BlockBeats will summarize key industry news from the week of June 23 to June 29 in this article, and recommend in-depth articles to help readers better understand the market and grasp industry trends.
Important News Review
Iran and Israel Announce Official Ceasefire, U.S. Confident Iran's Nuclear Facilities Have Been Completely Destroyed; Crypto Market Temporarily Warms Up
On June 23, CNN reported that U.S. White House Press Secretary Caroline Levitt reiterated on a program that the U.S. is confident that Iran's nuclear facilities have been completely destroyed and is highly confident that the attack occurred at the site where Iran's enriched uranium is stored. The next day, Iran and Israel announced an official ceasefire. As a result of this news, Bitcoin surged 8% overnight. On the 25th, Bitcoin rebounded to surpass $108,000. The market may be gradually shaking off the panic caused by geopolitical conflicts. Related articles: “Ceasefire Between Iran and Israel Expected, Fed Turns Dovish, BTC Surges 8% Overnight”, “Market Will Soon Recover from Geopolitical Crisis, But Weakening BTC Demand May Lead to Larger Corrections”
Xiao Feng: Hong Kong Stablecoin Licenses Will Not Be Limited to HKD Stablecoins, Deployment Networks Can Be Decided by Issuers
On June 24, HashKey Group Chairman Xiao Feng stated in a recent interview with BlockBeats that after the approval of stablecoin license applications in Hong Kong, various types of stablecoins can be issued, not just limited to HKD stablecoins. The blockchain network required for the deployment of the issued stablecoins will be decided by the issuer, meaning it can be networks like Ethereum, Solana, or a self-operated blockchain network.
Guotai Junan International and Several Other Chinese Brokers Approved to Provide Virtual Asset Trading Services; All Using HashKey Exchange's Omnibus Service
On June 24, Guotai Junan International announced that its subsidiary, Guotai Junan International Holdings Limited (stock code: 1788.HK), was officially approved by the Hong Kong Securities and Futures Commission on June 24 to upgrade its existing securities trading license to provide virtual asset trading services and offer advice based on these services. After the upgrade, customers can directly trade cryptocurrencies like Bitcoin and Ethereum, as well as stablecoins like USDT on their platform. On the 25th, Guotai Junan International's stock surged over 180%. Additionally, sources revealed to BlockBeats that leading brokers including Guotai Junan, Tiger Brokers, and Futu have all reached cooperation with HashKey Exchange, and the newly added cryptocurrency trading services by these brokers are all using HashKey Exchange's Omnibus service. On the 26th, industry insiders involved in the virtual asset license application and system integration revealed that several local Hong Kong brokers (such as Victory Securities and Aide Securities) have completed the upgrade of License No. 1, and Guotai Junan International is not the only Chinese broker applying for a license, with more institutions likely to enter the market in the future. Related articles: “Guotai Junan Soars 190%, Is the Hong Kong Stock Market Welcoming a 'Coin Stock' Wave?”, “What Are 'Coin Stocks' Trading? A Review of the Hottest Cryptocurrency Concepts in U.S. Stocks”, “Compliance Winds Blow from Both Ends: Why Did Guotai Junan International and HSK Both Soar?”
Trump Plans to Create a 'Shadow Fed Chair' First
On June 26, The Wall Street Journal reported that Trump is increasingly dissatisfied with the Federal Reserve's inaction on interest rate cuts, prompting him to consider announcing the next Federal Reserve Chair candidate ahead of time. Currently, the term of the incumbent Chair Powell has 11 months remaining. According to insiders, Trump has been considering whether to select and announce Powell's successor in September or October of this year. Potential candidates Trump is considering include former Fed Governor Kevin Warsh and National Economic Council Director Hassett. Additionally, Treasury Secretary Basant has also been recommended as a potential candidate by supporters of the two. Other possible nominees include former World Bank President Malpass and current Fed Governor Waller. This early announcement could allow the nominee to influence market expectations for future interest rate paths. Related articles: “Fed Leadership Change Imminent, Is the Market Already Betting on 'Massive Easing'?”, “Trump Has Called Out Powell 17 Times, Why Is the Fed Not Urgent About Cutting Rates?”
U.S. Federal Housing Finance Agency Considering Including Cryptocurrency as Collateral for Mortgages
On June 26, FHFA Director Pulte posted on social media: “After research and following President Trump's vision of making the U.S. a cryptocurrency capital, today I ordered Fannie Mae and Freddie Mac to prepare for business to recognize cryptocurrency as an asset for mortgage applications.” Related article: “Bitcoin Loans for Buying Homes? U.S. FHFA Considering Including Cryptocurrency in Mortgage System”
Community Exposes Humanity as Possible 'Domestic Project Shell', Concerns Over Fingerprint Collection; Humanity Responds: Will Not Collect Any Private Information
On June 23, several KOLs on platform X exposed that Humanity Protocol (H) may be a 'domestic project shell', with images from Shenzhen access control manufacturer Zhangteng found in the APP code repository. Some netizens claimed that the social platform's popularity was largely driven by the project's small accounts, raising doubts about actual user participation. That day, the founder of Humanity Protocol responded, stating, “An old version of the Humanity application (v1.0.2) inadvertently included some legacy image resources unrelated to the official system during packaging. These are merely files left over from the early testing phase and were not actually called by the application. We have now removed the relevant files and pushed a clean version update to major app stores. The 'Zhangteng Information' mentioned in the article is a technical partner we collaborated with during the early hardware evaluation and infrastructure setup process. The founder of that company was a senior engineer at Tencent and has been recognized in the industry for the stability and security of their technology. This cooperation was limited to the technical level. Humanity will not collect raw images of fingerprints or any personally identifiable information.”
Kaspersky Reveals New Virus Targeting Cryptocurrency Users' Mnemonic Phrase Screenshots; Coin Responds: User Data Always Safe
On June 24, cybersecurity company Kaspersky stated that a malware named SparkKitty has been active since at least early 2024 and may be related to a similar malware called SparkCat. SparkKitty specifically steals photos from infected devices with the aim of finding screenshots of cryptocurrency wallet mnemonic phrases. Kaspersky discovered that two applications used to spread this malware are related to cryptocurrency. One of them, named "Coin," disguised itself as a cryptocurrency information tracker and was once listed on the App Store. That day, Coin responded, acknowledging that it had integrated a third-party SDK provided by a trading platform, but the high-risk features related to album permissions and image uploads in that SDK were disabled from the beginning and were never activated or triggered, and user data was not affected in any way.
Glue Founder Accuses Across Team of Manipulating DAO Votes and Embezzling $23 Million from Treasury; Across Co-Founder Denies
On June 27, Glue founder Ogle posted on social media accusing the Across Protocol team of manipulating DAO votes through privacy and embezzling approximately $23 million from the protocol's treasury. Ogle stated that the Across team initiated multiple votes in 2023 and 2024, proposing to transfer a total of 150 million ACX to Risk Labs, a for-profit company established by the Across team, under the guise of "strategic investment" and "retrospective funding," and then manipulated the votes through other addresses traceable to related traces. That day, Across co-founder Hart Lambur posted to deny both accusations. Hart stated that Risk Labs is a non-profit foundation governed by Cayman law, and the funds are used for protocol development. Regarding the accusation of "governance process being manipulated by insiders," Hart stated that team members are free to vote with their purchased tokens, and the proposal passed without opposition, with the process being transparent. Related articles: “Across Protocol Governance Scandal: Team Manipulates DAO Governance Votes, Embezzles $23 Million”
Kraken Moves Headquarters to Wyoming, a State Long Supportive of Crypto Policies
On June 20, cryptocurrency exchange Kraken is moving its headquarters from San Francisco to Cheyenne, Wyoming. This move reflects Kraken's confidence in Wyoming's leadership in digital asset policy and is built on four years of collaboration with the state, including providing $300,000 in crypto education funding to the University of Wyoming and co-hosting the first Wyoming Blockchain Symposium in Jackson Hole. Wyoming has become a hub for crypto companies due to its low tax environment, liberal traditions, and bipartisan support for crypto legislation. Related article: “Moving to Wyoming, Can Kraken Take Over Circle to Create the Next $10 Billion IPO?”
Huaxing Capital Holdings Plans to Invest $100 Million to Develop Web3 Business and Invest in Crypto Assets
On June 26, Huaxing Capital Holdings (01911.HK) announced that the board has resolved to enter the Web3.0 and cryptocurrency asset sectors while solidifying Huaxing's existing business, approving a budget of $100 million to be used over the next two years for the group's development of Web3.0 business and investment in cryptocurrency assets. Previously, the group's fund successfully invested in Circle and facilitated the listing and multiple rounds of financing for many leading cryptocurrency companies. In the future, the group will increase its investment and development efforts in stablecoins, RWA, and the entire ecosystem surrounding cryptocurrencies, while actively expanding the application and upgrade of related business licenses. Following this news, on the 27th, Huaxing Capital Holdings surged over 30%.
"Policy Declaration 2.0 for the Development of Digital Assets in Hong Kong" Released, Hong Kong Government Committed to Making the City a Global Innovation Center in the Digital Asset Field
On June 26, Hong Kong released the "Policy Declaration 2.0 for the Development of Digital Assets in Hong Kong," reiterating the government's commitment to making Hong Kong a global innovation center in the digital asset field. The "Policy Declaration 2.0" outlines the government's vision to build a trustworthy and innovation-focused digital asset ecosystem, prioritizing risk management and investor protection while aiming to bring substantial benefits to the real economy and financial markets. The new policy declaration focuses on optimizing laws and regulations, expanding the variety of tokenized products, promoting application scenarios and cross-sector cooperation, and developing talent and partnerships.
YZi Labs Announces Investment in Decentralized Entertainment Platform MEET48
On June 26, according to official news, YZi Labs announced its investment in MEET48—a decentralized entertainment platform from the BNB Chain MVB (Most Valuable Builder) accelerator, aimed at addressing challenges in fan interaction through token-driven solutions. This round of financing will accelerate the development of MEET48 and further enrich its Web3 fan experience through virtual performances, idol cultivation games, and real-world events.
Galaxy's New Fund Successfully Raises $175 Million, Its First Acceptance of External Capital
On June 26, Fortune reported that Galaxy is expanding its venture capital business through a $175 million fund. On the same day, Galaxy announced the completion of the final fundraising, exceeding the initial target of $150 million. This is Galaxy's first acceptance of external capital; however, the company still anchors the fund with its own capital while serving as both a limited partner and holding general partner rights. As a company that went public on Nasdaq in May, Galaxy's new fund also provides retail investors with a rare opportunity to participate in a crypto venture capital portfolio.
Cork Protocol Attacker Transfers Over 4,500 ETH to Tornado Cash and Donates, Tornado Cash Co-Founder States Funds Will Be Returned to Cork Team
Previously (on May 28), Cork Protocol was attacked, resulting in a loss of approximately $12 million. On June 25, according to monitoring by Pionex, an address marked as "Cork Protocol Exploiter 2" transferred 4,520 ETH (worth about $11 million) to Tornado Cash and donated 10 ETH to the Tornado Cash developer legal aid fund. On the 26th, Tornado Cash co-founder Roman Storm posted on platform X stating, "My defense attorney cannot accept these funds; they will be returned to the Cork team."
U.S. Crypto Stocks Significantly Outperform Altcoin Market Since June, Crypto Treasury Companies Shine
On June 25, according to market information, most U.S. crypto concept stocks have seen considerable gains since June, while the total market capitalization of altcoins (excluding Bitcoin) rose from $1.231 trillion at the beginning of the month to the current $1.304 trillion, a 5.93% increase. The altcoin market's performance this month has diverged from that of crypto concept stocks. Companies like Circle, Coinbase, Riot Platforms, and Hut 8 Corp have performed well, while several U.S. listed companies announcing crypto reserves have seen gains of over 50%. Related articles: “U.S. Listed Companies Cluster to 'Buy Coins', What Are the Effects of the Second Growth Curve?”
Insiders: OKX Considering IPO in the U.S.
On June 23, The Information's crypto reporter Yueqi Yang revealed that the cryptocurrency exchange OKX, after re-entering the U.S. market in April this year, is considering an initial public offering (IPO) in the U.S. Following this news, OKB surged over 4% in nearly one hour. Related articles: “OKX Targets U.S. Stocks, Is the CEX Industry Facing a New 'IPO Wave'?”, “Binance's Capital Chess Game: What Impact Would a Restarted IPO Have on the Crypto Circle?”
Texas State Government to Allocate $10 Million for Bitcoin Purchases
On June 24, reports indicated that after the Texas governor signed Senate Bill No. 21 over the weekend, Texas became the first state in the U.S. to establish an independent Bitcoin reserve supported by public funds. The bill requires the state government to set up a Bitcoin reserve managed independently of the main financial system. Unlike Arizona and New Hampshire, which have only authorized similar legislation, Texas not only authorizes the establishment of this reserve but also provides actual funding support. The state government will allocate $10 million for Bitcoin purchases to bolster this reserve. Related article: “Interpreting Texas's Bitcoin Reserve Bill: $10 Million Allocation, Independent of State Financial System”
Celestia Founder Responds to Community Doubts: Team Currently Holds Over $100 Million in Reserves, Cash Flow Can Support Over 6 Years of Operations
On June 23, Twitter user 0xCircusLover posted allegations that "Celestia's executive team will unlock all tokens by October 2024, and Celestia founder Mustafa Al-Bassam sold over $25 million worth of TIA tokens through OTC and moved to Dubai." In response, Mustafa posted on the 24th, stating, "I have been involved in the cryptocurrency field since 2010 and understand that survival in this industry requires resilience and the ability to withstand various challenges, as all tokens will experience a 95% drop at some point in their lifecycle. We have over $100 million in reserves, and our cash flow can support over 6 years of operations, so we are prepared for a protracted battle, no matter how long it takes." Related articles: “92% Decline, Celestia's New Proposal Aims to Revolutionize 'POS'”
Nano Labs Raises $500 Million Through Private Placement for BNB Reserve Strategy; CZ: Did Not Participate in This Round of Financing but Provided Strong Support
On June 24, Nano Labs Ltd (NASDAQ: NA) announced that it has signed a convertible bond subscription agreement. This agreement involves issuing convertible promissory notes with a total principal of $500 million through convertible bonds and private placements to purchase $1 billion worth of BNB. On the same day, Nano Labs' stock surged over 170%. The long-term goal is to hold 5% to 10% of the total circulating supply of BNB. Binance founder CZ stated that day, "U.S. listed Nano Labs Ltd has become a strategic reserve public company that only holds BNB. We (my affiliated entities) did not participate in this round of financing but still provided strong support." CZ also mentioned that several companies are currently attempting "BNB version micro-strategy" related initiatives.
Circle (CRCL) Surges Over 740% Since Listing, Market Cap Reaches 103.6% of USDC
On June 24, stablecoin issuer Circle Internet Group (CRCL) continued its upward trend, with a market cap exceeding $63.89 billion. Based on the stock price that day, it has risen over 749% from its IPO price (at $31 per share), and its total market cap has reached 103.6% of its USDC market cap. However, in the following two days, Circle's stock price slightly declined but remained stable at a high position. Related articles: “Behind CRCL's Pullback, Who Captured the Economic Value of USDC?”, “USDC Supply and Circle Valuation: Is the $58 Billion Market Cap a Bubble or Undervalued?”
DeFi Protocol Resupply Faces Attack, Losing $9.6 Million; Onekey Founder Speaks Out, Demanding Fair Solutions
On June 26, the decentralized finance (DeFi) protocol Resupply experienced a security breach in its wstUSR market, resulting in a loss of approximately $9.6 million in crypto assets. Blockchain security company Cyvers stated that the attack was triggered by a price manipulation incident involving the protocol's integration with a synthetic stablecoin called cvcrvUSD. The following day, Onekey founder Yishi posted about the incident, demanding that Curve provide a fair solution for every investor and return the user funds lost due to the project's errors.
Bloomberg: GF Securities (Hong Kong) Launches Tokenized Securities Supported by Offshore RMB with Interest
On June 27, Bloomberg reported, citing informed sources, that the Hong Kong subsidiary of GF Securities Co., Ltd. has begun offering tokenized securities that accrue interest in currencies such as USD, HKD, and offshore RMB. The source stated that the company's daily interest-earning, redeemable tokenized securities are called "GF Token." The USD token is based on the Secured Overnight Financing Rate (SOFR), while the interest rates for HKD and RMB products remain unclear. The source noted that these tokens are only available to institutional and professional investors, allowing idle short-term funds to earn interest and facilitating conversions between other tokenized assets. The tokens are issued on-chain and will be traded on the licensed cryptocurrency exchange Hashkey in Hong Kong. GF Securities (Hong Kong) did not immediately respond to this.
U.S. Senate Banking Committee Chair: Crypto Market Structure Bill to Be Completed by September 30
On June 27, reports indicated that U.S. Senate Banking Committee Chair Tim Scott stated that the crypto market structure bill will be completed by September 30, extending beyond the August deadline previously set by Trump.
Curve Ecosystem DeFi Protocol Resupply Suffers $9.6 Million Loss from Price Manipulation Attack, Onekey Founder Yishi Calls for Curve to Provide Solutions
On June 26, the decentralized finance (DeFi) protocol Resupply experienced a security breach in its wstUSR market, leading to a loss of approximately $9.6 million in crypto assets. The attack was triggered by a price manipulation incident involving the protocol's integration with a synthetic stablecoin called cvcrvUSD. Subsequently, Onekey founder Yishi, one of the three major investors in Resupply, voiced the demand for Curve to provide a fair solution for every investor and return the user funds lost due to the project's errors.
Yishi stated that as one of the three major investors in Resupply, the losses from this attack involve millions of dollars, causing not only significant economic damage but also immense psychological pressure. His main stance in defending rights is that many investors, including himself, made substantial investments based on Resupply's perceived credibility with Curve; this loss was not caused by market fluctuations or bad debt events but rather a technical failure—an ERC4626 inflation vulnerability, due to the team's failure to destroy the initial shares when deploying a new vault. He criticized the Resupply team for shifting the losses onto the insurance pool depositors, lacking a sense of responsibility, as the insurance pool is meant to cover black swan events and market risks, not internal negligence. The Resupply team also did not indicate in the protocol that the insurance pool could bear losses caused by team errors. Curve and crvusd have gained substantial benefits from Resupply and should not be allowed to abandon responsibility; the vulnerability is not a market issue but a design and deployment flaw, with responsibility lying with the team, not the users. The treasury of Convex or Yearn should share the responsibility.
On June 27, Resolv team member Tim Shekikhachev posted that Resolv has released over 15% of its token supply to the market, including airdrops, market maker inventories, and incentive budgets, with most of it directed towards early users. Some investors anticipated public market sell-offs and shorted the tokens, planning to repurchase at lower prices. Given the aggressive sell-offs that typically follow airdrops, this strategy makes sense, as savvy investors would want to re-enter at a lower valuation for greater returns. Tim added, "The Resolv Foundation has not sold any tokens during this period. In fact, at the current price level, we are firm buyers—having purchased 1.6 million RESOLV at an average price of about $0.15 over the past 24 hours."
Yishi's comments regarding the Resupply incident, advocating for his rights (including calling for Curve to take some responsibility for Resupply), have drawn opposition from many developers, leading to his being muted on the official Resupply Discord for allegedly "threatening the team." Some even sent Yishi private messages containing racially insulting slurs (it is currently unclear if they are from project personnel).
Binance Alpha Continues High-Density Airdrops This Week, but Daily Trading Volume Has Significantly Declined Compared to Previous Weeks
The details of the airdrops are as follows:
June 23: 250 CARV; Phase 1: Points ≥ 247; Phase 2: Points ≥ 198, first come first served, claiming costs 15 points.
June 24
- 1666 MGO, Points ≥ 210 to participate, first come first served, claiming costs 15 points;
- 4800 DMC; Phase 1: Points ≥ 248; Phase 2: Points ≥ 210, first come first served, claiming costs 15 points;
- 125 NEWT; Phase 1: Points ≥ 241; Phase 2: Points ≥ 180, first come first served, claiming costs 15 points;
June 25: 1600 H; Phase 1: Points ≥ 230; Phase 2: Points ≥ 180, first come first served, claiming costs 15 points;
June 26
- 3125 XO; Phase 1: Points ≥ 239; Phase 2: Points ≥ 198, first come first served, claiming costs 15 points;
- 1000 SAHARA; Phase 1: Points ≥ 223; Phase 2: Points ≥ 180, first come first served, claiming costs 15 points;
June 27
- 400 MORE, Points ≥ 170 to participate, first come first served, claiming costs 15 points;
- 10,000 CESS, Points ≥ 170 to claim, claiming costs 15 points.
Binance Alpha's daily trading volume is around $500 million, continuing the downward trend from last week, having decreased over 70% from its peak of $2.04 billion.
U.S. FBI Captures Dark Web Data Theft Hacker "IntelBroker" Through $250 Bitcoin Sting Operation
On June 26, reports indicated that a British man was charged with operating under the alias "IntelBroker" on a cybercrime forum and was prosecuted for allegedly selling stolen data, resulting in losses exceeding $25 million. The U.S. Attorney's Office for the Southern District of New York announced the indictment of Kai West. According to the indictment, an undercover law enforcement officer had sent a private message to "IntelBroker" to purchase data on a victim for $250 worth of Bitcoin (BTC). The individual provided an address belonging to West, and after payment was completed, delivered the data, which allegedly included three administrator-level usernames and passwords. West and his online partner had listed this illegally obtained data for sale at over $2 million. He was subsequently arrested in France in February of this year, and the U.S. is currently seeking to extradite him.
Iranian Crypto Exchange Nobitex Releases Service Recovery Plan
On June 24, Iranian crypto exchange Nobitex, which previously suffered a loss of approximately $100 million due to an attack by a pro-Israel hacker group, released a service recovery plan, with platform services set to gradually resume in phases. The first phase will begin on June 25, requiring all users to re-verify their identities through the web version to ensure account security. Most platform functions will remain closed during the verification period. The second phase is expected to start on June 28, allowing users who complete verification to regain access to their accounts. The third phase will begin on June 30, during which the platform will gradually reopen withdrawal, deposit, and trading functions, with specific details to be announced in future updates.
This Week's Major Financing: Veda, Digital Asset, Polymarket, Zama, Kalshi, OpenRouter
On June 23, DeFi infrastructure company Veda announced the completion of a $18 million financing round, led by CoinFund.
On June 24, privacy blockchain network Canton Network developer Digital Asset completed a $135 million financing round, led by DRW Venture Capital and Tradeweb Markets.
On June 24, Polymarket is set to complete nearly $200 million in financing, with a valuation exceeding $1 billion.
On June 26, fully homomorphic encryption provider Zama completed a $57 million Series B financing round, co-led by Blockchange Ventures and Pantera Capital. This financing will bring Zama's total capital raised to over $150 million, with a valuation exceeding $1 billion, making the company the first unicorn involved in FHE.
On June 26, Paradigm will support compliance prediction market Kalshi in completing a $100 million financing round at a valuation exceeding $1 billion. Related articles: “Silicon Valley vs. Washington, Polymarket and Kalshi Face Life and Death”
On June 27, AI model marketplace platform OpenRouter completed a $40 million seed and Series A financing round, with a valuation of approximately $500 million. This round of financing was led by Andreessen Horowitz and Menlo Ventures, with participation from Sequoia and several well-known industry investors.
This Week's Popular Articles
“On the 154th Day of His Second Term, Trump Paid Off Over $100 Million in Debt”
On the 154th day of his second term, Trump shocked the market by spending $114 million in cash to repay a high-risk loan for 40 Wall Street in Manhattan. This funding may partly come from his vast wealth network established through cryptocurrency, brand licensing, and media platforms, including significant USDT redemptions on the TRON chain, cashing out family-issued meme coins, and equity monetization from Trump Media. After experiencing six corporate bankruptcies and being cut off from mainstream banks, he turned to shadow banking for financing, reconstructing his business empire. This "all-cash repayment" not only showcased his remarkable capital mobilization ability but also sparked widespread questions about the sources of his wealth, market manipulation, and the relationship between finance and politics.
“The Female Buffett Earned $200 Million from CRCL; Can She Short Circle Now?”
The surge in Circle's stock triggered market frenzy, with its market capitalization briefly surpassing that of its issued USDC, becoming the focal point of capital narratives in the stablecoin sector. Although institutions like ARK Invest began to cash in on profits, the market maintained a predominantly bullish sentiment against a backdrop of high shorting costs and a small circulating supply. U.S. stock investors are keen on grand narratives, while crypto traders exhibit significant divergence in fundamental valuations. This wave of compliant stablecoins, backed by giants like BlackRock, may just be getting started.
“CRCL Hits New High; Circle Executives and VCs Cashed Out $2 Billion”
Since its listing, Circle's stock price has continued to soar, with CRCL skyrocketing from an issuance price of $29.30 to $300, making it one of the biggest winners at the intersection of Wall Street and the crypto world. However, in this equity feast of the stablecoin leader, the earliest executives and venture capitalists became the "losers" who missed the main upward wave. Many of them chose to reduce their holdings on the day of the IPO, missing out on potential gains worth billions of dollars in just two weeks. This not only reveals a severe misjudgment of market expectations but also reflects a cognitive gap between the primary and secondary markets in the new era of crypto finance. When even the founders failed to predict the true value of their own stock, we may need to rethink: in this era driven by narratives and emotional leverage, who is the real smart money?
“Having Missed Circle's 7-Fold Surge, Is It Too Late to Go Long on Coinbase?”
Recently, Circle's strong performance since its listing has left investors who missed the opportunity feeling anxious, with many looking for alternatives to Circle, among which Coinbase is the most popular choice, given its close business relationship with USDC. Investors widely believe that the market's future expectations for Circle and USDC could also be reflected in Coinbase's stock price.
“Is pump.fun Worth $4 Billion Now?”
As the meme coin craze fades, pump.fun, valued at $4 billion, faces liquidity withdrawal, market skepticism, and transformation pressure. It is no longer just a fast-paced token issuance platform but is attempting to pivot towards building "decentralized media" by cultivating live-streaming influencers and reshaping community culture. Although its token issuance plan has sparked controversy over "blood-sucking," its content strategy centered around Gen Z aesthetics and creator incentive mechanisms shows potential to regain dominance in the next meme wave. Meme coins will not die, as young people still need a narrative stage to change their fate.
Private equity tokenization is emerging as a new narrative beyond stablecoins, represented by projects like Jarsy, Republic, and Tokeny, which are attempting to break the traditional private equity market's high barriers, low liquidity, and institutional monopoly. By leveraging blockchain technology, they aim to put equity assets of unlisted star companies like SpaceX and Stripe on-chain, allowing retail investors to participate in primary market growth dividends with a minimum investment of just $10. While this trend demonstrates the enormous potential to reshape financial access and asset liquidity, it still faces multiple challenges, including legal compliance, structural design, and trust mechanisms. The true test of RWA is just beginning.
An ordinary person who once served as a deputy factory director in a state-owned enterprise found himself mired in high-leverage trading in the crypto space, accumulating losses of up to $3 million. After four unsuccessful attempts to borrow money to turn things around, he ultimately fell to driving for a ride-hailing service to repay debts, leading to family breakdown and severed ties with his parents, leaving his life in disarray. He recounts the entire process from "slowly bleeding" to psychological breakdown, revealing the deep dilemmas ordinary people face in the crypto space, ensnared by information asymmetry and greed—under the illusion of quick wealth lies the cost and downfall of countless ordinary individuals.
Under the premise of not allowing holdings of mainstream coins like BTC, ETH, and SOL, several industry insiders shared their favored investment targets for the long-term cycle of 3-5 years: the head of Base is optimistic about Coinbase stock, Ansem chose Worldcoin related to decentralized identity, Auri recommends Starknet for its privacy and decentralization advantages, and Fishy Catfish supports Chainlink for its leading position in RWA and data services. Others are optimistic about projects like Jito, Zcash, AAVE, and MKR, which possess long-term potential and income capabilities, even viewing SPX as a "sports meme coin" with cultural narrative value. These perspectives reflect the long-term beliefs and risk-hedging strategies of current market participants across diverse tracks.
“WLFI Listing Imminent: What’s the Valuation, Will It Become the Next TRUMP?”
News has emerged that the Trump family's crypto project WLFI is about to open for transfers, attracting strong market attention, with the off-market price of the token rising to $0.12, ten times the initial round pre-sale price. The three rounds of pre-sale raised over $550 million, with current holdings highly concentrated among large holders. Trump himself holds 15.75%, and Justin Sun holds 3%. If there are no restrictions on future releases, the risk of large holder sell pressure is significant. At $0.12, WLFI's circulating market cap would be approximately $3.12 billion, with optimistic expectations for the price to potentially hit $0.5 to $1. However, constrained by concentrated holdings and market trust, future volatility may be severe.
“Why Are Meta, Amazon, and Microsoft Collectively ‘Ignoring’ Bitcoin?”
Bitcoin remains a minority radical strategy as a corporate reserve asset, with most tech giants like Meta, Amazon, and Microsoft explicitly refusing to adopt it due to price volatility, regulatory uncertainty, and shareholder value risks, emphasizing financial stability and core business priorities. In contrast, Strategy Company has achieved a stock price surge through large-scale Bitcoin purchases, becoming an alternative representative but simultaneously exposing itself to the high risks brought by crypto market volatility. Overall, companies are still cautiously weighing innovation against risk, making it unlikely for Bitcoin reserve strategies to become mainstream in the short term.
In a 2014 speech, Maigang systematically elaborated on his deep understanding and high recognition of Bitcoin, believing that Bitcoin not only surpasses traditional currencies like gold in technology but also possesses characteristics of low cost, high security, and decentralization in the new era. He emphasized that Bitcoin simulates the essence of "perfect currency," functioning as a trustless, automatically operating settlement network, while also being a key tool in international monetary competition. Maigang warned Chinese society to recognize the global power restructuring behind Bitcoin, cautioning against the U.S. recreating financial hegemony by controlling its computing power, reserves, and pricing power. He called on entrepreneurs and the public to deeply understand and actively participate in the game of the Bitcoin era, urging them not to miss the opportunity for transformation in the global monetary system again.
Tim Draper, the heir of a three-generation investment family, is known for his early bets on Baidu, Skype, Tesla, and Bitcoin, and is one of Bitcoin's most ardent evangelists. He became a creditor after losing 40,000 Bitcoins during the Mt. Gox era but still bought Bitcoin at high prices from U.S. government auctions and continued to invest in blockchain talent development and infrastructure construction. Draper firmly believes that Bitcoin will replace the U.S. dollar as the global reserve currency, predicting that Bitcoin's price will reach $250,000 by 2025. He emphasizes that investments should focus on mission and passion rather than short-term data, supporting technological transformation over a 5 to 10-year cycle and encouraging innovators to seize opportunities in the global financial restructuring during regulatory turning points.
“From Crypto Quant Giant to Infrastructure Hermit, Jump Crypto's ‘Redemptive’ Transformation”
Once a high-frequency trading giant, Jump Crypto quietly exited after suffering significant blows from the Terra collapse, Wormhole hack, and FTX bankruptcy. Recently, it announced a high-profile return as a "crypto infrastructure builder," attempting to shed past controversies and rebuild market trust. It not only emphasizes its core technological contributions to projects like Pyth, Wormhole, and Firedancer but also rarely discloses its participation in U.S. crypto policy lobbying and initiates a new round of investment layout, indicating that it is seeking a role transformation by leveraging policy warming and technological investment to regain a key position in the on-chain ecosystem.
Roman Storm faces up to 45 years in prison for developing the decentralized privacy tool Tornado Cash, with his case becoming the focal point of the struggle between technological freedom and government regulation. Although the tool is designed to protect user privacy, it has been accused of facilitating money laundering, especially after North Korean hackers used it to transfer stolen funds, triggering a regulatory storm. Storm insists on technological neutrality, emphasizing that he has no control over the flow of funds. The crypto community and the Ethereum Foundation have rallied in support, viewing his trial as a key precedent in determining whether software developers are responsible for user behavior. This lawsuit not only concerns his personal fate but also impacts the definition of privacy rights and innovation freedom in the digital age.
“Solana Treasury Stock Upexi Crashes 60%; Are Early Coin-Holding Institutions Starting to Cash Out?”
Solana treasury concept stock Upexi experienced a flash crash of over 60% due to concentrated selling by investors, exposing the high risks of the so-called "on-chain micro-strategy" model. Despite previously receiving institutional backing and raising $100 million to accumulate SOL, nearly all of its initial circulating shares were registered for resale, leading to a rapid value retraction. Other similar companies, such as DeFi Development, Sol Strategies, and SharpLink Gaming, have also fallen into similar predicaments. Although a new wave of coin-stock enthusiasm continues to spread, with entrants in BNB and Hype concepts emerging, the sharp decline of early players has revealed that the "holding coins to survive" model is difficult to sustain the company's fundamentals in the long term.
The large-scale Bitcoin mining led by the Iranian government has become an important means to bypass financial sanctions under pressure, but it has also led to the abuse of subsidized electricity and the proliferation of secret mining farms controlled by the Islamic Revolutionary Guard Corps, resulting in overloaded power grids, frequent nationwide blackouts, and severe damage to livelihoods and the economy. Although authorities are cracking down on scattered illegal mining machines, the real power black holes are hidden in large facilities protected by power, forming a corrupt "crypto monopoly group" that continuously devours national energy resources, triggering social anger and a crisis of trust in the system.
“Betting $50,000 Against Aave, Can Polygon's New Coin KAT Support Its Dual-Currency Ambition?”
A core member of Aave and the CEO of Polygon publicly bet on the market outlook for the new coin KAT, revealing not only the divergence in token economics but also deep-seated doubts about Polygon's multi-coin strategy and governance philosophy. KAT is a key move for Polygon to reshape the DeFi ecosystem, aiming to restore liquidity after the exodus of Aave and Lido through airdrops, incentives, and independent infrastructure. However, the dual-currency structure may dilute the value of POL and exacerbate governance uncertainties. Behind the bet lies a contest over ecosystem transparency, protocol collaboration, and user trust. Whether KAT can uphold Polygon's new narrative still requires validation from the market and time.
“The Next Stop for Stablecoins: International Payments, U.S. Stock Tokenization, and AI Agents”
Stablecoins are moving from the periphery of assets to the core of financial innovation, with two emerging application scenarios—U.S. stock tokenization and AI agents—serving as driving forces. The former, propelled by institutions like BlackRock, Coinbase, and Kraken, has reignited the RWA craze, expanding the demand for stablecoins. The latter makes AI automatic payments possible through smart contracts and lightweight account systems, enhancing usability. Coupled with global payment scenarios and policy support, stablecoins are expected to become a key tool for attracting global liquidity, but their widespread adoption is still limited by blockchain performance bottlenecks and intense market competition.
“Pantera Capital: Why We Invested in Worldcoin”
In the context of the rapid proliferation of AI content and agents, World aims to build a global "proof of humanity" network that verifies unique real identities through biometric methods such as iris scanning, and implements a privacy-protecting and censorship-resistant identity system based on Worldchain. Founded by OpenAI CEO Sam Altman, World has certified over 12 million people, covering key scenarios such as gaming, dating, social networking, and advertising, while accelerating hardware distribution and global expansion, aiming to verify 5 billion humans and create a decentralized digital identity infrastructure that releases significant commercial and strategic value in the future on-chain economy and digital society.
“Which Web2 Businesses Are More Suitable for Rapidly Introducing Stablecoins?”
As regulation advances and payment giants accelerate their layouts, stablecoins are transitioning from concept to practical application. Their instant settlement, low cost, global reach, and programmable features are redefining business models for cross-border remittances, corporate settlements, payroll, and card issuance. This article systematically outlines how To C fintech, B2B commercial banks, payroll platforms, and card-issuing institutions can specifically introduce stablecoins to achieve around-the-clock settlement, liquidity optimization, and global expansion, pointing out that companies that deploy stablecoin strategies first will gain significant cost advantages and market leadership.
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