Market Updates: Umbra Responds to Kelp Exploit, New York Sues Gemini and Coinbase Over Prediction Markets, Nium Taps Coinbase for USDC Settlement

Latest Market Updates: As of 22nd April 2026.

Today in crypto, Umbra shut down its front end to curb laundering activity after roughly $800,000 in stolen funds tied to the $280 million Kelp exploit were routed through its protocol.

At the same time, New York’s attorney general sued Coinbase and Gemini over alleged unlicensed prediction markets. Separately, Nium expanded global payments by integrating USDC via Coinbase infrastructure. 

Meanwhile, a European survey showed growing mainstream interest, with 35% of investors willing to switch banks for better access to crypto despite ongoing regulatory and education gaps.

Privacy Protocol Umbra Responds to Kelp Exploit Activity

To begin with, privacy-focused protocol Umbra has temporarily disabled its front-end interface after detecting suspicious fund flows linked to a major exploit.

Specifically, in a statement shared on X, the team said approximately $800,000 in stolen assets tied to the broader $280 million Kelp protocol exploit were routed through its system. In response, Umbra placed its hosted interface into maintenance mode to limit further misuse.

The move is intended to support ongoing recovery efforts without interfering with tracing or asset reclamation. The team said services will only resume once it is confident the platform can relaunch safely.

Industry reports suggest the Kelp exploit may involve North Korea-linked threat actors. Investigators also believe Umbra may have been used as an intermediary layer to move funds between Ethereum and Bitcoin during laundering attempts.

New York AG Sues Gemini, Coinbase Over Alleged Unlicensed Prediction Markets

Meanwhile, in the United States, New York AG Letitia James has filed lawsuits against Gemini Titan and Coinbase Financial Markets, alleging that both companies operated unlicensed prediction markets.

According to Reuters, the complaints argue that these platforms failed to obtain authorization from the New York State Gaming Commission. James stressed that rebranding such offerings does not exempt them from gambling regulations.

The lawsuits seek to recover alleged unlawful profits and secure compensation for affected users. They also aim to restrict access to such products for individuals under 21.

Nium Integrates USDC for Global Payments via Coinbase Infrastructure

In a separate development, Singapore-based fintech company Nium has partnered with Coinbase. The partnership enables USDC transactions across more than 190 countries.

Specifically, as detailed in a company statement, Coinbase will provide custody, liquidity, and wallet infrastructure. This integration allows businesses to send, receive, and convert stablecoins into fiat currencies through a unified system.

Nium’s treasury executive, Santhosh Srinivasan, noted that traditional cross-border systems often require prefunding across multiple regions. This requirement ties up capital and slows transactions. The new integration replaces that model with on-demand USDC funding, enabling faster, more capital-efficient transfers.

The platform also supports seamless conversion into local currencies. In addition, it allows stablecoin balances to be linked to card programs for everyday spending.

Nium’s network spans more than 100 currencies, with local collections in 40 markets. It also enables real-time payouts across more than 100 corridors and holds more than 40 regulatory licenses globally.

European Investors Show Rising Appetite for Crypto Banking

Meanwhile, consumer sentiment in Europe points to increasing mainstream acceptance of digital assets.

A survey conducted by Börse Stuttgart Digital, covering approximately 6,000 investors across Germany, Spain, Italy, and France, found that 35% would consider switching banks for better access to crypto services.

Additionally, nearly 20% of respondents expect their primary bank to offer crypto capabilities within the next three years, highlighting a shift in expectations as digital assets move closer to traditional finance.

However, the data also underscores ongoing barriers to adoption. Around 76% of participants believe the sector remains insufficiently regulated, while more than 60% report inadequate knowledge of crypto.