Point of View: The Federal Reserve Has Over-Eased, with a 65% Chance of Stagflation in the United States

On May 1, Solana-based DeFi protocol Carrot announced its ongoing operations have been severely disrupted due to the Drift exploit incident, and the protocol will cease operations. Carrot has set May 14 as the deadline for withdrawals of remaining funds from its Boost, Turbo, and CRT products. After that date, it will begin deleveraging the system to reduce all leverage to zero, freeing up full liquidity for CRT redemptions. The protocol noted that user deposits remain the property of users, and any funds recovered by Drift will be distributed as previously outlined—with no specific timeline provided.

May 1st — Sichuan Province’s Gaoping Police Station recently cracked a cryptocurrency fraud case, where victim Mr. Yang was scammed out of 3.46 million yuan by an online acquaintance, Deng Mouhui, who posed as a cryptocurrency investment advisor. In December 2025, Mr. Yang saw a cryptocurrency investment ad online and reached out to Deng, his online contact. Deng immediately pitched a “no-loss” project, and Mr. Yang initially transferred 20,000 yuan. Over time, Deng sent daily profit screenshots to pressure Mr. Yang into investing more. Trusting Deng and lured by high returns, Mr. Yang put in a total of 3.46 million yuan, with an agreement to receive his principal and interest in one lump sum at the end of the term. In April 2026, when the agreed redemption date rolled around, Mr. Yang found Deng had blocked him and gone missing — so he reported the case to police. Using fund tracing and multi-dimensional data analysis, Gaoping officers tracked Deng to the Hunan-Jiangxi region. I

On May 1, X Product Lead Nikita Bier announced the gradual rollout of the Cashtags feature for the web version of the X platform. Bier noted that X will serve as a core component of users’ trading terminals, offering real-time charts and asset-specific posts for each supported asset.

May 1st — Per GMGN data (link: https://gmgn.ai/eth/token/i_m4TE56o8_0xf280b16ef293d8e534e370794ef26bf312694126), the Ethereum-based meme coin ASTEROID has surged nearly 30% over the past 24 hours. Its market cap stands at $164 million, with 24-hour trading volume hitting $12 million. The story behind ASTEROID traces to 15-year-old Liv Perrotto. Her final wish before passing away was to meet Elon Musk, and she designed a Shiba Inu-shaped doll named "Asteroid." After her death, her mother publicly appealed to Musk, and the narrative was amplified by prominent media personality Glenn Beck on his show. On April 19th, Musk agreed to make Asteroid the official mascot of SpaceX. BlockBeats reminds users: Meme coin trading is highly volatile, often driven by market sentiment and hype, with no real-world value or use case. Investors should exercise caution and be fully aware of the risks.

May 1st — Sources indicate a cryptocurrency market structure bill could advance in mid-May. On Wednesday, key figures involved in crypto legislation negotiations — including North Carolina Republican Senator Thom Tillis — revealed Senate Banking Committee Chair Tim Scott (R-S.C.) has been asked to “expedite scheduling” a hearing to revise and vote on the bill. Separately, another negotiator this week, Angela Alsobrooks, noted lawmakers must address illegal financing and ethics issues if they want a bipartisan vote in the Senate Banking Committee. However, Chair Scott stated he believes the ethics provision does not need review by his committee. It remains unclear where this provision will move next or if it will require review by other committees, though discussions are likely before it comes to a full Senate vote.

**May 1st Flash**: Per LookOnChain data, crypto mining firm Riot Blockchain deposited another 500 BTC ($38.24M) into NYDIG 5 hours ago. Back in early April, Riot sent a total of 1,500 BTC to NYDIG—valued at roughly $102.3M at the time.