Cryptocurrency exchange Gemini set a new Guinness world record by deploying 1,000 drones to form the Bitcoin logo in the sky, marking the largest-ever aerial display of a currency symbol.

The event, held on March 13 in Austin, Texas, celebrated the US Strategic Bitcoin Reserve initiative.

Source: Gemini

Gemini’s drone show featured depictions of a rocket launch and moon landing, among others. During the show, the Bitcoin (BTC) logo was followed by a text that read: “Go where dollars won’t.” The company said:

“In celebration of the US Strategic Bitcoin Reserve, we’re hosting a Guinness World Record breaking drone show. The show explores the future of money and features the iconic Bitcoin “₿” as the largest currency symbol in the sky.”

Following the drone show, Gemini received a certificate for “The largest ariel display of a currency symbol formed by multirotor/drones.”

Source: DocumentingBTC

The Bitcoin logo origin story

In over 16 years of Bitcoin’s existence, its logo has undergone several iterations driven by community feedback. The first Bitcoin logo, created by Satoshi Nakamoto, was a gold coin with a “BC” text embedded in the center, as shown below.

The original Bitcoin logo. Source: bitcointalk.org

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However, Nakamoto introduced a new logo on Feb. 24, 2010, which replaced the “BC” text with “₿.”

Satoshi Nakamoto incorporates design changes based on community feedback. Source: bitcointalk.org

The logo was released as a copyright-free image and was widely accepted as the official symbol for Bitcoin. 

On Nov. 1, 2010, a new iteration of the Bitcoin logo was created by a Bitcoin community member bitboy (unrelated to YouTuber BitBoy Crypto), which received overwhelming support from the early Bitcoiners.

bitboy’s design a.k.a. official Bitcoin logo. Source: bitcointalk.org

As a result, bitboy’s logo was accepted as the official Bitcoin logo and continues to be used to date.

The updated logo replaced the gold background with a bright orange color and featured Nakamoto’s “₿” logo tiled clockwise by 14%.

Read Cointelegraph’s detailed BTC origin story to learn more about the evolution of the Bitcoin logo.

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World Liberty Financial, a decentralized finance (DeFi) project backed by the Trump family, has completed its second public token sale, raising $250 million from investors.

WLFI launched on Sept. 16, 2024, with the goal of promoting DeFi and stablecoins pegged to the US dollar. The project is endorsed by President Donald Trump and his sons — Eric, Donald Jr. and Barron — who have positioned it as a step toward financial innovation and a shift away from traditional banking.

The company has now raised about $550 million by selling 25% of the crypto asset’s total supply. Its first token sale, which opened on Oct. 15, 2024, netted the company about $300 million by selling 20 billion WLFI tokens for $0.015 each. 

On Jan. 20, the company announced another round of token sales “due to massive demand and overwhelming interest,” offering 5 billion tokens at $0.05 each — a 230% price increase from the first sale. The sale, completed on March 14, met its full target of $250 million.

WLFI raised over $590 million since launch

Even before the public token sales, the company had been attracting investment from crypto executives. On Nov. 25, 2024, Tron Founder Justin Sun announced a $30 million investment in WLFI. Etherscan data shows Sun received 2 billion WLFI tokens in return at $0.015 a piece. 

On Jan. 27, investment platform Web3Port announced a $10 million investment into the crypto project. The company said it plans additional purchases and is exploring a “long-term partnership” with the DeFi project. 

On Feb. 11, venture capital firm Oddiyana Ventures announced a strategic investment in World Liberty Financial. However, the company did not disclose how much it invested. 

Related: Democrat lawmaker urges Treasury to cease Trump’s Bitcoin reserve plans

WLFI faces community concerns over legitimacy and business model

While the company has raised over half a billion dollars, some crypto community members voiced concerns about whether it offers innovation or is just another cash grab.  

In an X post, 6MV managing partner Mike Dudas said the project was a “pay-to-play” scheme, not a DeFi gateway that would introduce new users to crypto. 

Yearn.finance creator and Sonic Labs co-founder Andre Cronje also questioned the company’s high fees and reinvestment strategies. The executive said the company simply extracts value from crypto firms rather than providing utility. 

WLFI has not publicly addressed these criticisms.

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Russian companies have been using cryptocurrencies like Bitcoin and USDt to facilitate trade with China and India amid international sanctions, according to a Reuters report.

Russian oil companies have used crypto assets including Bitcoin (BTC) and Tether’s USDt (USDT) for international trade, Reuters reported on March 14, citing four sources with direct knowledge of the matter.

One Russian oil trader reportedly conducts tens of millions of dollars worth of monthly transactions using digital assets, according to a source who spoke on condition of anonymity due to a non-disclosure agreement.

While the Russian finance minister publicly declared in late 2024 that Russia is free to use assets like Bitcoin in foreign trade, the use of crypto in oil transactions with China and India had not been previously reported.

Russia’s oil trade in crypto: How does it work?

According to Reuters, Russia’s foreign oil trade in crypto involves intermediaries who manage offshore accounts and facilitate transactions in the buyer’s local currency. One example includes a Chinese buyer of Russian oil that pays a trading company acting as a middleman in yuan into an offshore account.

The middleman then converts payments into crypto assets and transfers it to another account, which then sends it to a third account in Russia and converts it to Russian rubles, sources said.

Crypto will be used no matter of sanctions

According to one of Reuters’ sources, crypto will likely continue to be used in Russia’s foreign oil trading regardless of whether any sanctions are in place and even if the sanctions are lifted and Russia is free to use the dollar.

“It is a convenient tool and helps run operations faster,” the report said, citing the source.

The news comes amid the Bank of Russia officially proposing to legalize cryptocurrency investments for high-net-worth individuals who have at least $1.1 million in securities and deposits.

Bitcoin remains highly restricted in mainland China

While Russia has been increasingly open to Bitcoin, including its use in foreign trade, mainland China has maintained a cautious and restrictive approach toward cryptocurrency.

Since banning virtually all crypto transactions in 2021, authorities in mainland China have maintained a restrictive agenda on crypto, while neighboring jurisdiction Hong Kong has emerged as a global crypto hub.

Related: Indian authorities arrest alleged Garantex founder for US extradition

Despite the restrictions, mainland China has remained one of the global leaders in Bitcoin mining, raising controversy over the application of its crypto ban.

Source: Jan3

As the United States moves forward with its strategic Bitcoin reserve initiative, some industry observers believe China will not ignore Bitcoin’s growing role in the global financial landscape.

According to data from the Bitcoin technology company Jan3, the Chinese government may be holding at least 193,000 BTC.

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A US bankruptcy court has authorized liquidators of defunct crypto hedge fund Three Arrows Capital (3AC) to increase their claim against collapsed crypto exchange FTX from $120 million to $1.53 billion.

Chief Judge John Dorsey rejected FTX’s debtors’ argument that the amended proof of claim (POC) from 3AC liquidators was untimely and an unjust attempt to slow the bankruptcy proceedings.

In a March 13 ruling in the US Bankruptcy Court for the District of Delaware, Dorsey opined that 3AC liquidators had provided sufficient notice of their claim and the possibility of amending it once they had analyzed all the available information. Any delay, he said, was caused by FTX’s failure to share relevant records promptly.

Chief Judge John Dorsey has granted the motion by liquidators for defunct hedge fund Three Arrows Capital to increase their claim against FTX to $1.53 billion. Source:

“The evidence suggests that the delay in filing the Amended Proof of Claim was, in large part, caused by the Debtors themselves,” Dorsey said.

“The evidence also suggests that the Liquidators were diligent in attempting to obtain the information and that despite having the complete information in their possession, the Debtors repeatedly delayed giving it to them.”

3AC liquidators initially filed a $120 million claim in FTX’s bankruptcy case in June 2023. They later expanded it in November 2024, alleging claims including breach of contract, unjust enrichment, and breach of fiduciary duty.

The liquidators alleged FTX held $1.53 billion in the hedge fund assets that were liquidated to settle $1.33 billion in liabilities in 2022.

They argued that the transactions were avoidable, caused harm to 3AC creditors and that FTX debtors had delayed providing the information that would have uncovered the liquidation.

FTX debtors objected to the amended claim, saying that the original POC was insufficient to inform them about the nature and amount 3AC liquidators would be claiming and that it came too late and should be disallowed.

Related: FTX filed for bankruptcy 2 years ago — What’s happening now?

Before its collapse in June 2022, Three Arrows Capital was once one of the industry’s largest crypto hedge funds, with over $3 billion in assets.

Its liquidators also pursued claims against collapsed crypto firm Terraform Labs through a $1.3 billion claim in Terra’s bankruptcy case.

At the same time, FTX, which filed for bankruptcy in November 2022, has been undertaking its own recovery efforts to reclaim funds.

In November last year, it filed a trio of lawsuits, one against SkyBridge Capital and its founder, Anthony Scaramucci, to recoup funds spent by former FTX CEO Sam “SBF” Bankman-Fried on sponsorship and investment deals. 

Another suit was filed against crypto exchange Binance and its former CEO, Changpeng Zhao, to recover $1.76 billion worth of cryptocurrency sent to the exchange as part of a July 2021 repurchase deal.

Waves founder Aleksandr Ivanov is also in the crosshairs for $80 million worth of crypto sent to the Waves-based decentralized liquidity protocol by Alameda Research in 2022.

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A US bankruptcy court has authorized liquidators of defunct crypto hedge fund Three Arrows Capital (3AC) to increase their claim against collapsed crypto exchange FTX from $120 million to $1.53 billion.

Chief Judge John Dorsey rejected FTX’s debtors’ argument that the amended proof of claim (POC) from 3AC liquidators was untimely and an unjust attempt to slow the bankruptcy proceedings.

In a March 13 ruling in the US Bankruptcy Court for the District of Delaware, Dorsey opined that 3AC liquidators had provided sufficient notice of their claim and the possibility of amending it once they had analyzed all the available information. Any delay, he said, was caused by FTX’s failure to share relevant records promptly.

Chief Judge John Dorsey has granted the motion by liquidators for defunct hedge fund Three Arrows Capital to increase their claim against FTX to $1.53 billion. Source:

“The evidence suggests that the delay in filing the Amended Proof of Claim was, in large part, caused by the Debtors themselves,” Dorsey said.

“The evidence also suggests that the Liquidators were diligent in attempting to obtain the information and that despite having the complete information in their possession, the Debtors repeatedly delayed giving it to them.”

3AC liquidators initially filed a $120 million claim in FTX’s bankruptcy case in June 2023. They later expanded it in November 2024, alleging claims including breach of contract, unjust enrichment, and breach of fiduciary duty.

The liquidators alleged FTX held $1.53 billion in the hedge fund assets that were liquidated to settle $1.33 billion in liabilities in 2022.

They argued that the transactions were avoidable, caused harm to 3AC creditors and that FTX debtors had delayed providing the information that would have uncovered the liquidation.

FTX debtors objected to the amended claim, saying that the original POC was insufficient to inform them about the nature and amount 3AC liquidators would be claiming and that it came too late and should be disallowed.

Related: FTX filed for bankruptcy 2 years ago — What’s happening now?

Before its collapse in June 2022, Three Arrows Capital was once one of the industry’s largest crypto hedge funds, with over $3 billion in assets.

Its liquidators also pursued claims against collapsed crypto firm Terraform Labs through a $1.3 billion claim in Terra’s bankruptcy case.

At the same time, FTX, which filed for bankruptcy in November 2022, has been undertaking its own recovery efforts to reclaim funds.

In November last year, it filed a trio of lawsuits, one against SkyBridge Capital and its founder, Anthony Scaramucci, to recoup funds spent by former FTX CEO Sam “SBF” Bankman-Fried on sponsorship and investment deals. 

Another suit was filed against crypto exchange Binance and its former CEO, Changpeng Zhao, to recover $1.76 billion worth of cryptocurrency sent to the exchange as part of a July 2021 repurchase deal.

Waves founder Aleksandr Ivanov is also in the crosshairs for $80 million worth of crypto sent to the Waves-based decentralized liquidity protocol by Alameda Research in 2022.

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A Texas federal judge has entered a default judgment against Bancor DAO, which operated the decentralized finance platform Bancor, after it failed to respond to an online summons. 

Judge Robert Pitman issued the judgment after Bancor DAO did not appear to defend itself following a summons that was posted on the DAO’s forum in January 2024.

“Defendant Bancor DAO has failed to answer or otherwise defend itself within the time allowed, and that plaintiffs have demonstrated that failure,” wrote district court clerk Philip Delvin on March 13.

The class action involves investors who claim they lost tens of millions of dollars due to the exchange’s failure to warn about liquidity issues during a 2022 withdrawal spike.

Clerk’s entry of default against Bancor. Source: Law360

According to the plaintiffs, who filed the suit in May 2023, Bancor deceived investors about its impermanent loss protection mechanism for liquidity providers and also claimed its token was an unregistered security. 

They said Bancor’s ILP operated at a deficit and tried to cover by launching a new product, v3, which promised “some of the most competitive returns anywhere […] without asking users to take on any risk.”

Impermanent losses occur within DeFi automated market maker models when liquidity providers deposit assets into a pool, and one of the tokens loses value against another in the pool. 

Bancor paused impermanent loss protection, citing “hostile” market conditions in June 2022.

The plaintiffs also argued that Bancor DAO is an “unincorporated general partnership” consisting of vBNT tokenholders and could be sued in that capacity, according to Law360.

The case was previously dismissed entirely because the protocol developers were not based in the United States, but was reopened in December.

The plaintiffs said that the DeFi platform “does not appear to be registered in any jurisdiction and has no physical office location, mailing address, officers, directors, or appointed agents.”

Bancor is an onchain liquidity protocol that enables automated, decentralized exchange across blockchains. It has $38 million in total value locked, a figure that is down 98% since its peak in May 2021, according to DeFillama.

Related: Lawsuits could be catastrophic for DAOs if denied ‘limited liability’

The ruling follows precedent from a similar case where the Commodity Futures Trading Commission won a default judgment against Ooki DAO.

A California federal judge also ruled in November that DAOs and their governing members can be sued in cases involving unregistered securities.

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The Arkansas Cryptomining Association is suing two Arkansas state officials, arguing that they enforced an unconstitutional and discriminatory state rule prohibiting foreign-born American citizens from engaging in crypto-mining activities, among other things.

The complaint was made against Arkansas Attorney General Tim Griffin and the director of the Arkansas Oil and Gas Commission, Lawrence Bengal, on March 13 in the US District Court Eastern District of Arkansas. 

It follows a federal court ruling last November that temporarily barred Arkansas from preventing a naturalized US citizen of Chinese descent from operating a crypto mining business.

The Arkansas state rules concerned are “Rule K” and “Act 174,” which prohibits foreign-party controlled businesses in the state.

Director Connor L. Kempton of the Arkansas Cryptomining Association said the vagueness of Rule K and Act 174 gives the defendants arbitrary and discriminatory enforcement powers, enabling them to grant or deny permits at their own discretion.

He said the application of Rule K and Act 174 is unconstitutional and can be discriminatory based on race, alienage and national origin, among other things.

Excerpt from the ACA’s complaint filed against Bengal and Griffin. Source: Court document reviewed by Cointelegraph

Kempton noted that these rules were enforced against crypto mining firm Jones Eagle LLC, which is run by Qimin “Jimmy” Chen, a naturalized US citizen of Chinese origin.

Kempton specifically pointed to the Equal Protection Clause of the 14th Amendment of the US Constitution in arguing the illegality of Rule K and Act 174.

Related: Russia bans crypto mining for 6 years in 10 regions

The Equal Protection Clause similarly prohibits the US states from denying any person equal protection of the laws based on the person’s race, alienage or national origin. 

The crypto mining executive also argued that Rule K and Act 174 strip American citizens like Chen of due process rights under the 14th Amendment.

Kempton also said the prohibitions and penalties imposed under Act 174 infringe on the federal government’s authority to investigate, review and take action on foreign investments.

“Act 174 seeks to establish Arkansas’s own foreign policy, thereby intruding upon the federal government’s exclusive power to govern foreign affairs.”

District Court Judge Kristine G. Baker said on Dec. 9 that the Arkansas state officials were barred from enforcing Act 174 against Jones Eagle until further notice.

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The Arkansas Cryptomining Association is suing two Arkansas state officials, arguing that they enforced an unconstitutional and discriminatory state rule prohibiting foreign-born American citizens from engaging in crypto-mining activities, among other things.

The complaint was made against Arkansas Attorney General Tim Griffin and the director of the Arkansas Oil and Gas Commission, Lawrence Bengal, on March 13 in the US District Court Eastern District of Arkansas. 

It follows a federal court ruling last November that temporarily barred Arkansas from preventing a naturalized US citizen of Chinese descent from operating a crypto mining business.

The Arkansas state rules concerned are “Rule K” and “Act 174,” which prohibits foreign-party controlled businesses in the state.

Director Connor L. Kempton of the Arkansas Cryptomining Association said the vagueness of Rule K and Act 174 gives the defendants arbitrary and discriminatory enforcement powers, enabling them to grant or deny permits at their own discretion.

He said the application of Rule K and Act 174 is unconstitutional and can be discriminatory based on race, alienage and national origin, among other things.

Excerpt from the ACA’s complaint filed against Bengal and Griffin. Source: Court document reviewed by Cointelegraph

Kempton noted that these rules were enforced against crypto mining firm Jones Eagle LLC, which is run by Qimin “Jimmy” Chen, a naturalized US citizen of Chinese origin.

Kempton specifically pointed to the Equal Protection Clause of the 14th Amendment of the US Constitution in arguing the illegality of Rule K and Act 174.

Related: Russia bans crypto mining for 6 years in 10 regions

The Equal Protection Clause similarly prohibits the US states from denying any person equal protection of the laws based on the person’s race, alienage or national origin. 

The crypto mining executive also argued that Rule K and Act 174 strip American citizens like Chen of due process rights under the 14th Amendment.

Kempton also said the prohibitions and penalties imposed under Act 174 infringe on the federal government’s authority to investigate, review and take action on foreign investments.

“Act 174 seeks to establish Arkansas’s own foreign policy, thereby intruding upon the federal government’s exclusive power to govern foreign affairs.”

District Court Judge Kristine G. Baker said on Dec. 9 that the Arkansas state officials were barred from enforcing Act 174 against Jones Eagle until further notice.

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A Delaware court has granted a temporary reprieve to a Pennsylvanian Bitcoin mining firm currently in a payment dispute with its hosting company — barring the hosting provider from blocking access and otherwise commandeering the miner’s 21,000 rigs at the property. 

Vice Chancellor Morgan Zurn granted a temporary restraining order on March 12, requested by Bitcoin miner Consensus Colocation and systems owner Stone Ridge Ventures against Mawson Hosting, which provides hosting and colocation services for Bitcoin miners.

The firms have been in disagreement over alleged unpaid fees, the terms of their agreement and Consensus’ plan to relocate, allegedly leading to Mawson blocking the miner’s personnel from accessing the site.  

The firms have also alleged Mawson has been operating the rigs since Feb. 28 for their own gain after preventing Consensus from entering the premises.

Mawson, however, claims they are allowed to use the rigs under the terms of its agreement with Consensus, and they have the right of first refusal for its relocation plans.

The Bitcoin miner has been seeking injunctive relief to regain control of their equipment and prevent Mawson from using them. 

As part of the March 12 order, Mawson is barred from using the hashrate from the miners and will no longer be allowed to restrict Consensus’s digital and physical access to the rigs in the Midland, Pennsylvania, facility. 

A Delaware judge has granted a temporary restraining order barring Mawson Infrastructure Group from using the rigs at the Midland, Pennsylvania, facility. Source: Law360

The temporary restraining is in force until the matter can be heard in a preliminary injunction hearing.

Mawson Infrastructure Group and Consensus Colocation did not immediately respond to Cointelegraph’s request for comment. 

How the dispute began

In a March 6 legal complaint, lawyers acting for Consensus accused Mawson of mining Bitcoin (BTC) with their rigs — valued at $30 million — since Feb. 28, generating daily profits of between $100,000 and $200,000 while blocking access to them both physically and through VPN access. 

Consensus and Stone Ridge signed a colocation agreement with Mawson in December 2023. 

They agreed to terminate the partnership by the end of March 2025, with a gradual reduction in capacity leading up to the deadline and a removal process scheduled to begin on March 3.

Mawson argues that it was owed fees and electricity prepayments for February and March, and its colocation agreement gives it the right to redirect the hashrate of Consensus’ miners and use the proceeds to replenish the deposit.

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“On its face, it was operative only prior to April 1, 2024, and only in narrow circumstances relating to the replenishment of a deposit,” lawyers acting for Consensus said in the suit. 

“When Mawson began redirecting the hashrate on Feb. 28, the deposit was fully paid. And in any event, Mawson has stolen hashrate worth many times more than the $17,505.45 Mawson claims, without justification, that Consensus owes in purported late fees.”

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A Democrat lawmaker has called on the US Treasury to “cease all attempts” to create a strategic crypto reserve in the United States, citing conflicts of interest with US President Donald Trump and arguing that a stockpile would not benefit the American people.

House Representative Gerald E. Connolly of Michigan criticized the “cryptocurrency reserve” in a March 13 letter to Treasury Secretary Scott Bessent, stating that it provides “no discernible benefit to the American people” and would instead significantly enrich the president and his donors.

Connolly, who didn’t discern between the Strategic Bitcoin Reserve and the Digital Asset Stockpile, said Trump’s plans would constitute “unsound fiscal policy” because it chooses certain cryptocurrencies over others via social media.

Connolly said the Trump administration’s plan would also waste taxpayer dollars on what the Federal Reserve described as “the dumbest idea ever.”

“No strategic need has arisen that would necessitate investment in the volatile and speculative cryptocurrency market,” Connolly, the ranking Democrat on the House committee on oversight and government reform, said in the letter. 

“[It] would constitute nothing more than a highly speculative taxpayer-backed hedge to provide bitcoin speculators the assurance that when the crash comes, the State will deploy this fund to rescue it.”

Democrat Gerald E Connolly’s letter to Treasury Secretary Scott Bessent. Source: US Committee on Oversight and Government Reform Democrats

However, the White House has said that the Digital Asset Stockpile will only hold onto cryptocurrency already forfeited. At the same time, the Bitcoin (BTC) reserve will only make acquisitions through budget-neutral strategies that won’t impact taxpayers.

Connolly also said that Trump failed to consult with Congress over the Bitcoin reserve plan, let alone obtain congressional authorization to create it.

Connolly also alleged there were conflicts of interest between Trump’s presidential duties and the Trump Organization’s ownership of the crypto platform World Liberty Financial, in addition to the Official Trump (TRUMP) memecoin.

The Democrat referred to the TRUMP token as a “money grab” that has allowed Trump-linked entities to cash in on over $100 million worth of trading fees. 

This has been called Trump’s “most lucrative get-rich scheme yet,” Connolly added.

Related: Bitcoin reserve may end up a ‘potent political weapon’ — Arthur Hayes

Representative Maxine Waters, a Democrat on the House Financial Services Committee, also criticized Trump’s memecoin on Jan. 20, referring to a rug pull while claiming the launch represented the “worst of crypto.”

Connolly has asked Bessent to provide documents and communications related to the creation of a Bitcoin reserve and a complete list of steps the Trump administration has taken to avoid a conflict of interest.

Connolly also asked for a list of companies in which the Treasury has crypto-related financial interests. He also asked:

“Has the Presidential Working Group on Digital Asset Markets on which you serve, which has been tasked with developing a federal regulatory framework to govern the cryptocurrency reserve, reviewed financial disclosures by the Administration officials, including but not limited to Elon Musk?”

The Strategic Bitcoin Reserve will initially use cryptocurrency forfeited in federal criminal or civil cases. Meanwhile, the Digital Asset Stockpile will consist of cryptocurrencies other than Bitcoin, which could include XRP (XRP), Solana (SOL), Cardano (ADA) and Ether (ETH). 

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