Bitcoin Layer 2, Lightning Network, following a partnership between the leading U.S. centralized exchange and Lightningspark, a firm providing infrastructure for Lightning payments. Lightning Network transaction fees are currently more than 97% cheaper than transacting on Bitcoin.

🌍 ELSEWHERE

BlackRock leads $47 million round for Securitize: ‘Another step in the evolution of our digital assets strategy’ (Fortune)
Roger Ver, early Bitcoin booster, arrested for tax evasion (Axios)
US lawmakers introduce bill to clarify taxation of staking rewards (The Block)