Here’s what happened in crypto today

Today in crypto, US President Donald Trump’s sons have partnered with Hut 8 to launch American Bitcoin, aiming to build the world’s largest Bitcoin mining firm with strategic reserves, DeFi protocol SIR.trading lost $335,000 in a hack (its entire total value locked), and Binance has introduced a CEX to DEX feature.

Several members of US President Donald Trump’s family are backing a new venture to launch what aims to become the world’s largest Bitcoin mining firm.

Hut 8, a digital asset mining and infrastructure company, announced on March 31 that it is acquiring a majority stake in American Bitcoin, formerly known as American Data Center. The firm was founded by a group of investors, including Trump’s sons, Donald Trump Jr. and Eric Trump.

As part of the deal, American Bitcoin will take ownership of Hut 8’s Bitcoin (BTC) mining hardware. Donald Trump Jr. said that the entrepreneurs behind American Data Centers have backed their conviction in Bitcoin personally and through their businesses.

The new venture “aims to become the world’s largest, most efficient pure-play Bitcoin miner while building a robust strategic Bitcoin reserve,” the announcement said. Mining operations will remain under Hut 8’s compute segment but will operate through the American Bitcoin brand. Donald Trump Jr. added:

“Mining it on favorable economics opens an even bigger opportunity. We’re excited to bring investors into that equation through a platform engineered to execute on this thesis and deliver real, tangible participation in Bitcoin’s growth.”

Ethereum-based DeFi protocol SIR.trading, also known as Synthetics Implemented Right, has been hacked, resulting in the loss of its entire total value locked (TVL) — $355,000 at the time of the attack. 

The March 30 hack was initially detected by blockchain security firms TenArmorAlert and Decurity, both of which posted warnings on X to alert users of the protocol.

The protocol’s founder, known only as Xatarrer, described the hack as “the worst news a protocol could received [sic],” but suggested the team intends to try to keep the protocol going despite the setback.

Source: SIR.trading

Decurity described the hack as a “clever attack” that targeted a callback function used in the protocol’s “vulnerable contract Vault” which leverages Ethereum’s transient storage feature. 

According to Decurity, the attacker was able to replace the real Uniswap pool address used in this callback function with an address under the hacker’s control, allowing them to redirect the funds in the vault to their address. 

TenArmorAlert further explained that by repeatedly calling this callback function, the attacker was able to fully drain the protocol’s TVL.

Crypto exchange Binance has introduced centralized exchange (CEX) to decentralized exchange (DEX) trading, eliminating the need for complicated asset bridging and cumbersome manual transfers.

Binance Wallet users will now be able to use Circle's USDC (USDC) and other supported stablecoins to purchase tokens trading on the Ethereum, Base, Solana, and BNB Smart Chain networks.

An online meme poking fun at the highly technical nature of crypto and the complex user experience. Source: Kev.ETH

The CEX to DEX feature creates a much-needed user experience overhaul, especially for those new to crypto, who may find bridging or manually transferring assets too technically complex and unapproachable.

Additionally, the technical complexity inherent in crypto creates the potential for lost user funds and is one of the main barriers to crypto achieving mass adoption.

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