Just posted March's crypto aggregate today. For last month, two main themes emerged: - Hyperliquid under attack - Trump’s Strategic Bitcoin Reserve Hyperliquid In March, we saw 2 exploits on Hyperliquid. The attackers opened large leverage positions, withdrew their collateral, causing their position to be liquidated and bad debt transferred to HLP. JELLYJELLY was the more notable attack where we saw Binance and OKX listing perps, drawing accusations of coordinating an attack against Hyperliquid. It’s clear that CEXes are feeling threatened by DEXes, and are not going to see their market share erode without putting on a fight. Hyperliquid validators paused trading and delisted JELLYJELLY perps, settling outstanding JELLYJELLY contracts at an arbitrary price. This drew criticism - if a protocol can arbitrarily settle contracts and pause markets in its favor, it can hardly claim to be “decentralized”. Some people questioned why Hyperliquid only paused markets when it was about to suffer a loss, but not when North Korean hackers were laundering funds through the protocol. Strategic Bitcoin Reserve On 6 March, President Trump signed Executive Order 14233, formally establishing a US Federal Strategic Bitcoin Reserve, capitalized by existing bitcoin held by the Treasury Department, largely from forfeitures. The market sold off in the aftermath, largely due to grossly inflated expectations of what it could have been. However as with all things government and regulatory matters, changes tend to take place incrementally. This reserve represents a beach head for all future moves the US may make, as it aligns the economic interest of the US Government with the crypto industry. We may not see it now but historians would perhaps look back at this moment as the first time a global superpower established a bitcoin reserve.