Morning News | Ether Machine terminates $1.6 billion SPAC deal; SpaceX holds approximately $603 million in Bitcoin; Michael Saylor releases Bitcoin Tracker information again
整理:ChainCatcher
Important News:
- SpaceX holds approximately $603 million in btc-42">Bitcoin, while recording nearly $5 billion in losses due to the integration of xAI
- Ether Machine terminates $1.6 billion SPAC deal due to unfavorable market conditions
- Michael Saylor releases Bitcoin Tracker information again, may increase Bitcoin holdings next week
- Bitcoin mining companies face more severe halving pressure in 2028, industry accelerates transformation towards energy and infrastructure
- Robinhood excludes some prediction market contracts due to concerns about market manipulation and insider trading risks
- Bittensor co-founder accuses Covenant AI founder of betraying the community, plans to launch a locked staking mechanism
What important events have occurred in the past 24 hours?
Security experts: North Korea's "public" theft of crypto assets has become its means of financing
According to ChainCatcher, as the infiltration and attacks targeting the crypto industry continue to escalate, security experts point out that the core difference between North Korean hackers and those from other countries is that crypto assets have become a significant direct source of financing for maintaining military expenditures. Reports indicate that during a recent months-long infiltration operation targeting Drift Protocol, North Korean hackers once again caused industry shockwaves.
Experts state that this model is not merely a "fund transfer tool," but rather a direct "predatory profit" mechanism used to bypass international sanctions and acquire immediately usable hard currency. Security researchers note that unlike countries such as Russia and Iran, North Korea lacks sustainable foreign economic and commodity export capabilities, thus relying more heavily on crypto theft as a core source of income to support its nuclear and ballistic missile programs.
Experts also emphasize that North Korean hacker targets have expanded from simple phishing to exchanges, wallet services, and key holders of DeFi protocols, commonly employing long-term social engineering and identity disguise infiltration methods. Due to the irreversible nature of blockchain transactions, the crypto industry is far weaker than the traditional financial system in terms of freezing and recovering funds, making such attacks more destructive in speed and scale. Security personnel warn that this "long-term infiltration + precise power seizure" attack model has yet to be effectively addressed by the industry.
Bitcoin mining companies face more severe halving pressure in 2028, industry accelerates transformation towards energy and infrastructure
According to ChainCatcher, as reported by Cointelegraph, with about two years until Bitcoin's fifth halving, mining companies are facing a harsher operating environment than during the 2024 halving. At that time, block rewards will decrease from 3.125 BTC to 1.5625 BTC, compounded by record-high network hash rates, rising energy costs, and a more cautious capital market, significantly compressing industry profit margins.
On the balance sheet front, several leading mining companies have begun actively deleveraging. MARA Holdings sold over 15,000 Bitcoins in March to reduce leverage, Riot Platforms sold over 3,700 in the first quarter, Cango sold 2,000 to repay Bitcoin collateralized debt, and Bitdeer's Bitcoin holdings dropped to zero on February 20.
Industry insiders generally hold a cautious outlook. Cango's communications head, Juliet Ye, stated, "The middle ground has almost disappeared; operators with scale and diversified layouts can cope, while those lacking these conditions will struggle in the next halving." GoMining CEO Mark Zalan pointed out, "Capital discipline is now more important than maximizing hash rate," and new deployment projects must meet stricter return thresholds.
In terms of business models, pure block rewards have become an "increasingly thin business," with strong operators gravitating towards power and data center businesses, exploring additional revenue through grid peak shaving and waste heat utilization. Cango is transitioning to a dual-track model focusing on computing power and AI workloads, with Ye stating, "The truly important facilities in five years will be those that can do multiple things simultaneously."
Tether-linked Super PAC's first ad expenditure goes to Tether's U.S. CEO co-founded company, raising conflict of interest concerns
According to ChainCatcher, as reported by CoinDesk, documents submitted to the U.S. Federal Election Commission (FEC) by the Super Political Action Committee (Super PAC) Fellowship, linked to Tether, show that its first expenditure of $300,000 went to Nxum Group, a company co-founded by Tether's U.S. CEO and former Trump administration crypto advisor Bo Hines, along with his father Todd Hines and third-party partners.
This expenditure was used to purchase campaign ads for Georgia Republican House candidate Clay Fuller, coinciding with Fuller winning a special election to replace Marjorie Taylor Greene as a congressman. Notably, Fellowship did not publicly announce this expenditure nor include Fuller in its public endorsement list.
Fellowship appointed Tether's U.S. Vice President of Regulatory Affairs Jesse Spiro as committee chair on April 1, officially reactivating its political presence. When the committee was announced last year, it received a total funding commitment of $100 million, but its FEC disclosure documents currently show a zero account balance, and related donations have not been made public. Tether International responded that it has no connection or regulatory relationship with Fellowship PAC, while Tether U.S. declined to comment.
Regarding conflicts of interest, Michael Beckel of the political reform organization Issue One stated that it is not illegal under U.S. campaign finance rules for Super PACs to pay founder-linked companies, provided that services are genuinely rendered and rates are in line with market prices. Fellowship's financial officer Mitchell Nobel currently works at Cantor Fitzgerald, which manages Tether's global business assets, and its former chairman is current Commerce Secretary Howard Lutnick.
Currently, Fellowship's expenditure scale is still vastly different from that of the leading crypto industry Super PAC Fairshake. Fairshake has invested millions in several primary elections, while the candidates currently supported by Fellowship are almost all deep-red state Republicans.
Trump: The U.S. Navy will block the Strait of Hormuz, intercepting all ships paying tolls to Iran
According to ChainCatcher, Trump stated on Truth Social that the meeting went smoothly, with most content reaching consensus, but the only truly important issue—the nuclear issue—remains unresolved.
Starting today, the most elite U.S. Navy will begin blocking all ships attempting to enter or exit the Strait of Hormuz. We will ultimately achieve a situation where "all ships can enter and exit," but Iran has obstructed this process by claiming "there may be mines somewhere," which only they know about. This is extortion on a global scale, and world leaders, especially U.S. leaders, will never yield to such extortion.
I have instructed the Navy to search for and intercept all ships paying tolls to Iran in international waters. Anyone illegally paying tolls will not be able to safely navigate the high seas. We will also begin destroying the mines that Iran has laid in the strait. Any Iranian who dares to fire at us or peaceful ships will be blown to smithereens! Iran knows better than anyone how to end this crisis that has already destroyed their country.
Their navy is gone, their air force is gone, their air defense systems and radar are virtually nonexistent, and Khomeini and most of their "leaders" are dead, all stemming from their nuclear ambitions. The blockade
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