The Blockchain Bulletin June 11: U.S. Charges Russian in $530M Crypto Laundering

Hey folks! Welcome to our latest and in-depth news insights: The Blockchain Bulletin—through which we covey the major updates of the previous day. Over the past 24 hours, a wave of impactful developments has rippled across the global blockchain landscape, with regulatory enforcements, protocol updates, ecosystem upgrades, and price action shaping the digital asset narrative. 
Opening up with a chilling revelation, a Russian man stands accused of funnelling over $530 million through U.S. banks and crypto networks, allegedly aiding sanctioned Russian banks and fueling illegal tech transfers. The Department of Justice calls it a covert pipeline of digital deception. With 22 serious charges and a global web of financial crime, the case exposes a dark undercurrent threatening the trust behind cryptocurrency’s promise of transparency.

South Korea Moves to Legalize Stablecoins

Newly elected South Korean President Lee Jae-myung has introduced the Digital Asset Basic Act, enabling local firms to issue won-backed stablecoins. The law seeks to enhance the nation’s financial sovereignty and extend beyond investor protection into full-scale blockchain development. The proposal builds on the existing Virtual Asset Investor Protection Act and signals South Korea’s intent to regulate and lead in digital finance.

Regulatory Updates

Levi & Korsinsky LLP has filed a class action lawsuit against MicroStrategy (rebranded as Strategy) for allegedly misleading investors about the financial risks tied to its Bitcoin-centric approach. The complaint, covering stock purchases from April 2024 to April 2025, cites deceptive reporting of crypto volatility. Q1 2025 filings showed a $5.91 billion unrealized loss under new accounting standards. Investors have until July 15 to register as lead plaintiffs.

Technological Developments

Bitcoin Core developers have finalized a long-debated upgrade that will expand the OP_RETURN data limit from 80 bytes to nearly 4MB in October’s Core 30 release. Developers Antoine Poinsot and Peter Todd argue the change will increase Bitcoin’s functionality by enabling non-financial data storage. However, notable opposition came from Luke Dashjr and others, who warned of blockchain overload and misuse. The decision underscores diverging views within the Bitcoin community on network utility and design integrity.

The Ethereum Foundation’s recently published building report on the security challenges. Based on community feedback, this report states that users bear a disproportionate security burden. UX concerns revolve around keys signing blind, weak permissions, and compromised interfaces. The findings require focus on improving Ethereum’s security and accessibility for regular mainstream adoption.

Cardano has unveiled Cardinal, a new protocol that lets Bitcoin holders access DeFi services like lending and staking without ceding asset custody. Developed by InputOutput HK, Cardinal uses Wrapped UTXOs and MuSig2 multisig technology to mint Cardano-native assets from locked Bitcoin. The model eliminates reliance on wrapped BTC from third-party custodians, opening DeFi access for Bitcoin users in a decentralized, secure framework.

Market Overview

Ethereum (ETH) climbed 3.96% to $2,797.40 in the past 24 hours, according to data fetched by CoinMarketCap while writing. The market cap rose to $337.7 billion, while trading volume jumped by 42.48% to $34.49 billion. ETH hit a daily low of $2,680 before reversing and peaking above $2,820, closing near $2,788. The 10.23% volume-to-market cap ratio highlights heightened market activity. The sustained rally reflects trader confidence and renewed momentum in the altcoin’s upward trajectory.

Bitcoin is trading at $109,670.89, up 0.23% in the last 24 hours. The market cap stands at $2.17 trillion, with a 24-hour volume of $52.52 billion. BTC saw volatility, dipping below $108,500 before rebounding above $110,000. The circulating supply is 19.87 million BTC, close to its 21 million cap, showing strong ongoing market engagement.

Ethereum shows bullish strength with rising volume and price recovery above $2,820, while Bitcoin maintains stability near $109,670. Traders may expect continued bullish momentum today if volume holds, though volatility remains a key short-term risk factor.

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