A New York jury found Terraform Labs and its founder Do Kwon guilty of fraud charges. Meme coins returned an average of 1312% in the first quarter (Q1) and Ripple is planning to launch a USD-backed stablecoin. Here's our weekly recap:

- Do Kwon's situation took on a new dimension when the Montenegro Supreme Court annulled the previous decision to extradite the Terraform Labs founder to his homeland, South Korea.

- The success of meme coins, the team behind the BNB Chain ecosystem announced a program that rewards meme coin developers on the network with rewards of up to $1 million.

- Hong Kong-based investment bank GF Securities used Ethereum to launch the region's first tokenized commercial paper.

- Ripple announced plans to launch a USD-backed stablecoin on the XRP Ledger (XRPL) and Ethereum networks later this year.

- KuCoin customers are rapidly fleeing the exchange after the indictment by the US DoJ and CFTC. Notably, KuCoin's Bitcoin balance dropped by 20%. 😟

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