> BANKLESS CO-FOUNDER RYAN SEAN ADAMS: ETHEREUM IS A FAILED PROJECT IF ETH FAILS TO BECOME A GLOBAL STORE OF VALUE
BANKLESS CO-FOUNDER RYAN SEAN ADAMS ARGUED THAT BEING BULLISH ON ETHEREUM BUT NOT ETH IS A “MENTAL FALLACY,” SAYING ETHEREUM SHOULD BE CONSIDERED A FAILED PROJECT IF ETH FAILS TO BECOME A GLOBAL STORE OF VALUE.
BANKLESS CO-FOUNDER DAVID HOFFMAN DISAGREED, ARGUING THAT ETHEREUM’S ARCHITECTURE IS DESIGNED TO MINIMIZE EXPLICIT VALUE CAPTURE AND THAT A CLEAR MECHANISM LINKING ETHEREUM’S GROWTH TO SUSTAINED VALUE ACCRUAL FOR ETH HAS YET TO BE DEMONSTRATED. — LINK
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BANKLESS CO-FOUNDER RYAN SEAN ADAMS ARGUED THAT BEING BULLISH ON ETHEREUM BUT NOT ETH IS A “MENTAL FALLACY,” SAYING ETHEREUM SHOULD BE CONSIDERED A FAILED PROJECT IF ETH FAILS TO BECOME A GLOBAL STORE OF VALUE.
BANKLESS CO-FOUNDER DAVID HOFFMAN DISAGREED, ARGUING THAT ETHEREUM’S ARCHITECTURE IS DESIGNED TO MINIMIZE EXPLICIT VALUE CAPTURE AND THAT A CLEAR MECHANISM LINKING ETHEREUM’S GROWTH TO SUSTAINED VALUE ACCRUAL FOR ETH HAS YET TO BE DEMONSTRATED. — LINK
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> SPOT BITCOIN ETFS SAW NET OUTFLOWS OF $2.4 BILLION IN MAY, THE HIGHEST OUTFLOW IN THE PAST FIVE MONTHS. — LINK
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> JPMORGAN, CITI AND MAJOR US BANKS TO LAUNCH NEW TOKENIZED DEPOSIT SYSTEM TO COMPETE WITH CRYPTO.
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> ZCASH FOUNDER CONFIRMS A CRITICAL ORCHARD BUG THAT COULD HAVE CREATED UNLIMITED, UNDETECTABLE COUNTERFEIT ZEC WAS LIVE FROM MAY 2022 UNTIL IT WAS PATCHED JUNE 1.
DUE TO THE POOL'S PRIVACY, THERE IS NO WAY TO PROVE WHETHER IT WAS EVER EXPLOITED.
A PROPOSED NETWORK UPGRADE ADDING A NEW SHIELDED POOL + TURNSTILE ACCOUNTING, TO LET ANYONE VERIFY THE INTEGRITY OF THE ZEC SUPPLY.
$ZEC FELL ~25% ON THE DISCLOSURE.
THE BUG THAT WAS UNDETECTED FOR ~4 YEARS WAS FOUND USING ANTHROPIC'S OPUS 4.8, RELEASED JUST DAYS EARLIER, AS PART OF AN AI-ASSISTED SECURITY AUDIT. A FLAW THE WORLD'S BEST CRYPTOGRAPHERS MISSED, SURFACED BY A WHITE-HAT USING A NEW AI MODEL.
SOME ARGUE THIS IS THE STRUCTURAL TRADEOFF OF ALL PRIVATE MONEY, NOT A ZEC-SPECIFIC FAILURE. AS X USER @ ROBUSTUS PUT IT, YOU CAN'T HAVE BOTH FULL PRIVACY AND FULLY TRANSPARENT SUPPLY AUDITABILITY IN ONE SYSTEM. TRANSPARENT CHAINS LIKE $BTC EXPOSE ANY INFLATION BUG IN THE RAW DATA; PRIVATE CHAINS CAN'T. ZCASH'S TURNSTILE ACCOUNTING IS DESIGNED TO LIMIT EXACTLY THIS.
DEVELOPING STORY.
SHIELDED LABS TO PUBLISH THE UPGRADE PROPOSAL NEXT WEEK. MORE AS IT COMES.
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DUE TO THE POOL'S PRIVACY, THERE IS NO WAY TO PROVE WHETHER IT WAS EVER EXPLOITED.
A PROPOSED NETWORK UPGRADE ADDING A NEW SHIELDED POOL + TURNSTILE ACCOUNTING, TO LET ANYONE VERIFY THE INTEGRITY OF THE ZEC SUPPLY.
$ZEC FELL ~25% ON THE DISCLOSURE.
THE BUG THAT WAS UNDETECTED FOR ~4 YEARS WAS FOUND USING ANTHROPIC'S OPUS 4.8, RELEASED JUST DAYS EARLIER, AS PART OF AN AI-ASSISTED SECURITY AUDIT. A FLAW THE WORLD'S BEST CRYPTOGRAPHERS MISSED, SURFACED BY A WHITE-HAT USING A NEW AI MODEL.
SOME ARGUE THIS IS THE STRUCTURAL TRADEOFF OF ALL PRIVATE MONEY, NOT A ZEC-SPECIFIC FAILURE. AS X USER @ ROBUSTUS PUT IT, YOU CAN'T HAVE BOTH FULL PRIVACY AND FULLY TRANSPARENT SUPPLY AUDITABILITY IN ONE SYSTEM. TRANSPARENT CHAINS LIKE $BTC EXPOSE ANY INFLATION BUG IN THE RAW DATA; PRIVATE CHAINS CAN'T. ZCASH'S TURNSTILE ACCOUNTING IS DESIGNED TO LIMIT EXACTLY THIS.
DEVELOPING STORY.
SHIELDED LABS TO PUBLISH THE UPGRADE PROPOSAL NEXT WEEK. MORE AS IT COMES.
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> ZCASH FOUNDER ZOOKO WILCOX SAID SECURITY RESEARCHER TAYLOR HORNBY DISCOVERED A CRITICAL COUNTERFEITING VULNERABILITY IN ZCASH’S ORCHARD POOL ON MAY 29. ZCASH OPEN DEVELOPMENT LAB COORDINATED AN EMERGENCY RESPONSE, WHICH WAS COMPLETED ON JUNE 2.
SHIELDED LABS SAID THE BUG WAS REAL AND EXPLOITABLE, AND A LOCAL TEST EXPLOIT COULD GENERATE UNLIMITED, UNDETECTABLE COUNTERFEIT ZEC. DUE TO ORCHARD’S PRIVACY DESIGN, IT CANNOT BE CRYPTOGRAPHICALLY PROVEN WHETHER THE BUG WAS EXPLOITED BEFORE BEING FIXED, THOUGH SHIELDED LABS BELIEVES PRIOR EXPLOITATION WAS UNLIKELY. IT IS EXPLORING A NETWORK UPGRADE TO VERIFY THE INTEGRITY OF ZCASH’S SUPPLY AND PROVE THE NON‑EXISTENCE OF COUNTERFEIT ZEC IN THE ORCHARD POOL. AS OF WRITING, ZEC IS TRADING AT $443.05, DOWN 29.0% IN THE PAST 24 HOURS. — LINK
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SHIELDED LABS SAID THE BUG WAS REAL AND EXPLOITABLE, AND A LOCAL TEST EXPLOIT COULD GENERATE UNLIMITED, UNDETECTABLE COUNTERFEIT ZEC. DUE TO ORCHARD’S PRIVACY DESIGN, IT CANNOT BE CRYPTOGRAPHICALLY PROVEN WHETHER THE BUG WAS EXPLOITED BEFORE BEING FIXED, THOUGH SHIELDED LABS BELIEVES PRIOR EXPLOITATION WAS UNLIKELY. IT IS EXPLORING A NETWORK UPGRADE TO VERIFY THE INTEGRITY OF ZCASH’S SUPPLY AND PROVE THE NON‑EXISTENCE OF COUNTERFEIT ZEC IN THE ORCHARD POOL. AS OF WRITING, ZEC IS TRADING AT $443.05, DOWN 29.0% IN THE PAST 24 HOURS. — LINK
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> HIGHLIGHT CLIP
JOURNALIST: FLAUNTING BITCOIN MAKES YOU A TARGET FOR WRENCH ATTACKS
ON MAY 22, 2026, BITCOIN JOURNALIST JOE NAKAMOTO ADVISED CRYPTO INVESTORS IN HIS VIDEO TO STOP TALKING ABOUT BITCOIN AND AVOID FLEXING THEIR ASSETS ON SOCIAL MEDIA OR AT DINNER PARTIES. HE STATES THAT THIS CRISIS IS NOT UNIQUE TO FRANCE, AND PUBLICLY DISCUSSING CRYPTO ASSETS EASILY MAKES ONE A TARGET FOR PHYSICAL WRENCH ATTACKS.
HOWEVER, HE BELIEVES THE EXISTENCE OF SUCH ATTACKS IRONICALLY PROVES BITCOIN'S TRUE VALUE, DIRECTLY REFUTING ECB PRESIDENT CHRISTINE LAGARDE'S REMARK THAT CRYPTO ASSETS HAVE "NO INTRINSIC VALUE." FINALLY, HE STATES THAT CRYPTO USERS DO NOT NEED TO LIVE IN FEAR AND SHOULD ACTIVELY ORGANIZE DEFENSES, IMPROVE SECURITY SETUPS, AND REDUCE EXPOSURE. — LINK
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JOURNALIST: FLAUNTING BITCOIN MAKES YOU A TARGET FOR WRENCH ATTACKS
ON MAY 22, 2026, BITCOIN JOURNALIST JOE NAKAMOTO ADVISED CRYPTO INVESTORS IN HIS VIDEO TO STOP TALKING ABOUT BITCOIN AND AVOID FLEXING THEIR ASSETS ON SOCIAL MEDIA OR AT DINNER PARTIES. HE STATES THAT THIS CRISIS IS NOT UNIQUE TO FRANCE, AND PUBLICLY DISCUSSING CRYPTO ASSETS EASILY MAKES ONE A TARGET FOR PHYSICAL WRENCH ATTACKS.
HOWEVER, HE BELIEVES THE EXISTENCE OF SUCH ATTACKS IRONICALLY PROVES BITCOIN'S TRUE VALUE, DIRECTLY REFUTING ECB PRESIDENT CHRISTINE LAGARDE'S REMARK THAT CRYPTO ASSETS HAVE "NO INTRINSIC VALUE." FINALLY, HE STATES THAT CRYPTO USERS DO NOT NEED TO LIVE IN FEAR AND SHOULD ACTIVELY ORGANIZE DEFENSES, IMPROVE SECURITY SETUPS, AND REDUCE EXPOSURE. — LINK
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> BINANCE RESEARCH SAID CRYPTO EXCHANGES ARE BECOMING A NEW GATEWAY TO GLOBAL EQUITY MARKETS, WITH NEARLY 93% OF BINANCE STOCK TRADING USERS COMING FROM EMERGING MARKETS.
THE REPORT ESTIMATES THAT BY 2031, CRYPTO EXCHANGES COULD CHANNEL $2 TRILLION IN INCREMENTAL CAPITAL AND NEARLY 300 MILLION NEW INVESTORS INTO GLOBAL EQUITY MARKETS. IN A BULL CASE, CRYPTO USERS COULD BRING $5 TRILLION IN ANNUAL INCREMENTAL EQUITY CAPITAL OVER THE NEXT FIVE YEARS.
IT ADDED THAT STABLECOIN-SETTLED STOCK TRADING AND TOKENIZED EQUITIES COULD REDUCE CROSS‑BORDER COSTS, WHILE TRADFI‑LINKED PERPETUALS ALREADY ACCOUNT FOR ABOUT 10% OF STABLECOIN TRADING VOLUME. — LINK
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THE REPORT ESTIMATES THAT BY 2031, CRYPTO EXCHANGES COULD CHANNEL $2 TRILLION IN INCREMENTAL CAPITAL AND NEARLY 300 MILLION NEW INVESTORS INTO GLOBAL EQUITY MARKETS. IN A BULL CASE, CRYPTO USERS COULD BRING $5 TRILLION IN ANNUAL INCREMENTAL EQUITY CAPITAL OVER THE NEXT FIVE YEARS.
IT ADDED THAT STABLECOIN-SETTLED STOCK TRADING AND TOKENIZED EQUITIES COULD REDUCE CROSS‑BORDER COSTS, WHILE TRADFI‑LINKED PERPETUALS ALREADY ACCOUNT FOR ABOUT 10% OF STABLECOIN TRADING VOLUME. — LINK
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> THIS EPISODE OF THE WU BLOCKCHAIN PODCAST FEATURES GMTRADE CO‑FOUNDER WILLIAM, COVERING ITS EVOLUTION FROM A GMX SOLANA BRANCH INTO AN INDEPENDENT PROTOCOL, POOLED TRADING MODEL, CHAINLINK ORACLE INTEGRATION, LP YIELD SOURCES, AND MARKET EXPANSION.
WILLIAM SAID GMTRADE IS A SOLANA‑BASED DECENTRALIZED PERPETUALS PROTOCOL WITH NEARLY 90 MARKETS, INCLUDING FOREX, COMMODITIES AND INDICES, AND PLANS TO EXPAND FURTHER INTO REAL‑WORLD ASSETS. HE SAID GMTRADE FOCUSES ON OPEN INTEREST, WHILE LP YIELD MAINLY COMES FROM TRADING FEES, BORROWING FEES AND LIQUIDATION FEES. — LINK
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WILLIAM SAID GMTRADE IS A SOLANA‑BASED DECENTRALIZED PERPETUALS PROTOCOL WITH NEARLY 90 MARKETS, INCLUDING FOREX, COMMODITIES AND INDICES, AND PLANS TO EXPAND FURTHER INTO REAL‑WORLD ASSETS. HE SAID GMTRADE FOCUSES ON OPEN INTEREST, WHILE LP YIELD MAINLY COMES FROM TRADING FEES, BORROWING FEES AND LIQUIDATION FEES. — LINK
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> CORRECTION: LARGEST SOL TREASURY COMPANY FORWARD INDUSTRIES TRANSFERS 455K SOL TO COINBASE PRIME
FORWARD INDUSTRIES HAS DEPOSITED 455,784 SOL (WORTH APPROX. $31.87M) TO COINBASE PRIME AFTER A MONTH OF WALLET INACTIVITY. SIMILAR LARGE TRANSFERS TO COINBASE PRIME IN THE PAST WERE LATER CONFIRMED AS CUSTODY/STAKING-RELATED MOVES AND DID NOT RESULT IN ACTUAL REDUCTION OF HOLDINGS. SINCE LAUNCHING ITS SOLANA TREASURY STRATEGY IN SEP 2025, THE COMPANY HAS ACQUIRED ~6.83M SOL AT AN AVERAGE COST OF $232.08. IT CURRENTLY HOLDS AROUND 7M SOL VALUED AT ~$458M, WITH AN UNREALIZED LOSS OF ~$1.13B. — LINK
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FORWARD INDUSTRIES HAS DEPOSITED 455,784 SOL (WORTH APPROX. $31.87M) TO COINBASE PRIME AFTER A MONTH OF WALLET INACTIVITY. SIMILAR LARGE TRANSFERS TO COINBASE PRIME IN THE PAST WERE LATER CONFIRMED AS CUSTODY/STAKING-RELATED MOVES AND DID NOT RESULT IN ACTUAL REDUCTION OF HOLDINGS. SINCE LAUNCHING ITS SOLANA TREASURY STRATEGY IN SEP 2025, THE COMPANY HAS ACQUIRED ~6.83M SOL AT AN AVERAGE COST OF $232.08. IT CURRENTLY HOLDS AROUND 7M SOL VALUED AT ~$458M, WITH AN UNREALIZED LOSS OF ~$1.13B. — LINK
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> ACCORDING TO CHOSUNBIZ, SOUTH KOREAN POLICE ARE INVESTIGATING LOCAL POLYMARKET USERS ON SUSPICION OF ILLEGAL GAMBLING, REPORTEDLY THE FIRST SUCH CASE INVOLVING DOMESTIC USERS.
THE PROBE IS LED BY GANGWON PROVINCIAL POLICE AT THE REQUEST OF THE NATIONAL POLICE AGENCY. UNDER SOUTH KOREAN LAW, BETTING ON PLATFORMS OTHER THAN SPORTS TOTO IS ILLEGAL, AND USERS MAY FACE FINES OF UP TO 10 MILLION WON UNDER ARTICLE 246 OF THE CRIMINAL ACT. CHOSUNBIZ SAID POLYMARKET IS ACCESSIBLE WITHOUT IP CIRCUMVENTION, AND ITS MARKETS ON SOUTH KOREA’S JUNE 3 LOCAL ELECTIONS SAW BETTING VOLUME REACH TENS OF BILLIONS OF WON. — LINK
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THE PROBE IS LED BY GANGWON PROVINCIAL POLICE AT THE REQUEST OF THE NATIONAL POLICE AGENCY. UNDER SOUTH KOREAN LAW, BETTING ON PLATFORMS OTHER THAN SPORTS TOTO IS ILLEGAL, AND USERS MAY FACE FINES OF UP TO 10 MILLION WON UNDER ARTICLE 246 OF THE CRIMINAL ACT. CHOSUNBIZ SAID POLYMARKET IS ACCESSIBLE WITHOUT IP CIRCUMVENTION, AND ITS MARKETS ON SOUTH KOREA’S JUNE 3 LOCAL ELECTIONS SAW BETTING VOLUME REACH TENS OF BILLIONS OF WON. — LINK
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> AN A16Z-LINKED ENTITY WITHDREW A TOTAL OF 224,118 HYPE FROM MAJOR EXCHANGES OVER THE PAST 24 HOURS, WORTH ABOUT $15.16 MILLION. SINCE 2026, ITS ACCUMULATED HYPE HOLDINGS HAVE INCREASED TO 6.906 MILLION TOKENS, WORTH ABOUT $322 MILLION, WITH AN AVERAGE COST OF ABOUT $46.7 AND AN UNREALIZED PROFIT OF ABOUT $131 MILLION. — LINK
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> BREAKING: OVER $500,000,000 LIQUIDATED FROM THE CRYPTOCURRENCY MARKET IN THE PAST HOUR.
• $BTC: $61,100
• $ETH : $1,620
• $BNB: $570
• $XRP: $1.10
• $SOL: $64
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• $BTC: $61,100
• $ETH : $1,620
• $BNB: $570
• $XRP: $1.10
• $SOL: $64
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> MORE THAN HALF OF KNOWN DONORS TO TRUMP’S WHITE HOUSE BALLROOM PROJECT RECEIVED NEW OR EXPANDED FEDERAL CONTRACTS WORTH OVER $50B, WATCHDOG GROUP PUBLIC CITIZEN SAYS
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> ACCORDING TO BINANCE MARKET DATA, ZEC IS TRADING AT $272.79, DOWN 48.4% OVER THE PAST 24 HOURS. COINGLASS DATA SHOWS THAT ZEC LIQUIDATIONS TOTALED $81.91 MILLION IN THE PAST 24 HOURS, INCLUDING ABOUT $70.55 MILLION IN LONG LIQUIDATIONS AND $11.36 MILLION IN SHORT LIQUIDATIONS. EARLIER, BITMEX CO-FOUNDER ARTHUR HAYES SAID ON X THAT HE HAD SOLD HIS ENTIRE ZEC POSITION DUE TO THE ORCHARD POOL EXPLOIT.
ACCORDING TO ARKHAM, A ZEC WHALE SAW THE VALUE OF HIS HOLDINGS DROP BY ABOUT $70 MILLION OVER THE PAST 24 HOURS. THE ADDRESS PREVIOUSLY HELD ABOUT $174 MILLION WORTH OF ZEC, BUT ITS ZEC HOLDINGS ARE NOW WORTH LESS THAN HALF OF YESTERDAY’S VALUE. THE WHALE HAS NOT SOLD ANY ZEC IN THE PAST SIX MONTHS. — LINK
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ACCORDING TO ARKHAM, A ZEC WHALE SAW THE VALUE OF HIS HOLDINGS DROP BY ABOUT $70 MILLION OVER THE PAST 24 HOURS. THE ADDRESS PREVIOUSLY HELD ABOUT $174 MILLION WORTH OF ZEC, BUT ITS ZEC HOLDINGS ARE NOW WORTH LESS THAN HALF OF YESTERDAY’S VALUE. THE WHALE HAS NOT SOLD ANY ZEC IN THE PAST SIX MONTHS. — LINK
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> JUST IN: ZCASH CRASHES 48% AFTER CLAUDE AI FINDS CRITICAL VULNERABILITY ALLOWING UNLIMITED MINTING OF $ZEC.
IT WENT UNNOTICED FOR 4 YEARS UNTIL IT WAS PATCHED ON JUNE 1ST.
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IT WENT UNNOTICED FOR 4 YEARS UNTIL IT WAS PATCHED ON JUNE 1ST.
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> ON JUNE 4 (ET), SPOT ETHEREUM ETFS RECORDED A TOTAL NET INFLOW OF $19.3019 MILLION, MARKING THEIR FIRST NET INFLOW AFTER 17 CONSECUTIVE DAYS OF OUTFLOWS. SPOT BITCOIN ETFS RECORDED A TOTAL NET INFLOW OF $3.0468 MILLION, MARKING THEIR FIRST NET INFLOW AFTER 13 CONSECUTIVE DAYS OF OUTFLOWS. SPOT HYPE ETFS SAW A TOTAL NET INFLOW OF $12.1494 MILLION, WHILE SPOT SOL ETFS SAW A TOTAL NET OUTFLOW OF $278,500. SPOT XRP ETFS RECORDED A TOTAL NET INFLOW OF $3.8344 MILLION. — LINK
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