The Morgan Stanley filing arrives as crypto markets present a mixed picture. Aave, the leading DeFi lending protocol, has reached a record number of active users, with unique wallets interacting with the platform climbing past the seven-figure mark. The surge reflects growing institutional and retail interest in yield-generating DeFi products as traditional interest rates remain low.

However, not all corners of crypto are thriving. Solana's decentralised application ecosystem has seen revenue fall to an 18-month low, with weakening on-chain activity and bearish derivatives data suggesting that a SOL price recovery may take longer than most investors anticipate. The divergence between Aave's growth and Solana's struggles highlights how unevenly the current market is treating different segments of the crypto ecosystem.

Meanwhile, the FBI has issued a warning about a fake FBI-branded token on the Tron blockchain. Scammers are impersonating the bureau via the token, telling users they are under investigation and must complete a verification process to avoid having their assets frozen — a social engineering attack leveraging the authority of a US government agency.