Here’s what happened in crypto today

Today in crypto, Pump.fun ICO raises $500 million, BlockFi’s bankruptcy administrator and the DOJ have settled a $35 million crypto asset transfer lawsuit, and US-based spot Bitcoin ETFs posted another inflow day above $1 billion on Friday.Memecoin launch platform Pump.fun raises $500M in ICOPump.fun, a memecoin launch platform, raised $500 million in an initial coin offering (ICO) on Saturday, with an 18% allocation for institutional investors, and 15% set aside for retail traders.The PUMP token sold out in a matter of 12 minutes, according to Pump.fun, drawing praise from investors, venture capitalists, and industry professionals for showcasing the power of internet capital markets to raise large sums in a short period of time.“Today you learned that you can launch a business onchain, become massively successful, and scale it without requiring traditional finance,” CEO of Helius Labs Mert Mumtaz wrote.The platform’s successful ICO could signal the return of the capital formation strategy that peaked in 2018 before facing regulatory headwinds under Gary Gensler’s Securities and Exchange Commission (SEC).BlockFi bankruptcy administrator and DOJ settle $35M lawsuitThe administrator overseeing BlockFi’s bankruptcy wind-down and the US Department of Justice (DOJ) have reached a settlement to dismiss a $35 million crypto asset transfer lawsuit involving the crypto lender.The agreement was approved by Judge Michael B. Kaplan of the US Bankruptcy Court for the District of New Jersey on Friday, according to court filings.The lawsuit, filed in May 2023, sought to transfer over $35 million in crypto assets from BlockFi to the US government. The DOJ said it had warrants to seize the funds from the BlockFi accounts of two Estonian citizens in a criminal fraud case unrelated to BlockFi’s bankruptcy.At the time, the DOJ argued that the US Bankruptcy Court for the District of New Jersey did not have the jurisdiction to prevent BlockFi from transferring the assets. The dispute arose during BlockFi's bankruptcy proceedings.US Bitcoin ETFs record first back-to-back $1B inflowsUS-based spot Bitcoin ETFs recorded over $1 billion in inflows for the second consecutive day on Friday, marking the first time since their January 2024 launch that they’ve seen two back-to-back days with ten-digit inflows.On Friday, the 11 spot Bitcoin ETF products recorded total inflows of $1.03 billion, following $1.17 billion in inflows the day before, according to Farside data. NovaDius Wealth Management president Nate Geraci said in an X post that since the January 2024 launch, there have been only seven inflow days exceeding $1 billion, two of which occurred in the past two days. Before that, the last was on Jan. 17, with $1.07 billion.