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7 minutes ago

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Drift Prioritizes Revenue Platform Restart to Expedite User Payouts

Drift has announced its focus on restarting its revenue-generating platform to accelerate user payouts following the April attack. The platform aims to relaunch as Solana's largest USDT perpetual contract exchange, with strategic backing from partners like Tether. Key personnel changes include the appointment of former Helium protocol engineering lead Noah Prince as protocol lead, and involvement of former Gauntlet team members in optimizing risk architecture. Additionally, Mandiant has identified the attackers as the North Korean group UNC6862. Drift will continue to provide updates on its recovery progress.
11 minutes ago

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Whale Acquires 5,589 ETH with $10 Million USDT Loan

A cryptocurrency whale, inactive for four months, has borrowed 10 million USDT to purchase 5,589 ETH at a price of $1,789 each, according to Onchain Lens. The whale now holds a total of 82,754 ETH, valued at approximately $147.3 million.

ETH -3.98% USDT -0.01%
18 minutes ago

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Phemex Crypto Market Daily: Crypto Market Slides as Bitcoin Drops Below $63K; WLD, ENA Defy Downtrend (Jun 04)

Key Takeaways:
1. Macro Environment Eurozone inflation surged to 3.2% in May, driven by an 11% rise in energy costs, raising expectations for an ECB rate hike. The US Treasury sanctioned major Iranian crypto exchanges, increasing compliance risks and disrupting cross-border flows. South Korea's higher-than-expected CPI challenges rate-cut bets, potentially strengthening the won and dampening local crypto demand. 2. Crypto Market The crypto market saw broad declines as risk sentiment weakened. Bitcoin fell 6.28% to $62,668 and Ethereum dropped 4.89% to $1,771.61, pressured by ETF outflows and geopolitical tensions. Despite the downturn, Worldcoin (WLD) surged 29.7%, Ethena (ENA) rose 19.1%, and Lighter (LIT) gained 4.9%, driven by ecosystem news and strategic partnerships. Most altcoins, including SOL (-7.07%) and ARB (-2.18%), underperformed. 3. Today's Outlook No major token unlocks or protocol launches are scheduled for June 4, 2026. Market participants will closely monitor macroeconomic data and regulatory developments for further direction.

ARB -2.12% BTC -5.69% ENA +22.54% ETH -3.98% LIT +4.79%
20 minutes ago

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Whale's BTC Long Position Faces $15.3 Million Unrealized Loss

A whale employing the "First Set 10 Big Targets" strategy is experiencing a significant unrealized loss on a Bitcoin long position. The position, opened at $67,777, currently shows a maximum unrealized loss of $15.3 million. Depending on the size of the position, the loss varies: for 281.789 BTC valued at $19.09 million, the unrealized loss is $1.418 million, while for 3076.88 BTC valued at $208 million, the loss reaches $15.3 million.

BTC -5.69%
25 minutes ago

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Whale Garrett Jin Faces $17 Million Loss on BTC Long Position

Garrett Jin, a prominent cryptocurrency whale, is facing a significant paper loss on his leveraged Bitcoin position. According to Onchain Lens monitoring, Jin's 5x leveraged long position in Bitcoin has incurred a floating loss exceeding $17 million as the cryptocurrency's price dropped below $63,000. Jin is associated with the entity "1011 Insider Whale," which has been closely watched by market analysts.

BTC -5.69%
26 minutes ago

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Leader of Spain's Largest Crypto Scam Arrested in Dubai

David Merino, the alleged mastermind behind Spain's largest cryptocurrency Ponzi scheme, FX Winning, has been arrested in Dubai. The scheme, which defrauded over €460 million from approximately 15,000 investors, promised high returns on forex and cryptocurrency investments. Despite officially leaving the company in 2021, Merino continued to operate the scam, which spanned 30 countries. Spanish authorities now have 15 to 40 days to submit extradition documents to the UAE. The scheme is also under investigation in the US and Mexico, with the US DEA estimating the scam's involvement at $100 billion. Merino has denied handling funds, blaming other team members, while the Spanish National Securities Market Commission has warned since 2021 that FX Winning was unauthorized to offer investment services.
33 minutes ago

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Polymarket Accuses Kalshi of Corporate Espionage Amid Product Launch Coincidences

Prediction market platform Polymarket has accused its competitor Kalshi of engaging in corporate espionage, citing a series of suspicious coincidences surrounding product launches. According to a report by PANews, Polymarket has compiled an internal document titled "Imitators," detailing approximately a dozen events that suggest potential espionage. These include Kalshi launching a free grocery pop-up event nine days before Polymarket's planned event and a tech media article revealing Kalshi's perpetual contract product launch just an hour before Polymarket's announcement. Polymarket employees have also expressed concerns about Paradigm, a venture capital firm backing Kalshi, having an office across the street from Polymarket's New York location, potentially allowing for surveillance. In response, Polymarket has tinted some of its windows. Kalshi has denied all allegations, with a spokesperson dismissing Polymarket's claims as "pathetic and almost delusional."

KALSHI -0.80% POLY -9.06%
39 minutes ago

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Stablecoin apxUSD De-pegs, Drops 4.6% to $0.94

The stablecoin apxUSD has lost its peg, falling 4.6% to $0.94, following a decline in the value of its collateral. The drop was reported on June 4th, with apxUSD's backing by preferred shares such as STRC being affected by market conditions. The de-pegging occurred as Bitcoin's price fell to approximately $63,000, impacting the value of the collateral supporting apxUSD. This development highlights the volatility and risks associated with stablecoins reliant on specific asset-backed collateral.

APXUSD -5.04% BTC -5.69%
42 minutes ago

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apxUSD Drops to $0.94 as Bitcoin Price Declines

Stablecoin apxUSD, backed by STRC, has fallen to approximately $0.94, marking a 4.6% decrease. This drop coincides with a decline in the price of bitcoin:native, which has slipped to around $63,000. The decrease in bitcoin's value has led to a reduction in collateral, causing apxUSD to lose its peg.

APXUSD -5.04% BTC -5.69%
47 minutes ago

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Russian Finance Ministry Opposes Trading of Dollar-Pegged Stablecoins

The Russian Finance Ministry has expressed opposition to allowing the trading of dollar-pegged stablecoins within the country. Deputy Finance Minister Ivan Chebeskov highlighted concerns that issuers of foreign stablecoins, such as USDT and USDC, could freeze assets directly in users' wallets. This risk is particularly pronounced if these wallets engage with platforms licensed by the Russian central bank, as there have been instances of dollar stablecoins held by Russian entities being frozen. The ministry advocates for legislation specifically targeting stablecoins, prioritizing tokens linked to the ruble and currencies of friendly nations. The central bank retains the right to adjust the list of permissible stablecoins. The debate over integrating foreign stablecoins into a regulated Russian framework has sparked controversy, with initial positions from the finance ministry and central bank favoring the exclusion of stablecoins as legitimate investment tools.

USDC -0.02% USDT -0.01%
54 minutes ago

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$129 Million USDC Transferred from Unknown Whale to Aave

A significant transaction involving 128,949,541 USDC, equivalent to approximately $129 million, was executed from an unidentified whale wallet to the Aave protocol. This transfer highlights ongoing large-scale movements within the decentralized finance ecosystem, potentially indicating strategic positioning or liquidity management by major holders.

AAVE -2.16% USDC -0.02%
57 minutes ago

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US BNB Spot ETF Records $1.21 Million Inflow in One Day

The US BNB spot ETF experienced a significant net inflow of $1.21 million on June 3, according to SoSoValue data. This entire inflow was attributed to the VanEck BNB ETF (VBNB). As of the latest update, the BNB spot ETF's total net asset value stands at $2.19 million, with the recent inflow marking its historical cumulative net inflow.

BNB -5.86%
59 minutes ago

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Charles Schwab Launches 24/7 Crypto Futures Trading

Charles Schwab has introduced a 24/7 cryptocurrency futures trading service, according to Bitcoin Magazine. The service is available on Schwab's professional-grade online trading platform, thinkorswim, and includes futures for Bitcoin, Ethereum, Solana, and Ripple. This new offering allows traders to engage in crypto futures trading nearly seven days a week, around the clock.

BTC -5.69% ETH -3.98% SOL -6.69% XRP -4.22%
1 hour ago

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HYPE Spot ETF Records $2.99 Million Net Inflow in One Day

The HYPE spot ETF experienced a significant net inflow of $2.9867 million on June 3, according to SoSoValue data. This influx was solely attributed to the 21Shares Hyperliquid ETF (THYP), which contributed the entire amount, raising its total historical net inflow to $60.2007 million. As of the latest update, the HYPE spot ETF's total net asset value stands at $192 million, with a net asset value ratio of 1.19% and a cumulative net inflow of $140 million.
1 hour ago

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Crypto Market Cap Plummets by $200 Billion in 24 Hours

The cryptocurrency market has experienced a significant downturn, with $200 billion wiped out from its total market capitalization in the past 24 hours. This sharp decline reflects heightened volatility and investor caution across the digital asset landscape. The sudden drop has affected major cryptocurrencies, contributing to a broader market sell-off. Market analysts attribute the decline to a combination of regulatory concerns and macroeconomic factors impacting investor sentiment. As the market adjusts to these developments, traders and investors are closely monitoring the situation for potential recovery signals.
1 hour ago

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California Crypto Trader Faces 35-Year Sentence for Fraud and Kidnapping Attempt

Adam Iza, a 25-year-old cryptocurrency trader from California known as "The Godfather," has admitted to orchestrating a failed kidnapping attempt in Connecticut. The plot targeted a couple whose son had previously stolen 4,100 Bitcoin, valued at approximately $245 million, through a social engineering scam. Iza and his accomplices attempted to kidnap the parents to extort the stolen Bitcoin. In August 2024, six attackers staged a car accident in Danbury, Connecticut, and abducted the victims, assaulting one with a baseball bat and binding both with tape. Police, aided by an off-duty FBI agent, quickly located the vehicle and arrested all suspects. Iza has pleaded guilty to robbery, facing up to 20 years in prison. Additionally, Iza is charged in California with wire fraud, conspiracy to violate rights, and tax evasion, admitting to defrauding $37 million from Meta platforms between 2020 and 2022, and directing off-duty officers to intimidate, extort, and illegally surveil.

BTC -5.69%
1 hour ago

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Charles Schwab Executive Attributes Bitcoin Weakness to Loss of Momentum Trading

Jim Ferraioli, Director of Digital Asset Research at Charles Schwab, has attributed Bitcoin's recent price weakness to a decline in momentum trading dominance rather than institutional demand or sales by figures like Michael Saylor. Ferraioli noted that while crypto investors have traditionally followed momentum, current trends have shifted towards AI-related stocks and IPOs, such as SpaceX's potential $1.8 trillion valuation. This shift has redirected liquidity away from the crypto market. Ferraioli also highlighted that despite the increased accessibility provided by Bitcoin ETFs, the market remains largely driven by retail and momentum traders. He downplayed the impact of MicroStrategy's sale of 32 bitcoins, suggesting it was a minor factor in a broader trend. With summer being a typically weak period for Bitcoin, Ferraioli sees limited incentives for investors to buy, as they explore other investment opportunities.

BTC -5.69%
2 hours ago

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Bitmine to Raise $300 Million via Preferred Stock Offering

Bitmine, the Ethereum treasury company led by Tom Lee, is set to raise up to $300 million by issuing preferred stock, following a strategy similar to that of Strategy. The company plans to issue 3 million Series A perpetual preferred shares, each with a par value of $100 and an annual dividend yield of 9.5%, paid weekly in cash. These shares are expected to be listed on the New York Stock Exchange under the ticker BMNP. According to filings with the U.S. Securities and Exchange Commission, Bitmine has amassed over 5.3 million ETH, valued at approximately $10 billion, representing about 4.5% of Ethereum's circulating supply. Despite this, the company is currently facing a paper loss of around $9 billion.

ETH -3.98%
2 hours ago

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Crypto Venture Deals Hit Five-Year Low in May

Crypto venture capital deals fell to approximately 50 in May, marking the lowest monthly total since before 2021, according to The Block. Both infrastructure and crypto financial services, traditionally the most active sectors, are near multi-year lows. Investors have shifted focus structurally towards AI, with the crypto sector failing to generate early-stage opportunities of the scale seen in the 2021 and 2024 cycles. Despite the slowdown in deal numbers, total funding has not significantly declined, indicating market consolidation rather than a full contraction. The competitive environment for developers is less intense than during previous booms, offering opportunities for projects with clear utility and growth potential. The potential rebound in deal numbers in the second half of the year depends on whether new sectors beyond prediction markets and financial infrastructure can inspire investor confidence.
2 hours ago

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US House Passes Resolution to Limit Trump's Military Actions Against Iran

The U.S. House of Representatives has passed a resolution aimed at restricting President Trump's authority to engage in military actions against Iran. The resolution, which passed with a vote of 215 to 208, saw bipartisan support as four Republican members joined Democrats in favor. This move reflects growing concerns within Trump's party about the economic impact of the conflict with Iran. The resolution mandates the withdrawal of U.S. troops from hostile actions against Iran unless Congress formally declares war or authorizes military force. However, it remains largely symbolic, as it must still pass the Republican-controlled Senate and could face a presidential veto. President Trump has previously commented on the situation, suggesting that a ceasefire in Iran involves a reduction in hostilities, differing from ceasefires in other regions.

Drift Prioritizes Revenue Platform Restart to Expedite User Payouts

Whale Acquires 5,589 ETH with $10 Million USDT Loan

Phemex Crypto Market Daily: Crypto Market Slides as Bitcoin Drops Below $63K; WLD, ENA Defy Downtrend (Jun 04)

Whale's BTC Long Position Faces $15.3 Million Unrealized Loss

Whale Garrett Jin Faces $17 Million Loss on BTC Long Position

Leader of Spain's Largest Crypto Scam Arrested in Dubai

Polymarket Accuses Kalshi of Corporate Espionage Amid Product Launch Coincidences

Stablecoin apxUSD De-pegs, Drops 4.6% to $0.94

apxUSD Drops to $0.94 as Bitcoin Price Declines

Russian Finance Ministry Opposes Trading of Dollar-Pegged Stablecoins

$129 Million USDC Transferred from Unknown Whale to Aave

US BNB Spot ETF Records $1.21 Million Inflow in One Day

Charles Schwab Launches 24/7 Crypto Futures Trading

HYPE Spot ETF Records $2.99 Million Net Inflow in One Day

Crypto Market Cap Plummets by $200 Billion in 24 Hours

California Crypto Trader Faces 35-Year Sentence for Fraud and Kidnapping Attempt

Charles Schwab Executive Attributes Bitcoin Weakness to Loss of Momentum Trading

Bitmine to Raise $300 Million via Preferred Stock Offering

Crypto Venture Deals Hit Five-Year Low in May

US House Passes Resolution to Limit Trump's Military Actions Against Iran