▶️Crypto News & Updates
🔷Covenant AI, a major subnet developer, exited Bittensor, accusing co-founder Jacob Steeves of exerting unilateral control and describing the network's governance as "decentralization theatre."
🔷Bitget debuts IPO Prime market with SpaceX pre-IPO exposure token. Powered by Republic, the platform uses a tiered allocation system, with higher-tier users receiving larger allocations before tokens move to OTC trading on Bitget.
🔷According to Binance Wallet, the Binance Web3 Wallet has introduced an on-chain Pre-IPO asset exploration feature. The first batch of 5 tokenized assets, which official images show include tech companies like SpaceX and OpenAI, is now available in the app's "Markets" section.
🔷Michael Saylor’s Strategy has acquired 13,927 BTC for $1.00 billion at $71,902 per bitcoin. Now holds 780,897 BTC acquired for $59.02 billion at $75,577 per bitcoin.
🔷Tom Lee’s Bitmine bought 71,524 $ETH ($156.35M) last week and now holds 4,874,858 $ETH ($10.66B).
🔷American musician Garrett Dutton, known as G. Love, lost 5.9 BTC worth about $420,000 after entering his seed phrase into a fake Ledger app downloaded from the Apple App Store.
🔷Attackers exploited a vulnerability in the cross-chain interoperability protocol Hyperbridge to mint 1 billion unauthorized bridged DOT (Polkadot) on Ethereum and net roughly $237,000 in profit. Native DOT fell about 4%, even though Polkadot said its core network remained unaffected.
🔷According to Aptos, it has updated its tokenomics: staking APY cut to 2.6%, Gas fees increased 10x, and a 2.1B APT hard cap established. The Foundation will permanently lock 210M APT. The team is also exploring programmatic buybacks and expects to burn 32M+ APT annually after the new ecosystem DEX goes live.
🔷Circle CEO Jeremy Allaire said that the company is advancing its native network Arc, currently in testnet, and is exploring a native token for governance, incentives, and economic alignment, with a longer-term transition toward a PoS model.
🔷The SEC’s Division of Trading and Markets said certain crypto trading interfaces, including DeFi front-ends, wallet extensions, and mobile apps, may operate without broker-dealer registration if specific conditions are met.
• These include no order routing, no investment advice, no custody of user assets, and only fixed, neutral fee structures. The guidance applies to self-custodial wallet interfaces and will remain effective for five years unless superseded by further SEC action.
🔷Bitwise has filed a second amendment for its Hyperliquid ETF, setting the ticker to BHYP and the fee at 67 bps.
🔷Covenant AI, a major subnet developer, exited Bittensor, accusing co-founder Jacob Steeves of exerting unilateral control and describing the network's governance as "decentralization theatre."
🔷Bitget debuts IPO Prime market with SpaceX pre-IPO exposure token. Powered by Republic, the platform uses a tiered allocation system, with higher-tier users receiving larger allocations before tokens move to OTC trading on Bitget.
🔷According to Binance Wallet, the Binance Web3 Wallet has introduced an on-chain Pre-IPO asset exploration feature. The first batch of 5 tokenized assets, which official images show include tech companies like SpaceX and OpenAI, is now available in the app's "Markets" section.
🔷Michael Saylor’s Strategy has acquired 13,927 BTC for $1.00 billion at $71,902 per bitcoin. Now holds 780,897 BTC acquired for $59.02 billion at $75,577 per bitcoin.
🔷Tom Lee’s Bitmine bought 71,524 $ETH ($156.35M) last week and now holds 4,874,858 $ETH ($10.66B).
🔷American musician Garrett Dutton, known as G. Love, lost 5.9 BTC worth about $420,000 after entering his seed phrase into a fake Ledger app downloaded from the Apple App Store.
🔷Attackers exploited a vulnerability in the cross-chain interoperability protocol Hyperbridge to mint 1 billion unauthorized bridged DOT (Polkadot) on Ethereum and net roughly $237,000 in profit. Native DOT fell about 4%, even though Polkadot said its core network remained unaffected.
🔷According to Aptos, it has updated its tokenomics: staking APY cut to 2.6%, Gas fees increased 10x, and a 2.1B APT hard cap established. The Foundation will permanently lock 210M APT. The team is also exploring programmatic buybacks and expects to burn 32M+ APT annually after the new ecosystem DEX goes live.
🔷Circle CEO Jeremy Allaire said that the company is advancing its native network Arc, currently in testnet, and is exploring a native token for governance, incentives, and economic alignment, with a longer-term transition toward a PoS model.
🔷The SEC’s Division of Trading and Markets said certain crypto trading interfaces, including DeFi front-ends, wallet extensions, and mobile apps, may operate without broker-dealer registration if specific conditions are met.
• These include no order routing, no investment advice, no custody of user assets, and only fixed, neutral fee structures. The guidance applies to self-custodial wallet interfaces and will remain effective for five years unless superseded by further SEC action.
🔷Bitwise has filed a second amendment for its Hyperliquid ETF, setting the ticker to BHYP and the fee at 67 bps.
▶️Crypto News & Updates
🔷Kraken parent company Payward agreed to acquire Bitnomial for up to $550 million in cash and stock, securing a fully CFTC-licensed U.S. derivatives platform.
🔷Circle faces a class action lawsuit from Drift Protocol investors over alleged inaction during the $280 million exploit on April 1.
🔷Drift Protocol secured a proposed recovery package of up to $127.5 million from Tether, alongside roughly $20 million from other partners, to help compensate users after its $280 million exploit on April 1.
• The platform will also pivot from USDC to USDT for settlement at relaunch, marking a structural shift following the exploit and related fallout.
🔷X launched "Cashtags," enabling users to view live crypto and stock data directly within timeline posts.
• Cashtags are now available globally for iOS.
• Canadian users will see a built-in button linking to Wealthsimple, a Canadian brokerage, to trade assets from the app.
🔷Deutsche Borse Group, which operates major trading venues including the Frankfurt Stock Exchange, has invested $200 million in Payward, the parent firm of crypto exchange Kraken, securing a 1.5% stake and implying a roughly $13.3 billion valuation.
🔷Y Combinator, a prominent startup accelerator in Silicon Valley, completed its first fully stablecoin-funded deal, sending $500,000 in USDC on Solana to prediction markets startup Totalis.
🔷Tether has launched tether.wallet, a self-custodial digital wallet that directly brings its global payments and settlement infrastructure to end users. The wallet supports USD₮, USA₮, XAU₮ and Bitcoin across Ethereum, Polygon, Arbitrum, Plasma, and Bitcoin / Lightning Network, and enables transfers via human-readable usernames such as name@tether.me.
🔷Cowswap frontend was exploited. Team has now regained control.
🔷Kraken co-CEO Arjun Sethi said the company has confidentially filed for a U.S. IPO, confirming earlier reports.
🔷Bitcoin developers and researchers have proposed BIP-361, which suggests freezing early Bitcoin addresses considered to have quantum vulnerabilities—primarily P2PK addresses with publicly exposed public keys—to prevent future quantum computers from deriving private keys from public data and stealing funds.
🔷Tether Acquires 951 BTC, Total Holdings Reach 97,141 BTC — Fifth-Largest On-Chain Holder
🔷Kraken parent company Payward agreed to acquire Bitnomial for up to $550 million in cash and stock, securing a fully CFTC-licensed U.S. derivatives platform.
🔷Circle faces a class action lawsuit from Drift Protocol investors over alleged inaction during the $280 million exploit on April 1.
🔷Drift Protocol secured a proposed recovery package of up to $127.5 million from Tether, alongside roughly $20 million from other partners, to help compensate users after its $280 million exploit on April 1.
• The platform will also pivot from USDC to USDT for settlement at relaunch, marking a structural shift following the exploit and related fallout.
🔷X launched "Cashtags," enabling users to view live crypto and stock data directly within timeline posts.
• Cashtags are now available globally for iOS.
• Canadian users will see a built-in button linking to Wealthsimple, a Canadian brokerage, to trade assets from the app.
🔷Deutsche Borse Group, which operates major trading venues including the Frankfurt Stock Exchange, has invested $200 million in Payward, the parent firm of crypto exchange Kraken, securing a 1.5% stake and implying a roughly $13.3 billion valuation.
🔷Y Combinator, a prominent startup accelerator in Silicon Valley, completed its first fully stablecoin-funded deal, sending $500,000 in USDC on Solana to prediction markets startup Totalis.
🔷Tether has launched tether.wallet, a self-custodial digital wallet that directly brings its global payments and settlement infrastructure to end users. The wallet supports USD₮, USA₮, XAU₮ and Bitcoin across Ethereum, Polygon, Arbitrum, Plasma, and Bitcoin / Lightning Network, and enables transfers via human-readable usernames such as name@tether.me.
🔷Cowswap frontend was exploited. Team has now regained control.
🔷Kraken co-CEO Arjun Sethi said the company has confidentially filed for a U.S. IPO, confirming earlier reports.
🔷Bitcoin developers and researchers have proposed BIP-361, which suggests freezing early Bitcoin addresses considered to have quantum vulnerabilities—primarily P2PK addresses with publicly exposed public keys—to prevent future quantum computers from deriving private keys from public data and stealing funds.
🔷Tether Acquires 951 BTC, Total Holdings Reach 97,141 BTC — Fifth-Largest On-Chain Holder
Putting it all together
> attacker funds ETH to fresh wallet via tornado cash
> mints 116,500 rsETH (KelpDAO’s staked ETH) using LayerZero’s OFT bridge, that’s $280+ mil
> sends these rsETH to various lending protocols (most of it to aave) on ethereum and arbitrum, total borrow is $236 mil
> borrows WETH against rsEth
> KelpDAO freezes all rsETH contracts
> aave freezes rsETH & WETH markets
> everyone waiting for resolution currently
> aave sees $6+ billion of TVL withdrawal, token price dumps 20%
> justin sun offers to negotiate with the attacker on X
> attacker funds ETH to fresh wallet via tornado cash
> mints 116,500 rsETH (KelpDAO’s staked ETH) using LayerZero’s OFT bridge, that’s $280+ mil
> sends these rsETH to various lending protocols (most of it to aave) on ethereum and arbitrum, total borrow is $236 mil
> borrows WETH against rsEth
> KelpDAO freezes all rsETH contracts
> aave freezes rsETH & WETH markets
> everyone waiting for resolution currently
> aave sees $6+ billion of TVL withdrawal, token price dumps 20%
> justin sun offers to negotiate with the attacker on X
the attacker is still holding the eth borrowed from lending protocols- https://intel.arkm.com/explorer/address/0x5d3919F12bCc35c26Eee5F8226A9bee90c257Ccc
CT hasn't mentioned North Korea yet, so maybe it's not NK this time
And Brother Sun also offered to negotiate with the attacker on X, so maybe he's confident that it's not NK because you can't negotiate with NK
Could be a case where they recover the funds at a later point by tracking down the attacker (guessing)
Depends on how much opsec the attacker has been careful about
CT hasn't mentioned North Korea yet, so maybe it's not NK this time
And Brother Sun also offered to negotiate with the attacker on X, so maybe he's confident that it's not NK because you can't negotiate with NK
Could be a case where they recover the funds at a later point by tracking down the attacker (guessing)
Depends on how much opsec the attacker has been careful about
Deadlier Notes
the attacker is still holding the eth borrowed from lending protocols- https://intel.arkm.com/explorer/address/0x5d3919F12bCc35c26Eee5F8226A9bee90c257Ccc CT hasn't mentioned North Korea yet, so maybe it's not NK this time And Brother Sun also offered to negotiate…
LayerZero thinks it's Lazarus
Forwarded from Tree News (Tree News Bot)
ARBITRUM FREEZES 30,766 ETH LINKED TO SUSPECTED NORTH KOREAN AAVE, KELPDAO EXPLOITERS: https://x.com/arbitrum/status/2046435443680346189
Arbitrum FTW. I know this is a centralized move and decentralization is a theatre and all that. But would you rather have North Korea steal your funds?
▶️Crypto News & Updates
🔷Michael Saylor’s Strategy has acquired 34,164 BTC for ~$2.54 billion at ~$74,395 per bitcoin. Now holds 815,061 $BTC acquired for ~$61.56 billion at ~$75,527 per bitcoin.
🔷Tom Lee’s Bitmine buys 101,627 $ETH in its largest weekly purchase since December and lifts holdings to 4.98 million $ETH, about 4.1% of supply.
🔷An attacker drained approximately 116,500 rsETH, worth about $292 million, from Kelp DAO's LayerZero-powered bridge on Saturday by triggering a cross-chain message that released funds.
🔷The Arbitrum Security Council froze 30,766 ETH worth about $71 million tied to the Kelp DAO exploit. The funds will remain frozen unless further action is approved through Arbitrum governance, the team said.
🔷Wallets tied to the Kelp DAO exploiter begin laundering stolen assets across chains after Arbitrum's $71 million ether freeze.
🔷Aave outlined a base scenario where an approximate 15% rsETH depeg across all chains could generate about $124 million in bad debt following the Kelp DAO exploit, as the attacker used stolen rsETH as collateral to borrow WETH on the platform.
• The team also modeled a more severe case where Layer 2-based rsETH took an approximate 73% haircut, pushing bad debt to roughly $230 million.
🔷Funds continue to flow out of Aave, with $15.1 billion leaving the platform in three and a half days. Total deposits dropped from $48.5 billion before the incident to the current $30.7 billion, representing an outflow of approximately one-third of its capital.
🔷Lido stated that its EarnETH product has approximately 9% exposure to rsETH (~$21.6 million) via leveraged positions on Aave following the April 18 Kelp DAO incident.
🔷DoorDash partnered with Tempo to roll out stablecoin-powered payouts, initially focused on high-value payment flows such as merchant disbursements.
🔷The ENS-to-web gateway ethlimo published a post-mortem on Saturday tracing its Friday night DNS hijack to a social engineering attack against domain registrar EasyDNS.
🔷Kalshi is planning to launch crypto trading with perpetual futures.
🔷Michael Saylor’s Strategy has acquired 34,164 BTC for ~$2.54 billion at ~$74,395 per bitcoin. Now holds 815,061 $BTC acquired for ~$61.56 billion at ~$75,527 per bitcoin.
🔷Tom Lee’s Bitmine buys 101,627 $ETH in its largest weekly purchase since December and lifts holdings to 4.98 million $ETH, about 4.1% of supply.
🔷An attacker drained approximately 116,500 rsETH, worth about $292 million, from Kelp DAO's LayerZero-powered bridge on Saturday by triggering a cross-chain message that released funds.
🔷The Arbitrum Security Council froze 30,766 ETH worth about $71 million tied to the Kelp DAO exploit. The funds will remain frozen unless further action is approved through Arbitrum governance, the team said.
🔷Wallets tied to the Kelp DAO exploiter begin laundering stolen assets across chains after Arbitrum's $71 million ether freeze.
🔷Aave outlined a base scenario where an approximate 15% rsETH depeg across all chains could generate about $124 million in bad debt following the Kelp DAO exploit, as the attacker used stolen rsETH as collateral to borrow WETH on the platform.
• The team also modeled a more severe case where Layer 2-based rsETH took an approximate 73% haircut, pushing bad debt to roughly $230 million.
🔷Funds continue to flow out of Aave, with $15.1 billion leaving the platform in three and a half days. Total deposits dropped from $48.5 billion before the incident to the current $30.7 billion, representing an outflow of approximately one-third of its capital.
🔷Lido stated that its EarnETH product has approximately 9% exposure to rsETH (~$21.6 million) via leveraged positions on Aave following the April 18 Kelp DAO incident.
🔷DoorDash partnered with Tempo to roll out stablecoin-powered payouts, initially focused on high-value payment flows such as merchant disbursements.
🔷The ENS-to-web gateway ethlimo published a post-mortem on Saturday tracing its Friday night DNS hijack to a social engineering attack against domain registrar EasyDNS.
🔷Kalshi is planning to launch crypto trading with perpetual futures.
TradingView is running a Labor Day sale.
Discounts are more than last Black Friday Sale, which happened in November.
I got 70% off on my plan on renewing for a year. Black Friday usually gives 50% off.
Check it out.
Discounts are more than last Black Friday Sale, which happened in November.
I got 70% off on my plan on renewing for a year. Black Friday usually gives 50% off.
Check it out.
▶️Crypto News & Updates
🔷Other than Aave-Kelp_LayerZero 9-figure exploit, few more six and seven figure exploits have occurred in crypto in last few days.
🔷Tron founder Justin Sun said he filed a lawsuit against the Trump family-linked World Liberty Financial in California federal court, alleging the team wrongfully froze his WLFI tokens and stripped his governance rights.
🔷GSR launched its first exchange-traded fund last Wednesday, the Crypto Core3 ETF (BESO), offering actively managed exposure to Bitcoin, Ethereum, and Solana.
🔷Stablecoin issuer Tether froze more than $344 million in USDT across two Tron addresses after U.S. authorities flagged them for illicit activity.
🔷Admiral Samuel Paparo, the commander of U.S. forces in the Pacific, told the House Armed Services Committee the U.S. military is running a Bitcoin node to test cybersecurity and network defense capabilities.
🔷Metaplanet is issuing ¥8 billion ($50 million) in zero-interest bonds to fund additional bitcoin purchases.
🔷Michael Saylor’s Strategy acquired 3,273 BTC for ~$255.0 million at ~$77,906 per bitcoin. Now holds 818,334 $BTC acquired for ~$61.81 billion at ~$75,537 per bitcoin.
🔷Tom Lee’s Bitmine bought 101,901 ETH (~$234M) last week, pushing holdings to >5M ETH (4.21% of supply).
🔷Aave said Consensys and its founder Joseph Lubin have joined DeFi United, committing up to 30,000 ETH to support the rsETH recovery effort, with ongoing strategic advisory from Sharplink.
🔷DeFi United unveiled a coordinated plan to restore full backing for rsETH after the $292 million Kelp DAO exploit minted 116,500 unbacked tokens and destabilized DeFi markets.
• The coalition, led by Aave and backed by dozens of protocols, raised over $300 million in ETH to fund the recovery effort.
🔷Solana memecoin launchpad Pump.fun burned $370 million worth of PUMP tokens, eliminating about 36% of the circulating supply to address trust concerns. The platform also launched a new programmatic buyback-and-burn mechanism allocating 50% of net revenue to automatically.
🔷Believe App founder Benjamin Pasternak has been arrested in NY on charges of strangulation in the second degree and assault and is scheduled to appear in court on June 11.
🔷According to Protos, the world's largest adult website, Pornhub, has replaced USDT with USDC for creator payouts.
🔷Polish crypto exchange Zondacrypto CEO Przemysław Kral has fled to Israel and may be beyond extradition due to his Israeli citizenship. The exchange is reportedly on the verge of bankruptcy, with about 99% of its Bitcoin reserves missing.
🔷Litecoin said a zero-day vulnerability in its MimbleWimble Extension Block (MWEB) allowed non-updated nodes to validate an invalid transaction, enabling attackers to peg out funds and trigger a DoS attack on mining pools. The network executed a 13-block reorganization to reverse the invalid transactions, while valid transactions remained unaffected.
🔷Solana Foundation said its ecosystem has selected the Falcon post-quantum signature scheme following independent research by Anza and Jump Crypto, with an initial implementation completed. The foundation added that no protocol changes are currently required, but a defined migration path is in place if quantum computing advances.
🔷MoonPay acquired Israeli crypto security startup Sodot in an all-stock deal worth about $100 million and will launch MoonPay Institutional, a new unit focused on institutional demand for digital assets.
🔷Meta Rolls Out USDC Payouts to Creators in Colombia and the Philippines.
🔷Other than Aave-Kelp_LayerZero 9-figure exploit, few more six and seven figure exploits have occurred in crypto in last few days.
🔷Tron founder Justin Sun said he filed a lawsuit against the Trump family-linked World Liberty Financial in California federal court, alleging the team wrongfully froze his WLFI tokens and stripped his governance rights.
🔷GSR launched its first exchange-traded fund last Wednesday, the Crypto Core3 ETF (BESO), offering actively managed exposure to Bitcoin, Ethereum, and Solana.
🔷Stablecoin issuer Tether froze more than $344 million in USDT across two Tron addresses after U.S. authorities flagged them for illicit activity.
🔷Admiral Samuel Paparo, the commander of U.S. forces in the Pacific, told the House Armed Services Committee the U.S. military is running a Bitcoin node to test cybersecurity and network defense capabilities.
🔷Metaplanet is issuing ¥8 billion ($50 million) in zero-interest bonds to fund additional bitcoin purchases.
🔷Michael Saylor’s Strategy acquired 3,273 BTC for ~$255.0 million at ~$77,906 per bitcoin. Now holds 818,334 $BTC acquired for ~$61.81 billion at ~$75,537 per bitcoin.
🔷Tom Lee’s Bitmine bought 101,901 ETH (~$234M) last week, pushing holdings to >5M ETH (4.21% of supply).
🔷Aave said Consensys and its founder Joseph Lubin have joined DeFi United, committing up to 30,000 ETH to support the rsETH recovery effort, with ongoing strategic advisory from Sharplink.
🔷DeFi United unveiled a coordinated plan to restore full backing for rsETH after the $292 million Kelp DAO exploit minted 116,500 unbacked tokens and destabilized DeFi markets.
• The coalition, led by Aave and backed by dozens of protocols, raised over $300 million in ETH to fund the recovery effort.
🔷Solana memecoin launchpad Pump.fun burned $370 million worth of PUMP tokens, eliminating about 36% of the circulating supply to address trust concerns. The platform also launched a new programmatic buyback-and-burn mechanism allocating 50% of net revenue to automatically.
🔷Believe App founder Benjamin Pasternak has been arrested in NY on charges of strangulation in the second degree and assault and is scheduled to appear in court on June 11.
🔷According to Protos, the world's largest adult website, Pornhub, has replaced USDT with USDC for creator payouts.
🔷Polish crypto exchange Zondacrypto CEO Przemysław Kral has fled to Israel and may be beyond extradition due to his Israeli citizenship. The exchange is reportedly on the verge of bankruptcy, with about 99% of its Bitcoin reserves missing.
🔷Litecoin said a zero-day vulnerability in its MimbleWimble Extension Block (MWEB) allowed non-updated nodes to validate an invalid transaction, enabling attackers to peg out funds and trigger a DoS attack on mining pools. The network executed a 13-block reorganization to reverse the invalid transactions, while valid transactions remained unaffected.
🔷Solana Foundation said its ecosystem has selected the Falcon post-quantum signature scheme following independent research by Anza and Jump Crypto, with an initial implementation completed. The foundation added that no protocol changes are currently required, but a defined migration path is in place if quantum computing advances.
🔷MoonPay acquired Israeli crypto security startup Sodot in an all-stock deal worth about $100 million and will launch MoonPay Institutional, a new unit focused on institutional demand for digital assets.
🔷Meta Rolls Out USDC Payouts to Creators in Colombia and the Philippines.
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▶️Crypto News & Updates
🔷Tether proposed a two-stage merger to combine Twenty One Capital with Strike and Elektron Energy into a single listed bitcoin-focused platform.
🔷Solana-based Exponent Finance raised $5 million in a seed round led by Multicoin Capital to expand its onchain yield infrastructure.
• The platform plans to launch an upgraded version next month with a fully onchain interest rate order book and strategy vaults for active yield management.
🔷Crypto onramping solution Fun raises $72 million Series A co-led by Multicoin Capital and SignalFire
• The startup provides backend onramping infrastructure powering deposits, withdrawals, and settlement for some of crypto's leading apps like Polymarket, Lighter, and Aave.
🔷World Liberty Financial filed a defamation countersuit against Tron founder Justin Sun, accusing him of running a “scorched-earth pressure campaign” after his WLFI tokens were frozen.
🔷Andreessen Horowitz's crypto arm, a16z crypto, has raised $2.2 billion for its fifth fund.
🔷Bullish agreed to acquire Equiniti in a $4.2 billion deal combining its tokenization infrastructure with a regulated shareholder services platform.
🔷Morgan Stanley has reportedly begun a pilot rollout of spot cryptocurrency trading on its E*Trade platform, charging clients a 50-basis-point fee per transaction as it expands deeper into retail crypto services.
🔷Solana Foundation announced a partnership with Google Cloud to launch a payment gateway for AI agents, enabling access to and payment for APIs via Solana wallets using stablecoins on a pay-per-call basis, without requiring accounts or subscriptions.
🔷MoonPay has acquired DFlow in an all-stock deal valued at approximately $100 million. DFlow provides trade routing and DEX aggregation services and has recently accounted for around 5% to 10% of trading volume across Solana-related platforms.
🔷Polygon Labs has launched shielded stablecoin payments in its wallet, supporting USDC and USDT. Users can now choose a "Privately Send" option, which routes transfers through Hinkal’s shielded pool instead of a standard on-chain transfer.
🔷SC Ventures, the investment and fintech arm of Standard Chartered, has made a strategic investment in GSR, one of crypto’s largest market makers, becoming the firm’s first external strategic shareholder since its founding in 2013.
🔷Telegram founder Pavel Durov said Telegram will replace the TON Foundation as the primary driver of TON and become its largest validator, with a renewed focus on technical performance. TON is expected to roll out a new website, developer tools, and performance upgrades within the next 2–3 weeks.
🔷Tom Lee’s Bitmine added 101,745 ETH last week. Its total crypto and cash holdings now stand at approximately $13.1 billion, including 5,180,131 ETH, 200 BTC, an estimated $83 million stake in Eightco Holdings, and a $200 million investment in Beast Industries.
🔷Western Union, the Largest Remittance Provider in the U.S., announced that its USD stablecoin USDPT has been launched on Solana. USDPT will primarily be used for cross-border settlement and agent clearing, with consumer-facing payment features planned for rollout in 2026.
🔷According to BitcoinTreasuries, the $142 billion Alberta Investment Management Corp (AIMCo), owned by the Canadian government, disclosed purchasing 1.38 million shares of MicroStrategy (MSTR) valued at $219 million.
🔷Tether proposed a two-stage merger to combine Twenty One Capital with Strike and Elektron Energy into a single listed bitcoin-focused platform.
🔷Solana-based Exponent Finance raised $5 million in a seed round led by Multicoin Capital to expand its onchain yield infrastructure.
• The platform plans to launch an upgraded version next month with a fully onchain interest rate order book and strategy vaults for active yield management.
🔷Crypto onramping solution Fun raises $72 million Series A co-led by Multicoin Capital and SignalFire
• The startup provides backend onramping infrastructure powering deposits, withdrawals, and settlement for some of crypto's leading apps like Polymarket, Lighter, and Aave.
🔷World Liberty Financial filed a defamation countersuit against Tron founder Justin Sun, accusing him of running a “scorched-earth pressure campaign” after his WLFI tokens were frozen.
🔷Andreessen Horowitz's crypto arm, a16z crypto, has raised $2.2 billion for its fifth fund.
🔷Bullish agreed to acquire Equiniti in a $4.2 billion deal combining its tokenization infrastructure with a regulated shareholder services platform.
🔷Morgan Stanley has reportedly begun a pilot rollout of spot cryptocurrency trading on its E*Trade platform, charging clients a 50-basis-point fee per transaction as it expands deeper into retail crypto services.
🔷Solana Foundation announced a partnership with Google Cloud to launch a payment gateway for AI agents, enabling access to and payment for APIs via Solana wallets using stablecoins on a pay-per-call basis, without requiring accounts or subscriptions.
🔷MoonPay has acquired DFlow in an all-stock deal valued at approximately $100 million. DFlow provides trade routing and DEX aggregation services and has recently accounted for around 5% to 10% of trading volume across Solana-related platforms.
🔷Polygon Labs has launched shielded stablecoin payments in its wallet, supporting USDC and USDT. Users can now choose a "Privately Send" option, which routes transfers through Hinkal’s shielded pool instead of a standard on-chain transfer.
🔷SC Ventures, the investment and fintech arm of Standard Chartered, has made a strategic investment in GSR, one of crypto’s largest market makers, becoming the firm’s first external strategic shareholder since its founding in 2013.
🔷Telegram founder Pavel Durov said Telegram will replace the TON Foundation as the primary driver of TON and become its largest validator, with a renewed focus on technical performance. TON is expected to roll out a new website, developer tools, and performance upgrades within the next 2–3 weeks.
🔷Tom Lee’s Bitmine added 101,745 ETH last week. Its total crypto and cash holdings now stand at approximately $13.1 billion, including 5,180,131 ETH, 200 BTC, an estimated $83 million stake in Eightco Holdings, and a $200 million investment in Beast Industries.
🔷Western Union, the Largest Remittance Provider in the U.S., announced that its USD stablecoin USDPT has been launched on Solana. USDPT will primarily be used for cross-border settlement and agent clearing, with consumer-facing payment features planned for rollout in 2026.
🔷According to BitcoinTreasuries, the $142 billion Alberta Investment Management Corp (AIMCo), owned by the Canadian government, disclosed purchasing 1.38 million shares of MicroStrategy (MSTR) valued at $219 million.
▶️Crypto News & Updates
🔷Payward, Kraken's parent company, agreed to acquire Hong Kong-based stablecoin payments firm Reap Technologies for $600 million in cash and stock to expand further into Asia.
🔷Arbitrum DAO voted to approve the release of roughly $70 million in frozen ETH to DeFi United, the industry-backed initiative coordinating recovery efforts following the $292 million Kelp DAO exploit.
🔷Circle raised $222 million in a token presale for its new Arc blockchain at a $3 billion fully diluted valuation, with backing from a16z crypto, BlackRock, Apollo, and others.
🔷Blockchain analytics firm Elliptic raised $120 million in a Series D round led by One Peak Partners at a $670 million valuation, with backing from Deutsche Bank, Nasdaq Ventures, and existing investor JPMorgan.
🔷Bitcoin Ordinals explorer Ord.io and memecoin trading app Zap will shut down on June 1 after creator Leonidas King said the projects ran out of money and lacked a sustainable path forward.
🔷21Shares launched the first-ever Hyperliquid ETF, THYP, on Tuesday, offering investors exposure to the native HYPE token of the largest onchain perps DEX.
🔷Charles Schwab launched spot bitcoin and ether trading through Schwab Crypto for the first wave of eligible retail clients on Tuesday, charging a 75-basis-point fee per trade.
• Blockchain infrastructure provider Paxos handles trade execution and sub-custody for Schwab Crypto, while Charles Schwab Premier Bank serves as custodian.
🔷Solana-based PreStocks tokens tied to Anthropic and OpenAI fell sharply this week as both artificial intelligence companies warned unauthorized equity transfers may be void and unrecognized.
🔷Coinbase disclosed during its Q1 2026 earnings call that the company purchased $88 million worth of Bitcoin in the first quarter, further expanding its corporate BTC reserves. Coinbase currently holds 16,492 BTC—an increase of 1,103 BTC from its previous disclosure—valued at approximately $1.3 billion at current prices.
🔷Protocols with ~$2 billion in combined TVL—including KelpDAO ($1.5B), SolvProtocol ($600M), and re ($200M)—are migrating to Chainlink CCIP. However, major assets like Ethena's USDe, Etherfi's weETH, and Bitgo's WBTC still utilize LayerZero's OFT standard.
🔷Michael Saylor’s Strategy acquired 535 BTC for approximately $43 million between May 4 and May 10 at an average price of around $80,340 per bitcoin. As of May 10, 2026, the company holds 818,869 BTC acquired for approximately $61.86 billion at an average cost basis of around $75,540 per bitcoin.
🔷Tom Lee’s Bitmine Immersion Technologies announced that its ETH holdings increased to 5,206,790 ETH, up about 26,659 ETH from the previously disclosed 5,180,131 ETH. Bitmine’s total assets now stand at approximately $13.4 billion, including 201 BTC, $775 million in cash. It currently stakes 4,712,917 ETH, worth about $11.1 billion at current prices, and now holds approximately 4.31% of Ethereum’s total supply.
🔷Fluid Says Resolv Exploit Led to $21M Bad Debt, Now Fully Covered. $19.3 million in bad debt has been fully covered, with Resolv covering about $9.7 million, Fluid’s governance treasury covering $8.2 million, and the team covering $1.5 million.
🔷Kevin Warsh Confirmed as Fed Chair by Narrowest Senate Margin in History.
🔷Payward, Kraken's parent company, agreed to acquire Hong Kong-based stablecoin payments firm Reap Technologies for $600 million in cash and stock to expand further into Asia.
🔷Arbitrum DAO voted to approve the release of roughly $70 million in frozen ETH to DeFi United, the industry-backed initiative coordinating recovery efforts following the $292 million Kelp DAO exploit.
🔷Circle raised $222 million in a token presale for its new Arc blockchain at a $3 billion fully diluted valuation, with backing from a16z crypto, BlackRock, Apollo, and others.
🔷Blockchain analytics firm Elliptic raised $120 million in a Series D round led by One Peak Partners at a $670 million valuation, with backing from Deutsche Bank, Nasdaq Ventures, and existing investor JPMorgan.
🔷Bitcoin Ordinals explorer Ord.io and memecoin trading app Zap will shut down on June 1 after creator Leonidas King said the projects ran out of money and lacked a sustainable path forward.
🔷21Shares launched the first-ever Hyperliquid ETF, THYP, on Tuesday, offering investors exposure to the native HYPE token of the largest onchain perps DEX.
🔷Charles Schwab launched spot bitcoin and ether trading through Schwab Crypto for the first wave of eligible retail clients on Tuesday, charging a 75-basis-point fee per trade.
• Blockchain infrastructure provider Paxos handles trade execution and sub-custody for Schwab Crypto, while Charles Schwab Premier Bank serves as custodian.
🔷Solana-based PreStocks tokens tied to Anthropic and OpenAI fell sharply this week as both artificial intelligence companies warned unauthorized equity transfers may be void and unrecognized.
🔷Coinbase disclosed during its Q1 2026 earnings call that the company purchased $88 million worth of Bitcoin in the first quarter, further expanding its corporate BTC reserves. Coinbase currently holds 16,492 BTC—an increase of 1,103 BTC from its previous disclosure—valued at approximately $1.3 billion at current prices.
🔷Protocols with ~$2 billion in combined TVL—including KelpDAO ($1.5B), SolvProtocol ($600M), and re ($200M)—are migrating to Chainlink CCIP. However, major assets like Ethena's USDe, Etherfi's weETH, and Bitgo's WBTC still utilize LayerZero's OFT standard.
🔷Michael Saylor’s Strategy acquired 535 BTC for approximately $43 million between May 4 and May 10 at an average price of around $80,340 per bitcoin. As of May 10, 2026, the company holds 818,869 BTC acquired for approximately $61.86 billion at an average cost basis of around $75,540 per bitcoin.
🔷Tom Lee’s Bitmine Immersion Technologies announced that its ETH holdings increased to 5,206,790 ETH, up about 26,659 ETH from the previously disclosed 5,180,131 ETH. Bitmine’s total assets now stand at approximately $13.4 billion, including 201 BTC, $775 million in cash. It currently stakes 4,712,917 ETH, worth about $11.1 billion at current prices, and now holds approximately 4.31% of Ethereum’s total supply.
🔷Fluid Says Resolv Exploit Led to $21M Bad Debt, Now Fully Covered. $19.3 million in bad debt has been fully covered, with Resolv covering about $9.7 million, Fluid’s governance treasury covering $8.2 million, and the team covering $1.5 million.
🔷Kevin Warsh Confirmed as Fed Chair by Narrowest Senate Margin in History.
Jukan, zephyr, citrini - all analysts
Irrational analyst - engineer
Bubbleboi - engineer
Suspended cap - investment
Semi analysis / fabricated knowledge - engineers/analysts
Illyquid - not sure
Fundaai - similar to citrini and semi
Irrational analyst - engineer
Bubbleboi - engineer
Suspended cap - investment
Semi analysis / fabricated knowledge - engineers/analysts
Illyquid - not sure
Fundaai - similar to citrini and semi
For now, Phoenix's OI & volume is almost non-existent. Solana c-suite elites are shilling it hard and Phoenix team is also pretty talented (i think they had built a serum competitor back in the day), but they need to get some MMs up on this perp DEX.
people making fun of $HYPE not being able to cross $50 on CT are about to delete their tweets soon imo