CryptoSlate

Hyperliquid faced a $4 million loss in its HLP vaults due to a high-risk trader's liquidation. Despite the event, the HYPE token dropped by 3% but rebounded slightly. The protocol, known for decentralized perpetual exchanges, confirmed the incident involving a whale trader closing a large ETH long position, affecting the vault profitability. Adjustments like lowering leverage aim to prevent future losses.

Moto2 racer Jorge Navarro partners with Polyverse, a blockchain gaming platform by CP Venture. Navarro's helmet will feature the Polyverse logo, bridging motorsports and blockchain. This collaboration aims to increase Polyverse's visibility in both industries.

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Bitwise Asset Management launches Bitwise Bitcoin Standard Corporations ETF (OWNB), exposing firms with significant Bitcoin reserves. Businesses find Bitcoin appealing due to its liquidity, scarcity, and independence from government policies. This ETF provides investors with exposure to companies integrating Bitcoin into their treasuries.

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Clearstream, a subsidiary of Deutsche Börse, is launching crypto custody services for institutional clients. This move demonstrates the company's commitment to expanding into digital assets, starting with Bitcoin and Ethereum custody in April.

The Thai SEC approved USDT and USDC for digital asset transactions, expanding the crypto-friendly nation's market. Stablecoins like USDT and USDC dominate the sector and are expected to grow further with regulatory support globally. Major financial institutions are exploring stablecoin integration, signaling broader adoption in traditional finance.

Utah's State Senate removed a provision for a state-backed Bitcoin reserve from the crypto bill HB230 but retained pro-crypto elements, affirming residents' rights to digital assets. Governor's signature pending for the bill to become law on May 7, 2025.

The Bitcoin Policy Institute proposes selling the US Strategic Cheese Reserve to increase the country's Bitcoin reserves, emphasizing Bitcoin as a more valuable asset. This unconventional idea aims to explore budget-neutral strategies for expanding Bitcoin holdings without imposing additional costs on taxpayers.