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<p class="is-style-lead">Last week, a jury in New York declared Terraform Labs and its founder Do Kwon guilty of fraud charges. Meme coins had an average return of 1,312% in the first quarter (Q1), and Ripple wants to launch a USD-backed stablecoin. Here’s our <a href="https://crypto.news/?s=%22weekly+recap%22" data-type="link" data-id="https://crypto.news/?s=%22weekly+recap%22" rel="">weekly recap</a>. </p> 
<h2 class="wp-block-heading" id="do-kwon-guilty">Do Kwon guilty</h2> 
<ul> 
 <li>The Do Kwon saga took a new turn this week when the Supreme Court of Montenegro <a href="https://crypto.news/do-kwon-south-korea-extradition-annulled/" rel="">revoked</a> a previous decision from the country’s Appellate Court to extradite the Terraform Labs founder to his home country, South Korea.</li> 
</ul> 
<ul> 
 <li>While Do Kwon remained uncertain of his fate in Montenegro, a jury in New York <a href="https://crypto.news/jury-finds-terraform-labs-do-kwon-guilty-on-fraud-charges/" rel="">delivered</a> a guilty verdict on the South Korean developer, finding him liable on the charges leveled against him by the U.S. SEC after a two-week trial.&nbsp;</li> 
</ul> 
<h2 class="wp-block-heading" id="meme-coin-narrative-takes-center-stage">Meme coin narrative takes center stage</h2> 
<ul> 
 <li>As Solana continued to attract most of the successful meme coin projects, the team behind the BNB Chain ecosystem <a href="https://crypto.news/meme-coin-competition-bnb-chain/" rel="">unveiled</a> a program to reward meme coin developers on the network with prizes up to $1 million.&nbsp;</li> 
</ul> 
<ul> 
 <li>As a result, a <a href="https://crypto.news/meme-coin-narratives-q1-2024/" rel="">report</a> from market tracker CoinGecko confirmed that the meme coin narrative was the most profitable in crypto during the first quarter of 2024, with an average return of 1,312%.</li> 
</ul> 
<ul> 
 <li>BODEN, a meme coin named after U.S. president Joe Biden, <a href="https://crypto.news/biden-meme-coin-surges-polls/" rel="">witnessed</a> a 70% gain to a market cap of $324 million following results of a recent poll.&nbsp;</li> 
</ul> 
<ul> 
 <li>Investors of Solana-based meme coin CONDOM recorded absolute losses when the team behind the project allegedly <a href="https://crypto.news/solana-meme-coin-team-rug-pull/" rel="">escaped</a> with $906,000 from pre-sale and deleted their X account.</li> 
</ul> 
<h2 class="wp-block-heading" id="global-adoption-on-the-rise">Global adoption on the rise</h2> 
<ul> 
 <li>Global institutional interest in blockchain and cryptocurrencies also saw an uptick this week. Notably, Hong Kong-based investment bank GF Securities <a href="https://crypto.news/hong-kong-investment-banking-giant-launches-first-tokenized-commercial-paper-on-ethereum/" rel="">leveraged</a> Ethereum to launch the region’s first tokenized commercial paper.</li> 
</ul> 
<ul> 
 <li>Hong Kong banking giant ZA Bank <a href="https://crypto.news/za-bank-offer-banking-for-hong-kong-stablecoin-issuers/" rel="">disclosed</a> this week that it plans to introduce a special banking service for issuers of stablecoins. Smart wallet infrastructure provider Grindery provided a <a href="https://crypto.news/grindery-payments-telegram-users/" rel="">solution</a> to allow one-click payments for Telegram users.</li> 
</ul> 
<ul> 
 <li>Xoom, the PayPal service that facilitates international transfers, revealed this week that it would now <a href="https://crypto.news/paypal-xoom-stablecoin-international-payments/" rel="">allow</a> PayPal users to make cross-border transfers using PYUSD (PayPal’s stablecoin).&nbsp;</li> 
</ul> 
<ul> 
 <li>Ripple <a href="https://crypto.news/paypal-xoom-stablecoin-international-payments/" rel="">announced</a> plans to launch a USD-backed stablecoin on the XRP Ledger (XRPL) and Ethereum networks later this year.</li> 
</ul> 
<h2 class="wp-block-heading" id="increased-regulatory-efforts-and-enforcement">Increased regulatory efforts and enforcement</h2> 
<ul> 
 <li>The uptick in global adoption coincided with growing regulatory efforts and enforcement actions. Reports from April 1 confirmed that Argentina’s securities regulator had <a href="https://crypto.news/argentina-introduces-mandatory-crypto-exchange-registry-amid-regulatory-shift/" rel="">introduced</a> a scheme that mandates all entities involved in crypto-related activities to register with the agency.</li> 
</ul> 
<ul> 
 <li>With the scheme lumping Bitcoin with the rest of the crypto market, Bitcoin maximalist Max Keiser <a href="https://crypto.news/bitcoin-advocate-max-keiser-slams-javier-mileis-crypto-policy/" rel="">criticized</a> Argentina’s pro-crypto president Javier Milei, claiming the legislation put the Economist’s plans to save the country back by years.</li> 
</ul> 
<ul> 
 <li>In an interview on April 2, Simonas Krėpšta, a representative of Lithuania’s monetary authority, the Bank of Lithuania, <a href="https://crypto.news/lithuania-to-tighten-crypto-regulation-will-require-licensing-in-2025/" rel="">revealed</a> that the country will tighten its crypto regulations by 2025, requiring license of operations for crypto exchanges domiciled in the country.</li> 
</ul> 
<ul> 
 <li>The legal battle between Nigerian authorities and Binance reps continues. Binance <a href="https://crypto.news/binance-requests-release-of-detained-employee-in-nigeria/" rel="">demanded</a> the release of Tigran Gambaryan, who remained detained in Nigeria, arguing that he has no decision-making authority in the company.</li> 
</ul> 
<ul> 
 <li>A court in Nigeria <a href="https://crypto.news/binance-nigeria-official-hearing-delay/" rel="">pushed back</a> the hearing for Gambaryan to April 19, further extending his detention in the country. <a href="https://crypto.news/binance-establishes-first-board-of-directors-yet-to-name-hq/" rel="">Reports</a> from April 1 confirmed that Binance had appointed a new board for the first time amid its global regulatory woes.&nbsp;</li> 
</ul> 
<h2 class="wp-block-heading" id="kucoin-s-btc-balance-drops">KuCoin’s BTC balance drops</h2> 
<ul> 
 <li>Data <a href="https://crypto.news/kucoin-bitcoin-drop-doj-lawsuit/" rel="">revealed</a> that customers were rapidly fleeing the exchange following the indictment by the U.S. DoJ and CFTC. Notably, KuCoin’s Bitcoin balance dropped by 20%.&nbsp;</li> 
 <li>While the crypto industry in the U.S. bemoans regulatory uncertainty, the SEC maintains that the industry has ample clarity. SEC Enforcement Director <a href="https://crypto.news/sec-grewal-crypto-criticism/" rel="">echoed</a> this stance this week when he criticized the crypto industry for its lack of compliance.</li> 
 <li>Meanwhile, the U.S. government sparked investor concerns this week when it <a href="https://crypto.news/us-government-silk-road-bitcoin-coinbase/" rel="">moved</a> 30,175 BTC previously confiscated from Silk Road, the defunct dark web marketplace, to Coinbase, triggering selloff fears.</li> 
</ul> 
<p> Read more: <a href="https://crypto.news/institutions-have-forced-crypto-to-grow-up-and-thats-a-good-thing-opinion/" rel=""> Institutions have forced crypto to grow up, and that’s a good thing </a> </p>

Jury convicts Do Kwon, meme coins enjoy Q1 gains, Ripple to launch stablecoin | Weekly Recap

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