Bitlayer Partners with Antpool, F2Pool, and SpiderPool to Promote BitVM Adoption
According to CoinDesk, Bitcoin Layer2 solution Bitlayer announced a strategic partnership with three major mining pools, Antpool, F2Pool and SpiderPool, to jointly promote the practical application of BitVM technology. These three mining pools together account for 36% of the total Bitcoin network computing power, and will support the packaging of non-standard transactions (NST) blocks to solve the key bottleneck of the BitVM challenge-response mechanism. BitVM technology can realize Turing-complete smart contract functions without changing the underlying Bitcoin protocol. Bitlayer co-founder Kevin He said that this cooperation solves the "last mile" problem of on-chain verification.
U.S. SEC Crypto Working Group Discusses Security Tokenization with Nasdaq, DeFi Startups
According to CryptoSlate, the U.S. Securities and Exchange Commission (SEC) Crypto Working Group met with Nasdaq, Plume Network and Etherealize last week to focus on the regulatory framework for public chain securities tokenization. All three parties proposed to set up a "regulatory sandbox" pilot: Nasdaq suggested creating a new trading venue "ATS-Digital" to support the listing of digital asset contracts and commodity tokens; Plume Network (based on Arbitrum) advocated adapting decentralized financial terms to securities laws; Etherealize called for the revision of transfer agent rules to recognize the legitimacy of blockchain as a shareholder registration system. Industry representatives called for clear asset classification, modular rules and phased testing, but did not question the SEC's investor protection principles. The working group will evaluate sandbox models, dedicated trading venues and rule update plans. Previously, SEC Commissioner Mark Uyeda has expressed support for the regulatory sandbox mechanism.
Report finds Cambodian government officials involved in $19 billion cryptocurrency scam
According to Cryptonews, the anti-human trafficking organization HRC reported on May 16 that senior Cambodian government officials are suspected of supporting a cryptocurrency fraud network with an annual output value of US$19 billion, which relies on forced labor and digital currency. The report accuses the Huione Group of being the core infrastructure of the country's "vertically integrated" fraud industry, and its business volume accounts for nearly 60% of Cambodia's GDP. According to data from the U.S. Treasury Department, the group's Telegram guarantee platform Huione Guarantee has processed more than US$4 billion in funds since 2021, and Prime Minister Hong Manet's cousin Hong Du serves as a director of the group.
Google says quantum resources needed to crack Bitcoin may be 20 times less than previously estimated
According to Decrypt, Google quantum researcher Craig Gidney published a paper saying that the quantum resources required to crack 2048-bit RSA encryption (similar to the encryption principle of Bitcoin wallets) are 20 times less than the 2019 forecast. New research shows that a quantum computer with less than one million noisy qubits can complete the cracking within a week, while it was previously estimated that 20 million would be needed. This breakthrough is due to algorithm optimization and improvement of error correction technology. The most advanced IBM Condor quantum computer currently has only 1,121 qubits and poses no real threat, but IBM plans to launch a 100,000 qubit model in 2033, and Quantinuum aims to achieve full fault tolerance in 2029.
Sui to invest an additional $10 million to strengthen ecological security construction
In response to the recent Cetus protocol security incident, Sui Network announced that it will invest an additional $10 million to improve ecological security protection. The funds will be used for smart contract audits, bug bounty programs, formal verification, and other directions. The specific plan will be jointly formulated with the developer community. The team emphasized that the root cause of the incident was a vulnerability in the Cetus math library, not a security defect in Sui's underlying or Move language, but admitted that this was a "growing pain" that must be faced in the development of Sui's ecosystem. Sui said that a series of security plans have been launched, including strengthening developer support tools and optimizing safe development practice guidelines. Sui called on ecological project parties to learn lessons from the incident and improve overall security through code reinforcement.
Cetus releases report on theft, will promote LP recovery plan and strengthen security audit
Cetus officially released a report on the theft of the CLMM liquidity pool on May 22. The attacker exploited a vulnerability in the open source library to lower the pool price to build a position, injected inflated liquidity by taking advantage of the overflow check defect, and then removed liquidity to extract assets many times, ultimately stealing funds. Cetus responded immediately, and with the support of most Sui verification nodes, urgently froze the attacker's two Sui wallet addresses containing the main stolen funds, and the remaining funds have been transferred across the chain by hackers. Currently, Cetus is working with the Sui security team and auditing agencies to review the contract and conduct a joint audit to ensure that the service will be restored after safety, and will also strengthen on-chain monitoring and auditing. At the same time, Cetus is developing an LP recovery plan, calling on Sui validators to support voting, and issuing an ultimatum to the attacker, and will continue to inform the community of progress in the future.
MoveDrop’s Movement Mainnet Phase is now open, and users can now claim MOVE tokens
According to the official announcement of the Move Industries Foundation (formerly Movement Labs), MoveDrop’s Movement mainnet phase is now open, and users can claim MOVE tokens through the claim page.
Circle denies reports it considered selling to Coinbase or Ripple
According to PYMNTS, stablecoin issuer Circle has officially responded to Fortune magazine's report, denying informal negotiations with Coinbase or Ripple on a sale. A company spokesperson stressed to PYMNTS that "Circle is not for sale and its long-term goals remain unchanged." It was previously reported that Circle insisted on a valuation of at least $5 billion in IPO and acquisition negotiations, and had rejected Ripple's initial offer of $4-5 billion.
According to the official announcement, The Blockchain Group (Euronext code: ALTBG), the first listed company with Bitcoin reserves in Europe, completed two rounds of convertible bond issuance through its wholly-owned subsidiary in Luxembourg: the first round of 5 million euros was subscribed by Moonlight Capital, with a conversion price of 3.809 euros per share; the second round of 58.3 million euros was subscribed by Fulgur Ventures (55.3 million euros) and UTXO Management (3 million euros), with a conversion price of approximately 0.707 euros per share. All bonds were subscribed in the form of Bitcoin, and it is expected that 590 BTC will be added, bringing the company's potential total Bitcoin holdings to 1,437.
Alpaca Finance announced the termination of all product operations after being delisted by Binance
According to The Block, Alpaca Finance announced that it will gradually terminate all product operations, plans to stop opening new positions in all liquidity pools in the first week of June 2025, and automatically close all remaining active positions by June 30. The project said that after Binance delisted its ALPACA tokens in April, the liquidity of tokens and the ability to deploy funds were severely restricted, coupled with the current intensified competition in the DeFi field, and finally made the decision to shut down. The team said that the decision was made after internal careful evaluation and aimed to ensure the safe and orderly exit of user assets. Binance did not specify the reason for the delisting, but usually made decisions based on a combination of factors such as project progress, liquidity and team commitment. Coingecko data shows that the price of ALPACA tokens fell by 26.2% in 24 hours.
Trump Media Group Denies Plan to Raise $3 Billion to Buy Cryptocurrency
According to The Block, the Financial Times cited six anonymous sources as saying that Trump Media and Technology Group (TMTG) plans to raise $3 billion through stock sales to invest in Bitcoin and other cryptocurrencies. The company strongly denied this, stating that "stupid reporters from the Financial Times listened to even stupider sources."
Lagrange Labs to Launch LA Token Airdrop Registration on May 28
According to The Block, Lagrange Labs, a zero-knowledge proof network developer, announced that it will open LA token airdrop registration from May 28 to June 2. LA will be used as a utility token to pay for ZK proof fees and mortgages, and the initial airdrop allocation accounts for 10% of the total supply. To qualify for the airdrop, you must have participated in the Turing Roulette game and completed identity and uniqueness verification. The project is based on EigenLayer and plans to drive the entire proof ecological economic model through LA tokens.
Coinbase announces 8 new tokens available for trading in Germany
According to Coinbase Assets, German users can now trade eight crypto assets on the Coinbase platform, including Rocket Pool (RPL), Reserve Rights (RSR), Pudgy Penguins (PENGU), Renzo (REZ), Aethir (ATH), Syrup (SYRUP), Pendle (PENDLE) and Layer3 (L3).
Meituan CEO Wang Xing: About 52% of Meituan’s new code is generated by AI
At the earnings conference tonight, Meituan CEO Wang Xing said that about 52% of the new code is currently generated by AI, more than 90% of the engineering team members widely use AI coding tools, and will continue to increase investment in the development of large language models. Wang Xing revealed that Meituan allocates resources to infrastructure and is also recruiting top AI talents to "ensure that there is the best team in China in this regard." He also mentioned that last quarter, Meituan has provided automatic code generation tools for internal engineers, and the basic large model capabilities are close to the level of GPT-4o.
YZi Labs Announces Investment in Avalon Labs to Promote Bitcoin Financial Network Expansion
YZi Labs announced that it has invested in Avalon Labs, which is committed to building a Bitcoin-native on-chain capital market. Avalon currently serves more than 20,000 BTC, has more than 300,000 active users, and has a total locked value of more than US$500 million. Its Bitcoin stablecoin USDa has become the second largest CDP project on DeFiLlama. Avalon plans to use the new round of financing to promote compliance and institutional business expansion, aiming to become the first regulated Bitcoin on-chain financial institution.
According to Crypto In America, the legislative process of the US Congress on crypto market structure and stablecoin regulation has entered the sprint stage. French Hill, chairman of the House Financial Services Committee, announced that the second full hearing will be held on June 4, and the bill is scheduled to be reviewed on June 10. The August 4 legislative deadline set by President Trump is less than 70 days away, but the industry is skeptical about whether the market structure bill can be passed in time. At the same time, the SEC Crypto Working Group has held 104 meetings with the industry, continued to promote the exploration of regulatory paths, and communicated with projects such as Ripple on regulatory clarity and the "safe harbor" mechanism. In terms of stablecoin legislation, the GENIUS Act may be sent to the House of Representatives after being passed by the Senate and then to the President for signature, and is expected to be implemented before the market structure bill. Congress is in recess this week, and some pro-crypto lawmakers and officials will attend the Bitcoin Conference in Las Vegas. The meeting will include Vice President JD Vance, Senators Lummis and Hagerty, Michael Saylor and members of the Trump family.
Jesse Pollak, head of Base, recently said that Base is pushing its network to achieve indicators such as "fastest (target 200ms), lowest fee (<$0.01), high throughput (200 TPS)", and gradually decentralize by implementing the Phase 1 and 2 plans proposed by Vitalik. In response to the outside world's doubts about the centralization of the sequencer, Jesse responded that more sequencer nodes will be gradually introduced in the short and medium term, and emphasized that the key goal is to achieve CR properties (neutrality, anti-sandwich transactions, etc.), not just relying on the decentralization of the sequencer. Vitalik also pointed out that for L2, functions such as fast withdrawals and anti-censorship channels take precedence over the complete decentralization of the sequencer.
Huma Finance now lists HUMA tokens and enables redemption and staking
Huma Finance announced that its decentralized PayFi network HUMA is now officially online. Users can claim $HUMA and participate in staking through the claim.huma.finance page from 20:30. Staking will receive rewards, holding PST or mPST can add Feather Points, and staking for 6 consecutive months will obtain Vanguard status. The claim window will close at 23:59 (UTC) on June 26.
Strategy purchased another 4,020 BTC, with a year-to-date return of 16.8%
Strategy (formerly MicroStrategy) raised $427 million through three ATM stock issuance programs and purchased 4,020 BTC for approximately $427.1 million between May 19 and May 25, with an average purchase price of $106,237. So far this year, the company's BTC investment has an annualized return of 16.8%. As of May 25, the company holds a total of 580,250 BTC, with a total investment of $40.61 billion and an average holding cost of $69,979.
Later news came out that Strategy's Bitcoin purchase cost was approaching $70,000 .
According to Business Insider, Sam Bankman-Fried, who was sentenced to 25 years in prison for the FTX fraud case, is currently expected to be released on December 14, 2044, with his prison term reduced to less than 21 years. The sentence reduction is mainly based on "good behavior time" and participation in prison programs. In addition, he has been detained for two months before sentencing, which is also counted towards his sentence. His former partner, former Alameda CEO Caroline Ellison, also shortened her sentence to May 2026 in a similar way.
