Today's news tips:
Ripple's stablecoin RLUSD gets regulatory approval in Dubai
Paradigm proposes “Orbitals” design to improve stablecoin pool capital efficiency
Morph CEO Cecilia Hsueh steps down, replaced by former Binance executive Colin Goltra
Classover plans to raise $500 million to accelerate SOL treasury construction
The Blockchain Group increased its holdings by 624 BTC, bringing its total holdings to 1,471
Zircuit (ZRC) is now available on Binance Alpha. You need 211 Alpha Points to claim.
Tether transfers more than 37,000 BTC to Twenty One Capital, worth nearly $4 billion
Regulatory/Macro
Coinbase asks to move Oregon securities case to federal court, slams it as “regulatory overreach”
Coinbase has applied to the federal court to take over Oregon's lawsuit against it for allegedly selling unregistered securities , claiming that the state's attorney general has overstepped his authority in intervening in the federal crypto regulatory process. Coinbase called the lawsuit "regulatory grab," intended to replace federal regulation, create a fragmented legal landscape, and revive allegations previously dismissed by the SEC. The company said it would resolutely respond to the lawsuit and would not voluntarily withdraw from the Oregon market.
Ripple's stablecoin RLUSD gets regulatory approval in Dubai
Ripple's US dollar stablecoin RLUSD has been approved by the Dubai Financial Services Authority (DFSA) for use in the Dubai International Financial Center (DIFC). Ripple said the approval will facilitate the integration of RLUSD into its payment platform and may be adopted by other DFSA-registered institutions.
US SEC Seeks Comments on WisdomTree Bitcoin Fund Physical Subscription and Redemption Mechanism
According to The Block, the US SEC has launched a consultation process on whether the WisdomTree Bitcoin Fund (BTCW) allows physical subscription and redemption mechanisms. The public can submit opinions within 21 days. This mechanism allows investors to redeem ETF shares with Bitcoin instead of cash. The SEC emphasized that this process does not represent a decision, but is to evaluate legal and policy issues. BTCW is a spot Bitcoin ETF approved in January 2024.
Viewpoint
Chain detective ZachXBT wrote that whenever some cross-chain bridges publish data such as "record usage", it is often possible that North Korean hacker groups are laundering money through the bridge. He pointed out that most of the recent data are related to the stolen funds from Bybit, and that multiple chain jumps are used to confuse the flow of funds and evade address review, thereby exaggerating the actual usage data.
Hyperliquid co-founder Jeff Yan published a long article in response to community criticism, emphasizing that the design of "transparent order book" is controversial but forward-looking. He proposed four major market structure principles: opposing the misperception of privacy as an execution advantage, emphasizing the core role of competition in improving transaction quality, pointing out that repeated games are conducive to optimizing behavior, and that system-level transparency can achieve information symmetry. Jeff believes that Hyperliquid has improved transaction quality with the help of L4 transparent order book and cancellation priority mechanism, and can effectively filter "toxic traffic", challenging the traditional OTC and dark pool logic.
According to BitMEX's recent disclosure, its security team successfully uncovered an attack led by the North Korean-based Lazarus Group. Hackers attempted to lure employees to access GitHub projects containing malicious code under the pretext of "Web3 NFT platform collaboration." The investigation found that the malicious program recorded victim device information through the Supabase database and accidentally leaked the attacker's real IP due to incorrect permission configuration. One of the IPs came from China Mobile's network in Jiaxing, China, exposing his "Victor" identity operation error. The team also tracked the attacker's daily routine and VPN usage information, and disclosed multiple IoC indicators for community reference.
Project News
Coinbase Adds Ethena (ENA) to its Listing Roadmap
Coinbase Assets announced that it has included Ethena (ENA) in its coin listing roadmap. The time for trading to go online still depends on the improvement of market making support and technical infrastructure. Coinbase will make a separate announcement after the conditions are met.
Paradigm proposes “Orbitals” design to improve stablecoin pool capital efficiency
The Paradigm research team proposed the "Orbitals" automated market maker design, which aims to support liquidity pools of up to tens of thousands of stablecoins, with higher-dimensional liquidity concentration capabilities compared to Uniswap V3 and Curve. Orbitals uses n-dimensional spheres and nested tick mechanisms to significantly improve liquidity concentration and capital efficiency. Orbitals also allows providers to customize risk exposure. Although the proposal is still in the conceptual model stage, its idea of supporting tens of thousands of stablecoins is believed to have the potential to reshape the decentralized stablecoin market.
Morph CEO Cecilia Hsueh steps down, replaced by former Binance executive Colin Goltra
According to The Block, Cecilia Hsueh, co-founder and CEO of Ethereum Layer2 project Morph, announced her resignation, and her successor is the current Chief Growth Officer and former Binance executive Colin Goltra. The transition began three months ago and has now been officially completed. Morph was incubated by Bitget and established in 2023. Last year, it received $20 million in financing led by Dragonfly. The new CEO Goltra was formerly the Chief Operating Officer of YGG and the Director of Asia Pacific Expansion of Binance, and has more than 10 years of Web3 experience. Hsueh will move to a project consultant.
Consensys acquires Web3Auth to optimize MetaMask experience and accelerate Bitcoin support
Consensys has acquired wallet infrastructure provider Web3Auth, aiming to simplify MetaMask seed phrase management and improve user experience through Web2 login. The transaction details are not disclosed. The integration will also accelerate support for non-EVM chains such as Solana and Bitcoin, and full Bitcoin functionality is expected to be launched in Q3.
Strategy (formerly MicroStrategy) announced that it will issue 2.5 million shares of "Stride" (STRD), a perpetual preferred stock with an annual interest rate of 10%, to institutional and some non-institutional investors to raise funds for the purchase of Bitcoin and general operations. Previously, it has issued "Strike" with a yield of 13% and "Strife" with a yield of 10%. STRD cannot be converted into common stock and has no expiration date. The company currently holds approximately 580,955 Bitcoins, worth more than $60 billion.
Reuters: Coinbase data breach linked to Indian outsourced employees
According to Reuters, Coinbase knew in January that its outsourcing company TaskUs' employees in India had leaked customer data, partly related to the exchange's estimated $400 million security incident. It is reported that a female TaskUs employee used her mobile phone to film the computer screen and sold customer information to hackers in exchange for bribes with her accomplices. After the incident was exposed, more than 200 employees were fired. Coinbase has cut off cooperation with the employees involved and other overseas agents, and strengthened control measures. It is said that the incident was reported to Coinbase in January, but the company did not realize the seriousness of the situation until it received blackmail in May.
Classover, a US-listed education technology company, has completed its first purchase of Solana (SOL) worth approximately $1.05 million and signed an agreement with Solana Growth Ventures to issue convertible notes of up to $500 million. The company is required to use up to 80% of its net proceeds to purchase SOL, a move aimed at building a company treasury with SOL as its core. Together with the previous $400 million equity agreement , its potential total financing amounted to $900 million.
The Blockchain Group increased its holdings by 624 BTC, bringing its total holdings to 1,471
The Blockchain Group, a European listed company, announced that it has completed the acquisition of 624 bitcoins, bringing its total holdings to 1,471. Based on an average price of approximately €89,687, the total value is approximately €131.9 million. Year-to-date (YTD), the BTC yield has reached 1,097.6%, with an increase of 439 BTC and a return of approximately €42.3 million. The increase was completed through a €8.6 million private placement and a €55.3 million convertible bond subscribed by Fulgur Ventures. The company said that the strategy aims to maximize the number of bitcoins corresponding to each unit share and continue to advance the Bitcoin Vault corporate strategy.
Binance.US will soon launch HYPE spot trading
According to Binance.US announcement, Hyperliquid (HYPE) token spot trading will be launched, and the specific opening time will be notified later.
Zircuit (ZRC) is now available on Binance Alpha. You need 211 Alpha Points to claim.
According to Binance's announcement, Zircuit (ZRC) has been launched on Binance Alpha. Qualified Binance users with at least 211 Binance Alpha points can use 15 Alpha points to redeem 2,666 ZRC tokens. The redemption window is within 24 hours from 16:30 on June 3rd, Beijing time. In addition, Binance will also launch a ZRC trading competition with a reward pool of 27.5 million ZRC.
AAVE will enable the Umbrella security module on June 5 to deal with bad debt risks
According to the Aave community forum, AAVE will officially launch the Umbrella system on June 5, 2025, allowing users to pledge aTokens to prevent bad debts in the protocol and receive rewards. This mechanism replaces the old method of staking AAVE and stkABPT, and directly destroys aTokens to deal with bad debts, achieving higher capital efficiency and objective triggering mechanisms. In the initial stage, it will be enabled on networks such as Ethereum, Arbitrum, Avalanche and Base, covering major assets such as USDC, USDT, WETH, etc. Umbrella has completed development and auditing and is ready for launch.
According to Sonic Labs, the first quarter Sonic ($S) airdrop will be distributed in two phases: 25% of the shares can be claimed immediately, and the remaining 75% will be unlocked linearly as tradable NFTs over a period of 270 days. Early claiming will trigger the destruction mechanism. The total amount of airdrops is 190.5 million $S, which will encourage users, DeFi applications and game ecosystem participation, and optimize incentives and data tracking through OpenBlock and Sentio.
OSL Group to acquire 90% stake in Indonesian licensee Evergreen Crest Holdings Ltd for US$15 million
OSL Group (HK stock code 00863) intends to acquire 90% of Evergreen Crest Holdings Ltd for US$15 million and obtain its cryptocurrency and futures trading licenses in Indonesia. The transaction will be paid by issuing new shares, and the target company will become an indirect subsidiary of OSL upon completion. This acquisition is expected to provide OSL with a compliant channel to quickly enter the Indonesian crypto market and expand emerging businesses such as real world assets (RWA) and payment finance (PayFi).
The Ethereum Foundation announced that it will rename its "Protocol R&D" team to "Protocol" and reorganize around three strategic goals: L1 expansion, blob expansion, and user experience improvement. Tim Beiko, Alex Stokes and others will be responsible for the specific implementation, and some members will leave the foundation. This change aims to improve the efficiency of R&D collaboration, accelerate the integration of zkEVM and L2, and promote the global expansion of Ethereum.
Financing News
According to Neuralink's announcement, the company has completed a $650 million Series E financing round, with investors including ARK Invest, DFJ Growth, Founders Fund, G42, Human Capital, Lightspeed, Qatar Investment Authority (QIA), Sequoia Capital, Thrive Capital, Valor Equity Partners, Vy Capital, etc. The funds will accelerate the clinical trials and product development of its brain-computer interface technology, and are committed to restoring autonomy for people with paralysis, language or visual impairments. Neuralink currently has 5 severely paralyzed patients who have achieved mind control of the device through its equipment, and has launched clinical trials in many top medical institutions around the world.
Musk's xAI starts selling $300 million worth of shares, with a valuation of $113 billion
According to the Financial Times, xAI, founded by Elon Musk, is conducting a $300 million share resale transaction, raising the company's valuation to $113 billion. The transaction allows employees to sell their holdings to new investors and may trigger a subsequent larger round of financing. Previously, xAI completed financing with a valuation of $45 billion at the end of 2023 and acquired the social platform X (formerly Twitter) in March this year. Musk said he would focus on developing xAI, X and Tesla's key technology deployment.
Important data
Tether transfers more than 37,000 BTC to Twenty One Capital, worth nearly $4 billion
According to Bitcoin Magazine citing on-chain data, Tether recently transferred a total of 37,229 BTC to Twenty One Capital founded by Jack Maller in five batches, with a current value of nearly US$4 billion.
According to SoSoValue data, Bitcoin spot ETFs had a total net outflow of $268 million on June 2, Eastern Time, recording net outflows for the third consecutive day. Among them, Bitwise's BITB recorded a net inflow of $3.4071 million, the largest inflow ETF yesterday; BlackRock's IBIT had a net outflow of $130 million, the largest outflow ETF. The current total net asset value of ETFs is $125.472 billion, accounting for 6.02% of the total market value of Bitcoin, with a cumulative net inflow of $44.102 billion.
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