The Bank of Japan raised its short-term policy rate by 25 basis points to 0.75%, highest level in the last 30 years, a unanimous move aligned with market expectations, while signaling that overall monetary conditions remain accommodative. Policymakers reiterated that real rates will stay at exceptionally low levels and further hikes will depend on improving inflation and economic trends. Despite the modest tightening, crypto markets continued their decline, with Bitcoin briefly slipping below the $86,000 mark and Ethereum hovering near $2,800. Sector-wise, the AI token complex led losses with a 5.34 percent drop, while heavy declines were also recorded across CeFi, Layer 1, DeFi, PayFi, Layer 2, and Meme segments. A handful of tokens bucked the trend, including Zcash, Beldex, and Bitcoin Cash.
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Terraform Administrator Sues Jump Trading for $4B, Alleges Role in Do Kwon Empire’s CollapseThe court-appointed administrator overseeing the wind-down of Terraform Labs has filed a $4 billion lawsuit against high-frequency trading firm Jump Trading and its executives, alleging that the firm unlawfully profited from and contributed to the collapse of Do Kwon’s crypto empire. The complaint targets Jump, co-founder William DiSomma and former crypto division head Kanav Kariya, asserting that they benefitted from secret arrangements and trading strategies tied to Terraform’s tokens and misled market participants during the project’s unraveling. The legal action seeks damages for losses tied to Terraform’s 2022 crash and positions Jump’s conduct as central to the sequence of events that devastated investors and the broader crypto market. https://twitter.com/WSJmarkets/status/2001843229851869239
