BlockBeats will summarize industry key news of the week (6.23-6.29) in this article, and recommend in-depth articles to help readers better understand the market and industry trends.

Important News Review

Iran and Israel Announce Official Ceasefire, U.S. Confident Iran's Nuclear Facilities Completely Destroyed; Crypto Market Temporarily Rebounds

On June 23, according to CNN, White House Press Secretary Caroline Levitt reiterated in a program that the U.S. is confident that Iran's nuclear facilities have been completely destroyed, and is highly confident that the location of the attack was indeed Iran's uranium storage site. The next day, Iran and Israel announced an official ceasefire. In response to this news, Bitcoin surged 8% overnight. On the 25th, Bitcoin rebounded to surpass $108,000. The market may be gradually recovering from the panic caused by the geopolitical war. Related Reading: "Hope for Iran-Israel Ceasefire, Fed Turns Dovish, BTC Surges 8% Overnight", "Market Expected to Soon Recover from Geopolitical Crisis, But Weaker BTC Demand May Lead to Larger Pullback"

Xiao Feng: Hong Kong Stablecoin License Will Not Be Limited to HKD Stablecoins, Network Deployment Can Be Determined by Issuers

On June 24, Xiao Feng, Chairman of HashKey Group, stated in a recent interview with BlockBeats that after the approval and issuance of the stablecoin license in Hong Kong, stablecoins of various currencies can be issued, not limited to HKD stablecoins. The blockchain network required for the deployment of the issued stablecoins will be determined by the issuer, meaning it can be Ethereum, Solana, or other networks, or even a self-operated blockchain network.

CICC and Other Chinese Securities Firms Approved to Provide Virtual Asset Trading Services; All Using HashKey Exchange's Omnibus Service

On June 24, CICC International announced that CICC International Holdings Limited (Stock Code: 1788.HK), a subsidiary of CICC Haitong Group, 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 advisory services based on providing virtual asset trading services. After the upgrade, customers can directly trade cryptocurrencies such as Bitcoin, Ethereum, and stablecoins like USDT on its platform. On the 25th, the stock of CICC International surged over 180% in Hong Kong. According to sources familiar with the matter who spoke to BlockBeats, top securities firms such as CICC, Tiger, Futu, and others have recently partnered with HashKey Exchange. The new cryptocurrency trading services added by these securities firms are all using HashKey Exchange's Omnibus service. On the 26th, industry insiders directly involved in virtual asset license applications and system integration revealed that several local Hong Kong securities firms (such as Victory Securities, Ed Securities, etc.) have completed the first wave of upgrades. CICC International is not the only Chinese securities firm applying for the license, and more institutions may join in the future. Related Reading: "CICC International Soars 190%, Is Hong Kong Stock Market Also Welcoming the 'Crypto Stock' Trend?", "'Crypto Stocks': What Are They All Trading? Reviewing the Hottest Cryptocurrency Concept Stocks in the U.S.", "Compliance Wind Blows on Both Ends: Why Did CICC International and HSK Both Skyrocket?"

Trump Plans to Create "Shadow Federal Reserve Chair"

On June 26, according to The Wall Street Journal, Trump has become increasingly frustrated with the Fed's reluctance to cut interest rates, prompting him to consider announcing his pick for the next Fed Chair early. Currently, Chair Powell has 11 months left in his term. Sources familiar with the matter revealed that in recent weeks, Trump has been considering whether to select and announce Powell's successor in September or October this year. The individuals Trump is considering include former Fed Governor Kevin Warsh and National Economic Council Director Hassett. In addition, Treasury Secretary Mnuchin has been recommended as a potential candidate by supporters of both individuals. Other possible nominees include former World Bank President Malpass and current Fed Governor Waller. This early announcement strategy can allow the nominee to influence market expectations of the future interest rate path in advance. Related Reading: "Impending Change at the Fed, Has the Market Anticipated 'Big Easing'?", "Trump Has Called Out Powell 17 Times, Why Is the Fed Not Eager to Cut Rates?"

FHFA Considering Including Cryptocurrency in Mortgage Asset

On June 26, Federal Housing Finance Agency (FHFA) Director Pulte posted on social media: "After research and in line with President Trump's vision to make the U.S. a cryptocurrency haven, today I have instructed Fannie Mae and Freddie Mac to prepare for business operations and list cryptocurrency as an eligible asset for mortgage applications." Related Reading: "Bitcoin Loan for Buying a House? U.S. FHFA Is Considering Including Cryptocurrency in the Mortgage System"

Community Leaks Suggest Humanity Might Be a "Domestic Project Clone," Palm Print Collection Raises Concerns; Humanity Responds: Will Not Collect Any Private Information

On June 23, according to several KOLs on X platform, Humanity Protocol (H) may be a "domestic project clone," with images from Shenzhen access control company PalmTron in the app's code material library. Some netizens also claim that much of its social platform's popularity is driven by the project team's alternate accounts, casting doubts on actual user engagement. On that day, Humanity Protocol's founder responded, stating, "An old version (v1.0.2) of the Humanity application inadvertently included some legacy image resources unrelated to the formal system during packaging. These are merely residual files from the early testing phase and are not actually called upon by the application. We have now removed the relevant files and pushed clean version updates to major app stores. The mentioned 'PalmTron information' is a technical partner we collaborated with during early hardware assessment and infrastructure setup. The company's founder was a senior engineer at Tencent and has been recognized in the industry for the stability and security of their technology. This collaboration is limited to the technical level. Humanity will not collect original palm print images or any personally identifiable information."

Kaspersky Reveals New Virus Targeting Crypto Users' Mnemonic Seed Screenshots; Coin Responds: User Data Always Secure

On June 24, cybersecurity company Kaspersky announced that a malware named SparkKitty has been active since at least early 2024, potentially linked to a similar malicious program called SparkCat. SparkKitty specifically steals photos from infected devices with the aim of finding screenshots of crypto wallets' mnemonic seeds. Kaspersky found that two apps used to spread this malware were related to cryptocurrency. One of them, named "Coin," disguised itself as a crypto information tracker and was previously available on the App Store. On the same day, Coin responded, acknowledging that it had integrated a third-party SDK from a certain exchange platform, but the high-risk functions related to album permissions and image uploads in this SDK were disabled from the beginning, never activated or triggered, and user data remained unaffected.

Glue Founder Accuses Across Team of Manipulating DAO Votes and Embezzling $23 Million from Treasury; Across Co-founder Issues Refutation

On June 27, Glue founder Ogle took to social media to accuse the Across Protocol team of orchestrating DAO vote manipulation through privacy and embezzling approximately $23 million from the protocol's treasury. Ogle stated that the Across team conducted multiple votes in 2023 and 2024, proposing to transfer a total of 150 million ACX tokens to a for-profit company established by the Across team called Risk Labs under the guise of "strategic investment" and "retrospective funding," and then using other addresses traceable to affiliated entities to manipulate votes for approval. On the same day, Across co-founder Hart Lambur issued a statement refuting these allegations. Hart claimed that Risk Labs is a non-profit foundation bound by Cayman law, and the funds are allocated for protocol development. Regarding the accusation of "governance processes being controlled by insiders," Hart stated that team members are free to use tokens they purchased to vote, proposals passed without dissenting votes, and the process was transparent. Related reading: "Across Protocol Governance Scandal: Team Manipulates DAO Governance Votes, Embezzles $23 Million from Treasury"

Kraken to Move Headquarters to Wyoming, a State Long Supportive of Crypto Policies

On June 20, cryptocurrency exchange platform Kraken announced that it is relocating its headquarters from San Francisco to Cheyenne, Wyoming. This move reflects Kraken's confidence in Wyoming's leading position in digital asset policies and builds on the foundation of four years of collaboration with the state — including providing $300,000 in crypto education funding to the University of Wyoming and co-hosting the inaugural Wyoming Blockchain Stampede in Jackson Hole. Wyoming has become a hub for crypto companies due to its low-tax environment, libertarian traditions, and bipartisan support for crypto legislation. Related reading: "Moving to Wyoming, Can Kraken Take the Baton from Circle to Create the Next Billion-dollar IPO?"

Huaxing Capital Holdings to Allocate $100 Million to Develop Web3 Business and Invest in Cryptocurrency Assets

On June 26, Huaxing Capital Holdings (01911.HK) announced that the board had decided to enter the Web3.0 and cryptocurrency asset fields while consolidating Huaxing's existing business. The board approved a total budget of $100 million to be used over the next two years for the group's development in the Web3.0 business and investment in cryptocurrency assets. Previously, the group's fund had 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, RWAs, and the entire cryptocurrency ecosystem, while actively expanding applications for relevant business licenses and upgrades. In response to this news, on the 27th, Huaxing Capital Holdings surged over 30%.

Hong Kong Releases "Hong Kong Digital Asset Development Policy Declaration 2.0," Government Aims to Establish Hong Kong as a Global Innovation Hub in the Digital Asset Field

On June 26, Hong Kong released the "Hong Kong Digital Asset Development Policy Declaration 2.0," reiterating the government's commitment to establishing Hong Kong as a global innovation hub 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 striving to bring tangible benefits to the real economy and financial markets. The new policy declaration focuses on optimizing laws and regulations, expanding tokenized product types, promoting application scenarios and cross-border cooperation, and developing talent and partnerships.

YZi Labs Announces Investment in Decentralized Entertainment Platform MEET48

On June 26, according to official sources, YZi Labs announced an investment in MEET48—a decentralized entertainment platform from the BNB Chain MVB (Most Valuable Builder) Accelerator, aimed at addressing challenges in fan interaction through a token-driven solution. This round of financing will accelerate MEET48's development and enhance its Web3 fan experience through virtual performances, idol development games, and real-world events.

Galaxy Raises $175 Million in New Fund, Marks First External Capital Investment

On June 26, according to Fortune, Galaxy is expanding its venture capital business through a $175 million fund. That day, Galaxy announced the completion of the final raise, exceeding the initial $150 million target. Reportedly, this is Galaxy's first acceptance of external capital, with the company still acting as the anchor investor for the fund using its own funds. Galaxy serves as both a limited partner and holds general partner rights in the fund. 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 cryptocurrency venture capital portfolio.

Cork Protocol Attacker Sends Over 4500 ETH to Tornado Cash with Additional Donation, Tornado Cash Co-founder Says 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 PeckShield monitoring, an address identified as "Cork Protocol Exploiter 2" transferred 4520 ETH (worth around $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, and they will be returned to the Cork team."

US Stock Crypto Plays Outperforming the Altcoin Market in June, Crypto Treasury Companies Shine

On June 25, according to market data, most US stock crypto concept stocks have seen significant gains in June. Meanwhile, the total market capitalization of altcoins excluding Bitcoin (total2) has increased from $1.231 trillion at the beginning of the month to $1.304 trillion, a 5.93% increase in June. The altcoin market has performed differently from crypto concept stocks this month. Crypto stocks such as Circle, Coinbase, Riot Platforms, Hut 8 Corp have shown impressive performance, and several publicly traded US companies that announced crypto reserves have seen gains of over 50%. Related Readings: "US Listed Companies Flock to 'Buying Coins,' How Effective Is the Second Growth Curve?"

Sources: OKX Considering IPO in the US

On June 23, according to Yueqi Yang, a crypto reporter at The Information, after OKX returned to the US market in April this year, the cryptocurrency exchange is considering an initial public offering (IPO) in the US. Following this news, OKB surged over 4% in less than an hour. Related Readings: "OKX Makes a Move on US Stocks, Is It a New Turning Point for the CEX Industry to Go Public?", "Binance's Capital Game: What Impact Will a Restart of the IPO Have on the Coin Circle?"

The Texas State Government Allocates $10 Million to Purchase Bitcoin

On June 24, it was reported that Texas became the first state in the United States to establish an independent Bitcoin reserve supported by public funds. The Texas Governor signed Senate Bill 21 over the weekend, requiring the state government to establish a Bitcoin reserve managed separately from the main financial system. Unlike Arizona and New Hampshire, which have only passed similar legislation, Texas not only authorized the establishment of this reserve but also provided actual funding support. The state government will allocate $10 million to purchase Bitcoin to fill this reserve. Read more: "Interpreting the Texas Bitcoin Reserve Bill: $10 Million Allocation, Independent of State Financial System"

Celestia Founder Responds to Community Questions: Team Holds Over $100 Million in Reserve Funds, Cash Flow Can Support Operations for Over 6 Years

On June 23, Twitter user 0xCircusLover revealed, "Celestia's executive team will unlock all tokens in October 2024. In addition, Celestia founder Mustafa Al-Bassam sold over $25 million worth of TIA tokens over-the-counter and moved to Dubai." In response, Mustafa posted on the 24th, stating, "I have been involved in the cryptocurrency space since 2010 and understand that resilience is necessary to survive in this industry, as it must withstand various tests since all tokens at some stage in their lifecycle will experience a 95% drop. We have over $100 million in reserve funds, and our cash flow can support operations for over 6 years, so we are prepared for a long battle, no matter how long it takes." Read more: "Plunging by 92%, 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 Provides Strong Support

On June 24, Nano Labs Ltd (Nasdaq: NA) announced that it had signed a convertible bond subscription agreement. Through convertible bonds and private placement, the company issued $500 million in convertible promissory notes to purchase $1 billion worth of BNB. On the same day, Nano Labs' stock on the Nasdaq surged over 170%. The long-term goal is to hold 5% to 10% of the total BNB circulation. Binance founder CZ stated on the same day, "Nasdaq-listed Nano Labs Ltd has become a strategic reserve-listed company holding only BNB. We (my affiliates) did not participate in this round of financing but still provide strong support." CZ also mentioned that several companies are currently exploring "BNB-style micro-strategy" attempts.

Circle (CRCL) Hits All-Time High Since Listing, Surging Over 740% with Market Cap Reaching 103.6% of USDC

On June 24, stablecoin issuer Circle Internet Group (CRCL) once again extended its rally, with a market cap exceeding $638.9 billion. Based on the day's closing price, it has surged over 749% from its IPO price (at $31 per share), while the total market cap has reached 103.6% of its USDC market cap. However, in the following two days, Circle's share price experienced a slight decline but still remained stable at a high level. Related reading: "Behind CRCL's Pullback, Who Captured the Economic Value of USDC?", "USDC Supply and Circle Valuation: Is the $580 Billion Valuation a Bubble or Undervalued?"

DeFi Protocol Resupply Faces Attack, Losing $9.6 Million; Onekey Founder Speaks Out, Demanding Fair Resolution

On June 26, the decentralized finance (DeFi) protocol Resupply's wstUSR market suffered a security vulnerability, resulting in a loss of approximately $9.6 million in crypto assets. Blockchain security firm Cyvers stated that the attack was triggered by a price manipulation attack involving an integration of the protocol with a synthetic stablecoin called cvcrvUSD. The next day, Onekey's founder Yishi made a statement regarding the incident, urging Curve to provide a fair resolution to every investor and return user funds lost due to the project's error.

Bloomberg: GF Securities (Hong Kong) Launches Tokenized Securities Backed by Offshore Renminbi with Interest

On June 27, according to Bloomberg citing sources familiar with the matter, the Hong Kong subsidiary of GF Securities Co., Ltd. started offering tokenized securities with interest calculated in currencies such as USD, HKD, and offshore RMB. The source mentioned that the company's daily interest-bearing and daily redeemable tokenized security is named "GF Token." The USD-denominated token is benchmarked to the Secured Overnight Financing Rate (SOFR), while the rates for the HKD and RMB products are not yet clear. The source noted that this token is only available to institutional and professional investors, allowing idle short-term funds to earn interest and facilitating conversions between other tokenized assets. The token is issued on-chain and will be traded on the licensed Hong Kong cryptocurrency exchange Hashkey. GF Securities (Hong Kong) has not immediately responded to this.

Chair of the U.S. Senate Banking Committee: Crypto Market Structure Bill Will Be Completed by September 30

On June 27, it was reported that Tim Scott, the Chair of the U.S. Senate Banking Committee, stated that the Crypto Market Structure Bill will be completed by September 30, a timeline that surpasses the previous deadline set by Trump in August.

Curve Ecosystem DeFi Protocol Resupply Faces $9.6 Million Loss in Price Manipulation Attack, Onekey Founder Yishi Tweets for Rights and Calls on Curve to Provide a Solution

On June 26, the decentralized finance (DeFi) protocol Resupply's wstUSR market experienced a security vulnerability, resulting in a loss of around $9.6 million in crypto assets. This attack was triggered by a price manipulation attack involving the protocol's integration with a synthetic stablecoin named cvcrvUSD. Subsequently, Onekey founder Yishi, as one of Resupply's three major investors, demanded that Curve provide a fair solution for all investors and return user funds lost due to the project's error.

Yishi stated that as one of Resupply's three major investors, the loss from this attack amounted to millions of dollars, causing significant financial loss and immense psychological pressure. His key arguments for seeking rights are as follows: many investors, including himself, made substantial investments based on Resupply's perceived credibility with Curve; the loss incurred in this attack was not due to market fluctuations or default events but rather a technical issue—an ERC4626 inflation vulnerability resulting from the team's failure to burn the initial shares upon deploying the new treasury; the team shifting the loss to the insurance pool depositors lacks accountability; the insurance pool is intended to cover black swan events and market risks, not internal oversights, and the Resupply team did not pre-emptively state in the protocol that the insurance pool could absorb losses caused by team errors; Curve and crvusd derived significant benefits from Resupply, and they should not be allowed to escape responsibility; the vulnerability was not a market issue but a design and deployment flaw, with the team bearing the responsibility, and Convex or Yearn's treasury should share the responsibility.

On June 27, Resolv team member Tim Shekikhachev posted that over 15% of Resolv's token supply had been released to the market, including airdrops, liquidity provider reserves, and incentive budgets, with most going to early users. Some investors anticipated public market sell-offs and shorted the token, planning to buy back at lower prices, a strategy that makes sense considering the aggressive sell-offs typically seen post-airdrop, with savvy investors looking to re-enter at a lower valuation for greater gains. Tim added: "The Resolv Foundation has not sold any tokens during this period. In fact, we are firm buyers at the current price—acquiring approximately 1.6 million RESOLV at an average price of around $0.15 over the past 24 hours."

Onekey Founder Yishi's remarks regarding the Resupply incident, in which he defended his own interests (including calling on Curve to take some responsibility for Resupply), have sparked opposition from many developers. He was banned from the Resupply official Discord for his comments about "threatening the team," and some individuals went as far as to send racially insulting abuse to Yishi via private messages (it is currently unclear whether these individuals are affiliated with the project).

Binance Alpha Continues High-Density Airdrops This Week, but Daily Trading Volume Sees a Significant Decline Compared to Previous Weeks

Details of the airdrops are as follows:

June 23: 250 CARV; Stage 1: Points ≥247; Stage 2: Points ≥198, first come, first served, redemption consumes 15 points.

June 24

· 1666 MGO, participation with points ≥210, first come, first served, redemption consumes 15 points;

· 4800 DMC; Stage 1: Points ≥248; Stage 2: Points ≥210, first come, first served, redemption consumes 15 points;

· 125 NEWT; Stage 1: Points ≥241; Stage 2: Points ≥180, first come, first served, redemption consumes 15 points;

June 25: 1600 H; Stage 1: Points ≥230; Stage 2: Points ≥180, first come, first served, redemption consumes 15 points;

June 26

· 3125 XO; Stage 1: Points ≥239; Stage 2: Points ≥198, first come, first served, redemption consumes 15 points;

· 1000 SAHARA; Stage 1: Points ≥223; Stage 2: Points ≥180, first come, first served, redemption consumes 15 points;

June 27

· 400 MORE, participation with points ≥170, first come, first served, redemption consumes 15 points;

· 10,000 CESS, available for redemption with points ≥170, redemption consumes 15 points.

Binance Alpha's daily trading volume is around $500 million, continuing the downward trend from last week, with a decrease of over 70% from the peak of $20.4 billion.

US FBI Arrests Dark Web Data Theft Hacker "IntelBroker" Through $250 Bitcoin Sting Operation

On June 26, it was reported that a UK man was charged with operating under the alias "IntelBroker" on a cybercrime forum and selling stolen data, resulting in over $25 million in losses. The US Southern District of New York Attorney's Office announced the prosecution of Kai West. According to the indictment, an undercover law enforcement officer had sent a private message to "IntelBroker," seeking to purchase a victim's data for $250 worth of Bitcoin (BTC). The other party provided an address belonging to West, and after the payment was made, the data was delivered, allegedly including three administrator-level usernames and passwords. West and his online partners had listed this illegally obtained data for sale at over $2 million. He was later arrested in France in February this year, and the US is currently seeking his extradition.

Iranian Cryptocurrency Exchange Nobitex Unveils Service Recovery Plan

On June 24, Iranian cryptocurrency exchange Nobitex, which suffered a cyberattack by a pro-Israeli hacker group resulting in a loss of approximately $100 million, revealed its service recovery plan. The platform's services are set to be gradually restored in phases: the first phase will commence on June 25, requiring all users to undergo re-verification via the web portal to secure their accounts. During the verification period, most platform functions will remain disabled; the second phase is expected to start on June 28, granting re-verified users access to their accounts again; and the third phase will begin on June 30, gradually reopening withdrawal, deposit, and trading functions, with specific details to be announced in subsequent updates.

This Week's Major Fundraising Rounds: Veda, Digital Asset, Polymarket, Zama, Kalshi, OpenRouter

On June 23, DeFi infrastructure company Veda announced the completion of an $18 million fundraising round, led by CoinFund.

On the 24th, privacy-focused blockchain network Canton Network's developer, Digital Asset, secured a $135 million fundraising round, led by DRW Venture Capital and Tradeweb Markets.

On the 24th, Polymarket is set to finalize a nearly $200 million fundraising round, with a valuation exceeding $10 billion.

On the 26th, fully homomorphic encryption (FHE) provider Zama concluded a $57 million Series B fundraising round, co-led by Blockchange Ventures and Pantera Capital. This funding round brings Zama's total capital raise to over $150 million, valuing the company at over $10 billion and making it the first FHE unicorn.

On the 26th, Paradigm will back compliance-focused prediction market Kalshi with over a $1 billion valuation, closing a $100 million fundraising round. Further reading: "Silicon Valley vs. Washington, Polymarket and Kalshi Fight for Survival"

On the 27th, AI model marketplace platform OpenRouter completed a $40 million seed and Series A fundraising round, valuing the company at around $500 million. This round was led by Andreessen Horowitz and Menlo Ventures, with participation from Sequoia and several well-known industry investors.

Top Articles of the Week

"On Day 154 in Office, Trump Pays Off Over $1 Billion in Debt"

On the 154th day of his second term, Trump astonishingly repaid a $114 million cash loan on Manhattan's Wall Street 40, shocking the market. This funding may have come in part from his vast wealth network built through cryptocurrency, brand licensing, and media platforms, including a massive USDT redemption on the TRON blockchain, cashing out of family-issued meme coins, and monetizing Trump Media's equity. After experiencing six corporate bankruptcies and mainstream bank cutoffs, he turned to shadow bank financing to restructure his business empire. This "all-cash payment" not only showcased his astounding capital mobilization ability but also triggered widespread questioning about the sources of his wealth, market manipulation, and political-financial relationships.

"Female Buffett Earns $200 Million with CRCL, Can She Short Circle Now?"

The soaring Circle stock has ignited market frenzy, with its market value surpassing the issuance of USDC at one point, becoming the focus of the stablecoin capital narrative. Despite institutions like ARK Invest beginning to realize gains, the market, in the context of high shorting costs and a small float, still maintains overwhelmingly bullish sentiment. While U.S. stock investors are enthusiastic about grand narratives, cryptocurrency traders have significant divergences in fundamental valuations. This compliant stablecoin frenzy supported by giants like BlackRock may just be getting started.

"CRCL Hits New High, Circle Executives and VCs Sell Off $2 Billion"

Since going public, Circle's stock price has continued to surge, with CRCL skyrocketing from an IPO price of $29.30 to $300, making it one of the biggest winners in the intersection of Wall Street and the crypto community. However, in this stablecoin leader's equity feast, early executives and venture capitalists have instead become "disappointed ones" who missed the main upswing. Many of them chose to sell on the IPO day, missing out on potential billion-dollar gains in just two weeks. This not only reveals a severe misjudgment of market expectations but also reflects the cognitive gap between the primary and secondary markets in the new era of crypto finance. When even founders fail to predict the true value of their own stock, perhaps we should reconsider: in this era full of narrative-driven and emotion-leveraged decisions, who truly holds the smart money?

"Missed Out on Circle's 7X Surge, Is It Still Time to Long Coinbase?"

Recently, Circle's strong performance since going public has left many regretful investors looking for alternatives. Among them, the call for Coinbase is the loudest, given its close business relationship with USDC. Investors widely believe that the market's future expectations for Circle and USDC could also be priced into Coinbase's stock.

"Is pump.fun Now Worth $4 Billion?"

As the meme coin craze subsides, pump.fun, with a valuation of up to $4 billion, is facing liquidity retreat, market skepticism, and transformation pressure. It is no longer just a fast-paced coin issuance platform but is trying to shift towards building "decentralized media". By fostering live streaming celebrities and reshaping influence through community culture, it has the potential to regain dominance in the next wave of the meme craze. Meme coins will not die because young people still need a stage for a narrative that changes their fate.

"Can Crypto Retail Investors Buy SpaceX Equity Now? A Look at Three Major Private Equity Tokenization Platforms"

Private equity tokenization is becoming a new narrative beyond stablecoins. Represented by projects like Jarsy, Republic, Tokeny, it is trying to break the traditional private placement market's high barriers, low liquidity, and institutional monopoly. Through blockchain technology, equity assets of star companies like SpaceX, Stripe, etc., are being put on-chain, allowing retail investors to participate in the primary market's growth dividend with thresholds as low as $10. While this trend demonstrates the enormous potential to reshape financial access and asset liquidity, it still faces multiple challenges such as legal compliance, structural design, and trust mechanisms. The real test of RWAs is just beginning.

"From State-Owned Enterprise Deputy Factory Director to Ride-Hailing Driver, Crypto Contract Leverage Put Him $3 Million in Debt"

An ordinary person who once served as a deputy factory director in a state-owned enterprise found himself deeply trapped in the cryptocurrency leverage trading, losing a total of 3 million yuan in speculative trading. Despite borrowing money four times in an attempt to turn the situation around, he ended up in a miserable state, driving a ride-hailing car to repay his debts. His family fell apart, his parents severed ties with him, and his life turned into a mess. He candidly narrated the whole process from "dull knife cutting flesh" to psychological loss of control, revealing the profound dilemma of ordinary people in the cryptocurrency world entangled by information asymmetry and greed. Beneath the illusion of getting rich quick lies the price and downfall after the shattered dreams of countless ordinary people.

"Besides BTC and ETH, What Are the Top 3-5 Year Crypto Investment Picks in the Eyes of These Industry Leaders?"

Without being able to hold mainstream coins like BTC, ETH, SOL, etc., several cryptocurrency industry insiders shared their favored investment targets for the 3-5 year long-term cycle: the Base founder is bullish on Coinbase stock, Ansem chose Worldcoin related to decentralized identity, Auri recommended Starknet with privacy and decentralization advantages, Fishy Catfish supported Chainlink, which leads in the RWA and data services field. Some are optimistic about projects like Jito, Zcash, AAVE, MKR, which have long-term potential and revenue-generating capabilities, even considering SPX as a "sports meme coin" with cultural narrative value. These viewpoints reflect the long-term faith and hedging strategies of current market participants across diverse tracks.

"WLFI About to Go Public: Geometric Valuation, Will It Become the Next TRUMP?"

News of the Trump family's cryptocurrency project WLFI preparing to enable transfers has sparked strong market attention, with the off-exchange token price surging to $0.12, ten times higher than the initial presale price. The three rounds of presale raised over $550 million, with the current holdings highly concentrated among large holders. Trump himself holds 15.75%, Justin Sun holds 3%, and if there are no restrictions on future releases, there is a significant risk of large holder sell-offs. At $0.12, WLFI's circulating market cap is about $3.12 billion, with optimistic price expectations potentially reaching $0.5 to $1, but constrained by concentrated holdings and market trust, future volatility may be drastic.

"Meta, Amazon, Microsoft: Why Did They Simultaneously 'Cold Shoulder' Bitcoin?"

Bitcoin as a corporate reserve asset is still a minority and radical strategy. Most tech giants such as Meta, Amazon, and Microsoft have explicitly rejected adoption due to price volatility, regulatory uncertainty, and shareholder value risks, emphasizing financial prudence and prioritizing core business. In contrast, companies like Strategy have achieved a surge in stock price through large-scale Bitcoin purchases, becoming alternative representatives, but also exposing themselves to the high risk brought by crypto market fluctuations. Overall, enterprises are still cautiously balancing innovation and risk, making it difficult for Bitcoin reserve strategies to become mainstream in the short term.

"Ma Gang's 2014 Talk on Bitcoin: Simulating the Perfect Currency, Bitcoin Will Become a New Battlefield of Great Power Competition"

Ma Gang systematically expounded his deep understanding and high recognition of Bitcoin in his 2014 speech, believing that Bitcoin has not only surpassed traditional currencies like gold in technology but also possesses new-era characteristics such as low cost, high security, and decentralization. He emphasized that Bitcoin simulates the essence of the "perfect currency" as a trustless, autonomously operating settlement network, and is also a key tool in the international currency game. Ma Gang reminded Chinese society to face squarely the global power restructuring behind Bitcoin, be wary of the United States reshaping financial hegemony by controlling its computing power, reserves, and pricing power, and called on entrepreneurs and the public to fully understand and actively participate in the game of the Bitcoin era, not to miss the opportunity for global monetary system transformation again.

"When Ma Gang Targeted Pinduoduo, His Mentor Tim Draper Was Already Positioning for the 'Bankless Era'"

Tim Draper, as the heir to a three-generation investment family, is known for early bets on Baidu, Skype, Tesla, and Bitcoin. He is one of the most ardent advocates of Bitcoin. Draper, who became a creditor during the Mt. Gox era due to the loss of 40,000 bitcoins, still bought bitcoins at a high price from the U.S. government auctions and continued to invest in blockchain talent cultivation and infrastructure construction. Draper firmly believes that Bitcoin will replace the dollar as the global reserve currency and predicts that the price of Bitcoin will reach $250,000 by 2025. He emphasizes that investment should focus on mission and passion rather than short-term data, and supports technological innovation over a 5 to 10-year period, encouraging innovators to seize the opportunity of global financial restructuring during regulatory transitions.

"From Crypto Quant Titans to Infrastructure Hermits, Jump Crypto's 'Redemptive' Transformation"

Former high-frequency trading giant Jump Crypto, after experiencing setbacks such as the Terra collapse, Wormhole hack, and FTX bankruptcy, quietly exited the stage. However, it recently announced its high-profile return as a "crypto infrastructure builder," attempting to shake off past controversies and rebuild market trust. Jump Crypto not only emphasizes its core technical contributions to projects like Pyth, Wormhole, and Firedancer but also rarely discloses its involvement in U.S. crypto policy lobbying. It has initiated a new round of investment layout, indicating its role transformation through policy improvement and technological investment, aiming to regain a crucial position in the on-chain ecosystem.

"From Privacy Evangelist to 'Money Laundering' Defendant, Tornado Cash Co-Founder Roman Storm Faces Fate Judgment"

Roman Storm faces up to 45 years in prison for developing the decentralized privacy tool Tornado Cash, making his case a focal point of the tug-of-war between tech freedom and government regulation. Although the tool aims 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 power to control fund flows. The crypto community and the Ethereum Foundation, among others, have come to his support, viewing his trial as a key precedent for deciding whether software developers are responsible for user behavior. This lawsuit is not only about his personal destiny but also touches on the definition of privacy and innovation freedom in the digital age.

"Solana Treasury Stock Upexi Plunges 60%, Early Coin-Hoarding Institutions Begin to Profit Take?"

The Solana Treasury concept stock Upexi plummeted over 60% due to investors concentrating on reselling shares, exposing the high risk of the so-called "on-chain micro-strategy" model. Despite being previously favored by institutions and raising $100 million in large-scale SOL hoarding, almost all of its early circulating shares were quickly resold, leading to a rapid value regression. Other similar companies such as DeFi Development, Sol Strategies, SharpLink Gaming, etc., are also caught in a similar predicament. Although a new round of coin-stock frenzy is still spreading, with newcomers entering the scene with BNB and Hype concepts, the crash of early players has revealed that the "coin hoarding to sustain operations" model is difficult to support a company's fundamentals in the long run.

"Iran Mining Warning Record: When Mining Turns into a Tool for Looting, the Country Is Accelerating Its Collapse"

The Iranian government-led large-scale Bitcoin mining has become a key tool to circumvent financial sanctions under pressure, but has also caused widespread abuse of subsidized electricity and the proliferation of secret mining farms controlled by the Islamic Revolutionary Guard Corps, leading to overloaded power grids, frequent nationwide blackouts, and severe damage to people's livelihoods and the economy. Despite authorities cracking down on scattered illegal mining rigs, the true power hog hides in large authorized facilities under power-holding, forming a corrupt "crypto monopoly group" that continuously devours the country's energy resources, triggering social anger and a crisis of institutional trust.

"Betting $50,000 Against Aave, Can Polygon's New Coin KAT Support Its Dual-Coin Ambition?"

A core member of Aave and the Polygon CEO publicly bet on the future market cap of the new coin KAT, revealing not only the divergence in tokenomics but also a deep questioning of Polygon's multi-coin strategy and governance philosophy. KAT, as a key move to reshape the DeFi ecosystem on Polygon, aims to repair the ecosystem's blood loss after Aave and Lido withdrew by rebuilding liquidity foundations through airdrops, incentives, and independent infrastructure. However, the dual-coin structure may dilute the value of POL and intensify governance uncertainty. Behind the bet is a contest of ecosystem transparency, protocol collaboration, and user trust. Whether KAT can uphold Polygon's new narrative still requires dual validation from the market and time.

"Stablecoins' Next Stop: International Payments, Tokenization of US Stocks, and AI Agents"

Stablecoins are transitioning from fringe assets to the core of financial innovation, with the two emerging applications of US stock tokenization and AI agents serving as driving forces: the former, driven by institutions such as BlackRock, Coinbase, and Kraken, has reignited enthusiasm for RWAs, expanding stablecoin demand; the latter, through smart contracts and a lightweight account system, enables AI automatic payments, enhancing usability. Coupled with global payment landing scenarios and policy support, stablecoins are expected to become a key tool to attract global liquidity. However, their large-scale adoption is still limited by blockchain performance bottlenecks and intense market competition.

"Pantera Capital: Why Are We Investing in Worldcoin?"

Against the backdrop of rapid AI content and agent proliferation, World is dedicated to building a global "Proof of Humanity" network, verifying unique real identities through biometric means such as iris scans and implementing privacy-protected and censorship-resistant identity systems based on Worldchain. Founded by OpenAI CEO Sam Altman, World has already verified over 12 million people, covering key scenarios such as gaming, dating, socializing, and advertising while accelerating hardware distribution and global expansion, with the goal of verifying 5 billion humans. World aims to create a decentralized digital identity infrastructure to unleash significant business and strategic value in the future on-chain economy and digital society.

"Which Web2 Businesses Are More Suitable for Rapid Stablecoin Adoption?"

With regulatory progress and payment giants accelerating their layout, stablecoins are moving from concept to practical application. Their instant settlement, low cost, global reach, and programmable features are redefining business models such as cross-border remittances, corporate settlements, payroll, and card issuance. This article systematically examines how To C fintech, B2B commercial banks, payroll platforms, and card issuers can specifically introduce stablecoins to achieve 24/7 settlement, liquidity optimization, and global expansion. It points out that enterprises that are the first to deploy a stablecoin strategy will gain significant cost advantages and a market-leading position.

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