US spot Bitcoin ETFs saw back-to-back $1B inflows, while BlockFi reached a $35M lawsuit settlement.
- BlockFi and DOJ settled a $35 million crypto transfer dispute.
- Bitcoin ETFs saw over $1 billion inflows for two days in a row.
- Binance reportedly helped build stablecoin code for Trump-linked firm.
BlockFi Reaches $35 Million Settlement With DOJ
The company handling BlockFi’s bankruptcy has settled a lawsuit with the US Department of Justice (DOJ). The lawsuit involved $35 million in crypto assets. These assets were connected to an unrelated criminal case involving two Estonian citizens. The DOJ said it had legal authority to seize the funds.
The matter caused conflict during BlockFi’s bankruptcy process. On Friday, Judge Michael B. Kaplan approved the agreement in a New Jersey court. The case began in May 2023 and ended with the dismissal of the dispute.
Bitcoin ETFs See Record Inflows
US-based spot Bitcoin ETFs recorded over $1 billion in new money two days in a row. This is the first time it has happened since these funds launched in January 2024. The data shows $1.17 billion in inflows on Thursday, followed by $1.03 billion on Friday.
Nate Geraci, head of NovaDius Wealth Management, said these two days were the sixth and seventh billion-dollar inflow days since launch. The last similar surge happened on January 17. A total of 11 Bitcoin ETFs added capital, showing stronger investor interest.
Binance Reportedly Linked to Trump-Backed Stablecoin
Binance, one of the world’s largest crypto exchanges, helped create the technology for a stablecoin issued by World Liberty Financial (WLF). WLF is linked to US President Donald Trump and his sons. The stablecoin is called USD1 and launched on March 4.
A Bloomberg report says Binance assisted in developing the coin, promoting it, and handling a large transaction. That transaction involved a $2 billion investment by Abu Dhabi firm MGX using the USD1 stablecoin. Eric Trump confirmed in May that USD1 was used for the deal.
As of Friday, 90% of USD1 coins from that transaction were still in Binance wallets. This could earn Trump and his family millions in interest. Neither Binance nor WLF responded to questions from reporters.
Source: cointelegraph.com
