Pump.fun Burns $PUMP, Faces Airdrop Backlash
Pump.fun completed a token burn, permanently removing its native $PUMP token, representing roughly 36% of the circulating supply. Concurrent with the burn, a new one-year automated buyback-and-burn program commits 50% of Pump.fun's platform revenue to continuously repurchase and remove $PUMP tokens. Pump.fun (pump) currently holds 0.5% mindshare among trending projects.
The move drew criticism from users due to unfulfilled airdrop promises. Social posts reflected highly negative sentiment, some registering as low as -98. Community members allege Pump.fun "extracted" $2 billion without distributing value, prioritizing token burn over user commitments. Concerns regarding the transparency of Pump.fun's buyback mechanisms also persist.
Despite backlash, Pump.fun reported approximately $7.78 million in revenue over the past seven days, making it a top Solana protocol by this metric.
Litecoin Reveals Fake $LTC, Hacker Deal Post-Exploit
Litecoin issued a comprehensive zero-day report on a security incident involving its MWEB extension. The report details fake $LTC in circulation and confirms a previously undisclosed “secret hacker deal” to resolve the anomaly.
The April 25, 2026 incident saw invalid MWEB transactions trigger a temporary chain split, allowing an unauthorized entity to illicitly acquire $LTC.
Mining pool f2pool detected the abnormal activity, proactively continued mining on the valid chain, and executed a “13-block chase” to resolve the temporary chain split. The hacker consented to return funds for an 850 $LTC bounty, which Litecoin creator Charlie Lee facilitated and paid.
DeFi United Unveils $rsETH Recovery After Exploit
DeFi United, spearheaded by Aave, released a technical plan to restore $rsETH backing after the Kelp DAO exploit on April 18. The initiative outlines a phased recovery for asset recovery and market stabilization.
The exploit involved a fake bridge action, allowing approximately 116,500 $rsETH to be illicitly minted and used as collateral, creating a shortfall in $rsETH backing.
The plan focuses on restoring full $rsETH backing, safely clearing affected lending positions, recovering tokens from attacker positions, and reopening markets with enhanced security. It targets approximately 107,000 $rsETH positions on Aave and Compound, aiming to ensure no socialized losses.
DeFi United secured ecosystem commitments from LayerZero ($10,000 $ETH), Ether.fi ($5,000 $ETH), and Compound (up to $3,000 $ETH).
Fed Rate Decision Imminent; Powell's Guidance Takes Center Stage
The Federal Reserve concludes its FOMC meeting, announcing its latest interest rate decision. Market probabilities suggest a 94.8% likelihood the Federal Reserve maintains its benchmark rate.
Given this consensus, focus shifts from the numerical decision. Federal Reserve Chair Jerome Powell will deliver statements, which will be analyzed for indications of the central bank's forward-looking strategy, including economic conditions, inflation trends, and future policy adjustments. Historically, the Fed's forward guidance has often been a more significant market mover than the rate decision itself when rates are held steady.
White House Teases Strategic $BTC Reserve Update
The White House has reportedly teased an upcoming update concerning a strategic $BTC reserve.