Hey there, PoI readers! 💫

It's your favorite tech and web3 insider, Mochi, serving up the hottest digital headlines fresh from the innovation kitchen! 🔍 This edition is packed with jaw-dropping stories that'll make your neurons dance and your curiosity spark. From 4chan's digital resurrection to Bitget's crypto crackdown, we're diving deep into the wildest corners of the digital universe. Buckle up for a rollercoaster ride through today's most electrifying tech tales!

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INTEL BRIEF

🟧 4chan returns online after a two-week hack, claiming financial challenges and infrastructure vulnerabilities.

🟧 Bitget prepares legal action against eight accounts allegedly involved in VOXEL futures price manipulation.

🟧 Trump-backed World Liberty Financial partners with Pakistan Crypto Council to boost crypto adoption and innovation.

🟧 Nike faces $5 million class-action lawsuit over shutting down its RTFKT NFT platform.

4chan Rises from the Digital Ashes and Defies the Odds

4chan has clawed its way back online after a nearly two-week hiatus caused by a sophisticated cyberattack. The infamous image-sharing platform, known for its notorious reputation, didn't go down without a fight – or without some choice words for its critics.

The saga began on April 14 when a hacker wielding a seemingly innocuous PDF managed to breach 4chan's servers, exfiltrating database tables and source code. The attack was so severe that the 4chan team described the damage as "catastrophic," forcing them to halt their servers to prevent further infiltration.

Adding insult to injury, Wired journalist Ryan Broderick had practically written the site's obituary, characterizing 4chan as a digital wasteland that devolved from an internet culture hub to a breeding ground for controversial content. But 4chan's response? A defiant "Is that so?" posted on X, proving the platform's resilience.

The root of the problem, according to 4chan's official blog, stems from being "starved of money" by advertisers and payment providers who've been pressured to cut ties. This financial strangulation has left the site struggling to maintain robust infrastructure and update its code effectively.

In the aftermath, 4chan has implemented some temporary limitations. PDF uploads are disabled, and the Flash animation board remains offline to prevent similar exploits. As of Sunday, parts of the site are functional, with the team declaring a determined: "No other website can replace it, or this community. No matter how hard it is, we are not giving up."

4chan suffered a major hack, causing two weeks of downtime

Site attributes challenges to financial pressures from advertisers

Returned online with some operational limitations

Bitget Fights Back Against Crypto Market Manipulation

Bitget is taking legal aim at eight account holders suspected of orchestrating a massive price manipulation scheme involving VOXEL token futures contracts. The incident, which unfolded on April 20, saw these accounts allegedly pocketing a staggering $20 million through suspicious trading activities.

Xie Jiayin, Bitget's head of Chinese operations, announced that legal letters will be dispatched to the primary instigators "in quick succession". The exchange discovered "abnormal trading activity" that caused the VOXEL/USDT perpetual futures contract to reach an eye-popping trading volume of over $12 billion – completely overshadowing the same contract on Binance.

In response to the suspected manipulation, Bitget took swift action. The exchange paused suspect accounts and rolled back irregular trades, ensuring that most users need not worry. Bitget CEO Gracy Chen emphasized that these trades were between individual market participants, not the platform itself.

The plot thickens with speculation about a potential market maker bot bug. Some X users suggest that traders who spotted this bug early used high-leverage bets to exploit the situation at zero cost. Meanwhile, Bitget plans to distribute 100% of recovered funds to affected users through airdrops while continuing their investigation.

Decentralized exchange Hyperliquid experienced a similar exploit in March, involving a whale profiting $6.26 million on the Jelly my Jelly (JELLY) memecoin, which ultimately led to the delisting of its perpetual futures.

VOXEL, the native token of Voxies – a free-to-play 3D tactical RPG on the Ethereum blockchain – finds itself at the center of this crypto drama, reminding traders that the digital asset landscape remains as volatile as ever.

Bitget identifies eight accounts allegedly manipulating VOXEL futures

$20 million in suspicious profits suspected

Exchange to pursue legal action and distribute recovered funds

Pakistan Embarks on a Bold Blockchain Diplomatic Journey

World Liberty Financial, backed by Donald Trump and his family, has inked a groundbreaking Letter of Intent with the Pakistan Crypto Council. This partnership aims to turbocharge crypto adoption in one of the world's most dynamic emerging markets.

World Liberty will help launch regulatory sandboxes, explore stablecoin applications for remittances and trade, and dive deep into real-world asset tokenization. The meeting was a star-studded affair, with the country's central bank governor, finance minister, and IT secretary in attendance, signaling serious governmental interest.

Pakistan is no crypto lightweight. Chainalysis ranked the country ninth in global crypto adoption, boasting an impressive 25 million active crypto users and $300 billion in annual crypto transactions. With roughly 60% of its population under 30, the country sees blockchain as a gateway to economic innovation.

Finance Minister Muhammad Aurangzeb couldn't be more bullish, declaring, "Pakistan's youth and technology sector are our greatest assets." The partnership even includes a recent meeting with former Binance CEO Changpeng Zhao, who's now an adviser to the Pakistan Crypto Council.

The Federal Investigation Agency is proposing a crypto regulatory framework that aims to balance technological advancement with national security. This is a dramatic pivot from May 2023, when the country claimed it would never legalize cryptocurrencies.

The proposed regulatory framework, expected to roll out in phases from 2026, will address critical concerns like terrorism financing, money laundering, and Know Your Customer controls. It's a delicate dance of embracing innovation while maintaining financial safeguards.

Trump-backed World Liberty Financial partners with Pakistan Crypto Council

25 million active crypto users in Pakistan

Aims to develop regulatory sandboxes and blockchain innovation

Nike Faces a Massive Lawsuit Over Its NFT Platform Shutdown

Nike gets served with a $5 million class-action lawsuit over its sudden shutdown of the RTFKT NFT platform. Filed in a Brooklyn federal court, the lawsuit alleges that Nike pulled off a classic "rug pull" that left NFT investors high and dry.

Led by plaintiff Jagdeep Cheema, the lawsuit claims Nike used its marketing muscle to hype up NFT collections only to abruptly shut down the platform in January. The complaint paints a damning picture of how Nike allegedly manipulated the digital asset market, touting sneaker-themed NFTs to attract investors before pulling the plug.

Nike's crypto kick NFT collection went from trading at an impressive 3.5 Ether (around $8,000) to a measly 0.009 Ether (roughly $16). The lawsuit argues that these NFTs were essentially unregistered securities, claiming Nike leveraged its "iconic brand and marketing prowess" to prop up the digital assets.

Adding salt to the wound, the shutdown eliminated promised challenges and quests that were a primary motivation for many investors. The legal team argues that these tokens derived their value directly from Nike's marketing efforts and brand popularity.

The timing couldn't be worse for the NFT market. The first quarter of 2025 saw NFT sales plummet by 63%, dropping from $4.1 billion in 2024 to just $1.5 billion. While the legal status of NFTs remains murky – with even OpenSea recently urging the SEC to reconsider NFT classification – the lawsuit suggests the court doesn't need to definitively rule on NFTs' legal status to address the complaint.

Nike has yet to comment on the lawsuit, leaving investors and crypto enthusiasts waiting with bated breath for the sportswear giant's response to these serious allegations..

Nike faces $5 million lawsuit over RTFKT NFT platform shutdown

NFT collection value dropped from $8,000 to $16

Lawsuit claims Nike used unregistered securities and misleading marketing

And that's a wrap, my lovely PoI readers! 🌈 I hope this edition left you feeling like a tech insider with a side of entertainment. Knowledge is power, and today we've powered up your digital intelligence! Remember to stay curious, informed, and always one step ahead. Until next time, this is Mochi, signing off with a virtual fist bump of innovation!

P.S. Don't forget to share your thoughts, questions, and favorite crypto puns with us. very voice matters in the PoI community! 📣❤️ Share the newsletter

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