US Stock Market Close: Coinbase Drops Over 7%

On May 16th, DDC Enterprise Ltd., a consumer brand and e-commerce company with a presence in both China and the United States, announced its intention to adopt Bitcoin as a strategic reserve asset and aims to accumulate 5,000 bitcoins within the next 36 months. Norma Chu, the Founder, Chairwoman, and CEO of DDC, disclosed this information in today's shareholder letter, making DDC one of the first companies in the industry to incorporate Bitcoin into its core financial strategy. The initial objective of this strategy is to promptly purchase 100 bitcoins. In the short term, the goal is to increase to 500 bitcoins within six months, and ultimately reach 5,000 bitcoins within 36 months. DDC will carry out this plan under the guidance of a newly expanded cryptocurrency expert advisory board and fund management team to ensure the best implementation. It is reported that DDC achieved remarkable performance in its 2024 fiscal year. The company reported a revenue of $37.4 million for the 2024

On May 16th, Judge Analisa Torres of the U.S. District Court rejected the previously jointly submitted settlement motion by the SEC and Ripple. This motion aimed to have the court lift the injunction from the August 2024 ruling and obtain approval for the release of $50 million from the $125 million civil penalty escrow to be paid to the SEC, with the remaining funds to be returned to Ripple. It is reported that the judge determined that the application did not meet the procedural requirements of Rule 60 of the Federal Rules of Civil Procedure. Ripple's Chief Legal Officer stated that they will resubmit a settlement application that complies with the rules. Legal experts analyzed that both parties need to provide detailed reasons for the settlement in accordance with the standards of Rule 60, including the basis for the SEC's decision to drop other charges. The entire process is expected to take an additional 3-5 weeks. The judge emphasized that this rejection only relates to procedur

On May 16th, according to BlockWorks, the ticketing platform XP within the Solana ecosystem has successfully completed a seed round of financing amounting to $6.2 million. This round was led by Blockchange, with the participation of L1D and Reflexive. It is reported that XP is a Solana-based ticketing platform that mainly focuses on ticket discount sales. However, it hints at having more ambitious plans for fan experience in the future.

On May 16th, as monitored by OnChain Lens, a whale address withdrew 13,800 ETH from Coinbase. The value of this withdrawal was $35.26 million. Subsequently, the whale repaid the ETH that had been borrowed using cbBTC. It should be noted that this whale still has a remaining repayment obligation of 32,377.6 ETH, with a value of $82.61 million.

On May 16th, according to the monitoring of Spot on Chain, a wallet address linked to the Compound team deposited 250,100 COMP (approximately $11.2 million) into CoinbasePrime within the past 3 hours. Before this, the wallet redeemed 398,100 COMP (approximately $17.7 million) from CompoundV3, marking the first movement of COMP from this wallet in 9 months. Currently, the wallet holds 148,032 COMP (approximately $6.58 million).

On May 16th, U.S. prosecutors will keep charging Tornado Cash co-founder Roman Storm. However, they have made a decision not to pursue some of the charges related to operating an unlicensed money transmitting business. According to a court filing, the U.S. Attorney's Office in the Southern District of New York stated on Thursday that they will not proceed with a part of the charges against Storm until the trial on July 14th. But they indicated that they plan to pursue charges related to money laundering, some of which are associated with unlicensed money transmission, and one charge related to conspiracy to violate the International Emergency Economic Powers Act. The U.S. Department of Justice stated that it intends to investigate cases involving harm to investors or the use of cryptocurrency in activities such as terrorism or hacking. This also means that the Department of Justice will no longer investigate cases involving market intermediaries. Instead, it will focus on investigati