From the Drift Protocol exploit to a new era at Polymarket, from Hong Kong’s stablecoin news to Cambodia fighting crypto scams, here are the crypto news you may have missed this week.
Total Crypto Trading Volume Reached $20.57 Trillion in Q1 2026
Total crypto trading volume reached $20.57 trillion in Q1 2026.
- Derivatives trading volume totaled $18.63 trillion, while spot trading volume accounted for $1.94 trillion.
- Binance maintained a dominant 34.9 percent share of the derivatives market with $152.9 billion in assets.
- While OKX, Bybit, Gate.io, and Bitget formed the second tier, Hyperliquid successfully entered the top 10.
Drift Exploit Fallout Spreads to 20 Protocols
The fallout from the Drift Protocol incident has expanded to affect 20 protocols, rising from an initial count of 11.
- Affected entities include PiggyBank, Perena, Vectis, Valeo, Amp Pay, Loopscale, Prime Numbers Fi, Gauntlet, and Exponent.
- Notably, Prime Numbers Fi sustained losses exceeding $10 million.
The original Drift Protocol hack resulted in total losses between $280 million and $285 million around April 2, 2026.
Ledger CTO States Drift Attack Method Identical to Bybit Hack
Ledger CTO Charles Guillemet stated that the Drift Protocol hack resulted from a breach of the protocol’s multisig mechanism rather than a smart contract vulnerability. Hackers gained control of a multisig holder’s device or stole private keys through long-term infiltration. This method is identical to the Bybit hack from last year, which was suspected to involve the North Korean hacking group DPRK. A large portion of the stolen funds has already been moved to hacker-controlled wallets.
Sonic Labs Announces Burn of 32.69 Million Unclaimed S Tokens
Sonic Labs has confirmed that approximately 32.69 million unclaimed S tokens remain locked in airdrop contracts. These tokens are scheduled for a permanent on-chain burn after October 15, 2026. Once the deadline passes, the burn can be triggered by anyone.
The team stated that no additional airdrop minting is planned and unclaimed allocations will not remain in the contract indefinitely.
Polymarket Enters Fully Fee-Based Era
Polymarket has officially entered a fully fee-based era, with fees rising significantly over the past 48 hours. On April 1, daily fees reached $927,000. This spike puts the platform’s annualized fee run rate at approximately $338 million.
Bitcoin Apparent Demand Negative by 63,000 Coins at End of March
The apparent demand for Bitcoin—measuring demand change relative to new production—was negative by approximately 63,000 coins at the end of March. Retail and market participants sold more than institutional investors bought, while whale addresses shifted from accumulation to net selling. This selling accelerated as U.S. investor demand weakened and the Coinbase premium turned negative.
Hong Kong Postpones Issuance of First Batch of Stablecoin Licenses
The Hong Kong Monetary Authority (HKMA) has postponed the issuance of the region’s first batch of stablecoin licenses, which was originally scheduled for the end of March. Despite the delay, the HKMA confirmed it has received 36 license applications following its previous commitment to launch in March.
Uniswap Foundation Releases Unaudited Financial Summary for FY 2025
The Uniswap Foundation’s FY 2025 financial summary shows the organization held $49.9 million in cash and stablecoins, 15.1 million UNI tokens, and 240 ETH as of December 31, 2025. Total assets were valued at approximately $85.8 million at year-end prices. The report noted $106.2 million allocated for grants and incentives, alongside $26.3 million for operating expenses and employee incentives.
Ethereum Foundation Stakes Another $93 Million in Ether
On April 2, 2026, the Ethereum Foundation staked 45,034 ETH valued at $93 million (at a price of $2,059 per ETH). This brings their total staked position to approximately 69,500 ETH, worth $143 million. The deposits were made in uniform chunks of 2,047 ETH, allowing the foundation to reach its publicly announced 70,000 ETH staking target.
Cambodia Passes Draft Law Targeting Crypto Scam Compound Kingpins
Cambodia’s National Assembly unanimously passed a law on March 31, 2026, targeting cyber scams. Ringleaders of large-scale fraud networks now face 15 to 30 years in prison, or life imprisonment if their operations result in deaths. Cases involving violence or trafficking carry up to 20 years, while lower-level scammers face two to five years and fines up to $125,000.
Bitcoin’s Cryptography Remains Vulnerable to Quantum Attacks
Technical assessments indicate that Bitcoin’s cryptography remains vulnerable to quantum attacks, particularly for older wallets which hold about 8 percent of the total supply. While a practical attack would require computers 10 to 100,000 times more powerful than today’s—a milestone estimated to be at least 10 years away—proposals for a “quantum-proof” upgrade using hash-based signatures are being discussed.
Bloomberg Analyst Warns of Bitcoin Price Drop to $10,000
Bloomberg analyst Mike McGlone stated on February 16, 2026, that the cryptocurrency market bubble is imploding. At the time of his statement, Bitcoin had already crashed nearly 30 percent in a month. McGlone warned that the price is set to tumble another 85 percent, reaching a target of $10,000.
Coinbase Reports Quarterly Net Loss
Coinbase posted a net income loss of $667 million for the final three months of 2025. During this period, total revenue dropped to $1.8 billion, with transaction revenue accounting for $982.7 million and stablecoin revenue contributing $364 million.
Japanese Prime Minister Sanae Takaichi’s Stance on Crypto
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Since taking power in October, Prime Minister Sanae Takaichi has been questioned regarding crypto tax reform. Prior to her appointment, Takaichi informed parliament that her government would respond to reform needs appropriately, based on the recommendations provided by the Liberal Democratic Party’s (LDP) specialized taskforce.
This article is published on BitPinas: Will Quantum Finally Break Bitcoin? | Crypto Catch Up | Mar. 30 – Apr. 5, 2026
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