ZKsync’s recent exploit resolution highlights the uneasy normalisation of bounty-based restitution in decentralised finance. While the protocol successfully recovered nearly $5 million through a safe-harbour arrangement, the broader context—$1.67 billion in quarterly crypto losses—underscores how rare such recoveries have become. As administrative keys remain a critical vulnerability, governance now faces the more delicate task of deciding what restitution, if any, looks like in practice.

In a notable departure from its previous stance, the Federal Reserve has withdrawn guidance requiring banks to seek approval before engaging in crypto and stablecoin activities. The move, which aligns with similar steps by the FDIC, shifts regulatory scrutiny from pre-emptive barriers to standard supervisory review—effectively reframing crypto engagement as a matter of risk management, not special permission.

PumpDotFun, a prominent platform for launching and trading memecoins, is now at the center of a class-action lawsuit alleging violations of U.S. securities laws. Plaintiffs claim the platform sold unregistered securities and amassed “hundreds of millions of dollars” in fees while permitting questionable content. If successful, the lawsuit could significantly tighten regulatory oversight and reshape the memecoin landscape.

Coinbase has made a bold move into the world of decentralised finance (DeFi) with the launch of cbBTC, its own wrapped version of Bitcoin. This ERC-20 token, backed 1:1 by Bitcoin held in custody by Coinbase, allows Bitcoin holders to leverage their assets within the Ethereum and Base ecosystems. Coinbase’s entry into the wrapped Bitcoin market comes at a time of growing competition, particularly with BitGo, whose Wrapped Bitcoin (WBTC) has long dominated the space. With cbBTC, Coinbase aims to provide an alternative while expanding Bitcoin’s utility in DeFi.