Wu Says Daily Selected Crypto News - Federal Reserve Announces Interest Rate Decision (Upper Limit) 4.50%

1. Federal Reserve Announces Interest Rate Decision (Upper Limit) 4.50%

The Federal Reserve announced an interest rate decision (upper limit) of 4.50%, matching expectations of 4.50% and the previous value of 4.50%. The Federal Reserve stated that recent data indicates robust growth in economic activity, with the unemployment rate remaining stable at low levels, a healthy labor market, and inflation still elevated. Additionally, starting in April, the Federal Reserve will slow down the pace of balance sheet reduction, lowering the monthly redemption cap for Treasury bonds from $25 billion to $5 billion, while keeping the redemption cap for agency debt and MBS at $35 billion.

2. Infini Accuses Engineer of Compulsive Gambling, Possible Theft of $50 Million

The lawsuit states: Infini Labs developed a smart contract for managing company and client funds in collaboration with BP Singapore, led by the first defendant Chen Shanxuan, who works remotely from Foshan, Guangdong. The contract was originally set up with multi-signature permissions to strictly control any outflow of funds. When the contract went live on the mainnet, the first defendant allegedly retained the "super admin" privileges but falsely claimed to other team members that he had "transferred" or "removed" these privileges. According to the affidavit, the first defendant has a severe gambling habit, which may have led him to incur significant debts. This may have prompted him to steal the involved assets (valued at approximately 49,516,662.977 USDC) to alleviate his debts.

3. Trump: Federal Reserve Should Lower Interest Rates as U.S. Tariffs Begin to Impact Economy

Trump stated that as U.S. tariffs start to impact the economy (slowing down!), the Federal Reserve should lower interest rates and do the right thing. April 2 is Liberation Day in the United States.

4. QCP Capital: FOMC Meeting Brings Upside Catalyst, Bias Towards Call Options

QCP Capital indicated that last night's FOMC meeting brought the upside catalyst that the market had been waiting for, with the Federal Reserve deciding to reduce its "quantitative tightening" plan starting in April. The market interpreted this as an indirect signal for rate cuts, reinforcing expectations that the Federal Reserve will begin easing in June. In terms of options, market positioning has normalized, leaning towards call options. This contrasts sharply with the earlier preference for put options earlier this week.

5. Multiple Projects Indicate High Intermediary Fees Required for Listing on Korean Exchanges

Several projects reported to Wu that listing on leading Korean exchanges Upbit and Bithumb requires intermediary fees around $10 million and $2 million, respectively, or a payment of 3% to 5% of tokens to successfully list on Upbit. The intermediary firms are related to Upbit's shareholders or market makers. However, it is noteworthy that paying high intermediary fees is not a uniform phenomenon; among the seven projects consulted by Wu, three reported paying virtually no fees and warned of potential scams when listing through intermediaries. Additionally, leading projects in the U.S. generally do not need to pay intermediary fees.

6. Seoul Southern District Prosecutors' Office Conducts Raids on Bithumb

The Seoul Southern District Prosecutors' Office has launched a forced investigation into the cryptocurrency exchange Bithumb, raiding its headquarters located in Yeoksam-dong and other locations. The investigation focuses on suspicions involving Bithumb's former CEO Kim Dae-shik (now an advisor) regarding company funds used to support his purchase of an apartment in Seongsu-dong with a deposit of 3 billion Korean won (approximately $22 million), part of which is suspected to have been used for Kim's private apartment purchase. The Financial Supervisory Service had previously initiated a related investigation and has transferred the case to the prosecutors. Bithumb has not yet made a public response.