Former Binance CEO Changpeng “CZ” Zhao was sentenced to four months in prison for violating U.S. money laundering laws.

Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.

Barcelona-based startup GFAL has secured $3.2 million in seed funding from investors including Supercell Ltd and Mitch Lasky. The company plans to use the funds to expand its team and accelerate its game production plans, which leverage AI and Web3 technology for immersive gameplay. GFAL's Elemental Raiders mobile game soft-launched in March 2023, with plans to build on this for a 2024 launch. CEO Manel Sort expressed gratitude for the investment and excitement to work with former colleagues from Digital Chocolate.

The SEC proposed that Do Kwon and Terraform pay roughly $5.3 billion in disgorgement, prejudgment interest and civil penalties, while the firm’s team suggested only $1 million.

Metale Protocol, a content distribution protocol on the blockchain, announced the completion of an additional $2 million seed round of financing. Waterdrip Capital led the investment, with participation from Aipollo Investment and Ultiverse. As of now, the total size of its seed round financing has reached $4 million. Metale Protocol was formerly known as Read2N, a Web3 decentralized reading application. The new funds will be allocated to its content creation fund to stimulate more content creation activities and promote the construction of its protocol as a platform for issuing and distributing content assets on the blockchain.

Data suggests that newer investors are behind Bitcoin’s sell-off, but sell-side exhaustion will eventually mark BTC’s price bottom.

DWF Ventures announced an investment in Overworld, a chain game developer. Overworld recently announced plans to launch another NFT series, and in addition, Overworld will soon launch the main world arena.

On May 1st, investment firm Cryptool invested $2 million in cryptocurrency trading platform Bittime in Series A funding. Founded in 2017, Cryptool focuses on first and second-level investments in digital currency, with a total investment of $30 million by 2023.

It took less than six weeks for the BlackRock USD Institutional Digital Liquidity Fund to surpass Franklin Templeton’s one year old tokenized treasury fund.

The recent approval of Bitcoin spot ETFs and bullish BTC price action have become a catalyst for heightened interest in the Bitcoin ecosystem. A myriad of projects aiming to improve Bitcoin’s scalability have been introduced in recent times, the most exciting of them being BitVM.