Today's top news highlights:
Foreign media: DeepSeek's valuation is close to $45 billion
Upbit will list its WIF token on the Korean Won, BTC, and USDT markets.
Drift announces user recovery plan following the $295 million North Korean hack.
Regulation & Macro
The chairman of a Korean exchange announced the launch of digital asset derivatives in Busan.
Jeong Eun-bo, chairman of the Korea Exchange, announced plans to launch digital asset derivatives in Busan, aiming to create a global derivatives market hub.
U.S. Senator Bernie Moreno said the legislation on the structure of the crypto market will be reviewed "next week," and is expected to be sent to the president by the end of June and signed into law by July 4.
U.S. Defense Secretary Hergsays stated that, given the ongoing ceasefire between the U.S. and Iran, Trump can continue military operations against Iran without congressional approval.
Project Updates
Upbit will list its WIF token on the Korean Won, BTC, and USDT markets.
South Korean cryptocurrency exchange Upbit will list the WIF token on the Korean Won, BTC, and USDT markets, with trading commencing at 16:00 local time on May 6.
Morgan Stanley plans to launch spot cryptocurrency trading on its wealth platform later this year and expand its integration of tokenized assets and ETFs.
The high-risk Bitcoin Core vulnerability CVE-2024-52911 affects versions 0.14.1 to 28.4, allowing miners to remotely crash nodes and execute code via specially crafted blocks. A fix was released with version 29, but approximately 43% of nodes are still running older versions. The attack is extremely costly and may never be exploited.
LayerZero co-founder Bryan Pellegrino responded to the KelpDAO controversy, stating that most of the allegations are unfounded. Kelp initially used a default configuration, but on April 1, 2024, it was manually changed to a 1/1 configuration, while the official documentation repeatedly recommended using a 2/3 configuration. The default configuration forces manual DVN setup, and DeadDVN's mechanism rejects unconfigured paths. The team has provided recommendations and will release a full report after the security company confirms the information.
Strategy reported a net loss of $12.54 billion in Q1 2026 and held 818,300 Bitcoins at an average cost of $75,537. Executive Chairman Michael Saylor indicated a possible sale of some Bitcoins to pay dividends, with annual dividends and debt interest totaling approximately $1.5 billion. Following the news, the stock price fell over 4% in after-hours trading, and Bitcoin dropped below $81,000.
BlackRock to announce hyperscale data center deal this week
BlackRock will announce a hyperscale data center deal this week, with CEO Fink stating that the new asset class will be "computing futures".
Blockaid: Ekubo has lost approximately $1.4 million in the attack.
Ekubo Protocol's custom extension contract on Ethereum suffered an attack, resulting in a loss of approximately $1.4 million. The vulnerability stemmed from the controllable parameters of the IPayer.pay callback function, allowing attackers to exploit user authorization to steal assets. While the users themselves were unaffected, those who authorized the contract were at risk.
Anthropic releases new AI agent for financial services companies.
Anthropic has released a new AI agent for financial services companies, capable of writing presentations, auditing financial statements, and more. The target users are professionals in banking, insurance, asset management, and fintech.
Drift announces user recovery plan following the $295 million North Korean hack.
Drift Protocol announced a user recovery plan in response to the approximately $295 million North Korean hack on April 1st. It issued receipt tokens to represent verified losses, and the initial recovery pool has approximately $3.8 million, which is expected to grow to cover the total losses through exchange revenue and Tether support. Approximately $3.36 million in USDC has been frozen, a 10% public bounty has been launched, and the platform plans to relist in Q2.
A security incident occurred in Ekubo's Swap routing contract on the EVM chain. Liquidity providers and Starknet were unaffected. Users are advised to immediately revoke authorization to affected addresses, including Ethereum V2/V3 and Arbitrum V3 contract addresses.
An anonymous crypto whale has sued Coinbase, accusing it of refusing to return $55 million in DAI stolen in a 2024 hack. The funds were traced to a Coinbase account and frozen, but the exchange only released them after requesting a court order. The attacker used "Inferno Drainer" to forge a DeFi Saver login page.
Jito plans to launch its consumer-facing transaction app, JTX, in July.
Jito plans to launch its consumer-facing trading app, JTX, in July, initially offering spot trading and later integrating perpetual contracts and prediction markets. The CEO stated that he didn't want to wait for others to improve the app and decided to build it himself.
Investment and financing news
Foreign media: DeepSeek's valuation is close to $45 billion
China's National Integrated Circuit Industry Investment Fund is in talks to lead DeepSeek's first round of financing, valuing the company at nearly $45 billion.
Kimi is about to complete a new $2 billion funding round, bringing its post-money valuation to over $20 billion. The round was led by Meituan Dragonball, with participation from China Mobile, CPE, and others. In less than six months, Kimi has raised over $3.9 billion in total funding, quadrupling its valuation since November of last year, and raising over 37.6 billion RMB, making it the most funded large-scale startup.
IREN Limited acquired cloud infrastructure software company Mirantis in an all-stock transaction valued at approximately $625 million, accelerating its transformation into an AI cloud platform and reducing its reliance on Bitcoin mining. Mirantis provides Kubernetes-based cloud infrastructure management tools, and the deal valued the company at approximately four to five times its revenue.
OpenAI joint venture is in talks to acquire three AI service companies.
OpenAI's joint venture is in talks to acquire three AI service companies, including an engineering firm.
AI-powered intelligent agent platform Nova Intelligence has raised $31.5 million in Series A funding, led by Chemistry, with participation from Accel, Conviction, and SAP.io. The platform is used to analyze, modernize, and generate custom code for functions such as Fortune 500 company payroll and supply chain data.
Opinions & Analysis
Colombian President: Bitcoin mining could transform the country's Caribbean economy.
Colombian President Gustavo Petro stated that the Caribbean coast could leverage its surplus renewable energy to become a Bitcoin mining hub, attracting foreign investment. He proposed building mining facilities in cities like Barranquilla and suggested that the indigenous community of Wayúu become co-owners. 75% of Colombia's electricity comes from renewable sources.
Kaiko Report: Multiple Tokens Show Abnormal Trading Activity Prior to Robinhood Launch Announcement
A Kaiko report indicates that prior to the Robinhood token listing announcement, there were anomalies in perpetual contract open interest, funding rates, and on-chain transaction patterns, suggesting some traders may have positioned themselves in advance. Address 0xa1E opened a long position before LIT's listing and a short position before Robinhood's earnings report. Similar patterns were observed with tokens such as Zcash, Synthetix, and Near Protocol, potentially indicating savvy traders positioning themselves based on indicators, but raising concerns about insider trading.
Multicoin Capital Co-founder: The company has built up a large ZEC holding since February.
Tushar Jain, co-founder of Multicoin Capital, stated that a significant amount of ZEC holdings have been built up since February. He believes that the demand for truly private, censorship-resistant, and seizure-resistant assets is accelerating, and ZEC is the clearest way to express this theme.
Coinbase CEO explains reasons for layoffs: AI efficiency improvements + crypto cycle downturn
Coinbase CEO Brian Armstrong explained the reasons for the layoffs: the cyclical downturn in the crypto market necessitates cost optimization, and AI has significantly improved the delivery efficiency of both engineering and non-technical teams. The company will streamline its organizational structure, promoting a "less hierarchical, more empowered" model, and exploring AI-native teams and one-person teams. Affected employees will receive at least 16 weeks of salary, accelerated stock vesting, and other compensation.
Important data
A whale withdrew another 9,288 ETH from Bybit, increasing its total holdings to nearly 27,100 ETH.
The whale "0x0a8" withdrew 9,288 ETH ($21.94 million) from Bybit, increasing its total holdings to 27,098 ETH ($64 million).
On May 5th, Bitcoin spot ETFs saw a total net inflow of $467 million, marking the fourth consecutive day of net inflows. BlackRock's IBIT saw a net inflow of $251 million, Fidelity's FBTC saw a net inflow of $133 million, while Grayscale's GBTC saw a net outflow of $18.3967 million. The total net asset value of these ETFs is $108.981 billion, with a net asset value ratio of 6.67%, and a historical cumulative net inflow of $59.717 billion.
On May 5th, the Ethereum spot ETF saw a total net inflow of $97.5728 million, marking the third consecutive day of net inflows. BlackRock's ETHA saw a net inflow of $69.4805 million, and Fidelity's FETH saw a net inflow of $24.2304 million. The ETF's total net asset value is $14.154 billion, with a net asset value ratio of 4.92%, and a historical cumulative net inflow of $12.175 billion.
Data: As BTC rebounds above $80,000, on-chain activity drops to a 2-year low.
Bitcoin on-chain activity has fallen to a two-year low, with an average of approximately 531,000 active wallets and 203,000 new wallets per day, diverging from the price breaking through $80,000. Santiment points out that a rise lacking on-chain participation may be fragile, but the bottom of network activity often marks the end of a lull, and there may be greater upside potential once retail interest returns.
An address turned $49,000 into $500,000 by trading SKYAI tokens.
On May 5th, the US Bitcoin ETF saw a net inflow of 6,668 BTC, the Ethereum ETF saw a net inflow of 26,480 ETH, and the Solana ETF saw a net inflow of 41,170 SOL.
