Coinbase Derivatives Market has temporarily paused futures and perpetual contract trading, with maintenance expected to last up to 3 hours.

**U.S. Federal Court Sentences California Man to 78 Months for $250M+ Crypto Scam Role** A 20-year-old California man was sentenced Wednesday to 78 months in federal prison for his part in a nationwide social engineering scam that stole over $250 million in cryptocurrency assets across the U.S., the U.S. Department of Justice (DOJ) announced. Marlon Ferro—alias “GothFerrari”—also faces three years of supervised release and must pay $2.5 million in restitution, per court orders. U.S. prosecutor Jeanine Ferris Pirro described Ferro as “the crime syndicate’s final tool of trade.” “When his associates couldn’t access victims’ crypto accounts via deception or hacking, they turned to Ferro to physically steal hardware wallets,” Pirro said. The criminal group blended online fraud with traditional burglary, stealing the $250M+ in crypto from victims between late 2023 and early 2025, according to prosecutors. A multi-year federal investigation uncovered the group’s wide-ranging a

May 7th — Per data from Hyperinsight Monitoring (via https://t.me/HyperInsight), an address starting with 0xa44 on the Hyperliquid platform opened a 394.6 BTC long position with 40x leverage over the past hour. The position size equals $31.94 million, with an average entry price of $81,059 and a liquidation price of $62,069. Currently, the position is slightly underwater by ~$50,000 (-5%). Additionally, the address holds: - A 25x leveraged ETH long position worth $5.9 million - A 10x leveraged TON short position worth $1.4 million Over the past month, the address has a 95% win rate across its positions, with an average holding time of 22 hours. Address: 0xa445a0a15b1d50fa0c4bfe6796d9447e0da5329d

On May 7th, per AI CheckMate data, whale trader nemorino.eth has launched a new round of accumulation. Twelve hours ago, amid a market downturn, the trader purchased 2091.43 ETH on-chain at an average price of $2386.78—totaling $5 million in value. The ETH has since been deposited into Spark.

May 7. TON picked up momentum again this morning. At press time, the token was trading at $2.5672, up over 5% in the past hour. Meanwhile, tokens tied to the TON ecosystem saw another rally: DOGS surged more than 50% in the last two hours, while NOT, HMSTR, and CATI also posted notable gains. Earlier, Telegram founder Pavel Durov took to his personal channel to announce that Telegram will replace the TON Foundation as TON’s driving force and become its largest validator. The statement has fueled strong optimism in the community about the TON ecosystem.

On May 7, per GMGN monitoring, the Solana-based meme coin USDUC saw its market cap surge nearly tenfold in a short period following the release of relevant positive news, hitting a peak of $29 million. It has since pulled back sharply, with a current market cap of $14.7 million—still boasting a 550% 24-hour gain, accompanied by $21.8 million in trading volume. The price jump may have been directly fueled by Binance US’s announcement that it would list the token for spot trading at 7:00 AM ET on May 7 (7:00 PM Beijing time the same day). BlockBeats advises users that meme coins are highly volatile, driven primarily by market sentiment and hype, with no underlying value or use case. Investors should exercise caution regarding associated risks.