This Week in Review | Market Plunges Post-U.S. Intervention in Iran Conflict; Tron Teams Up with Trump's Son for SPAC Listing
Stablecoin Concept Gains Popularity in the Stock Market, with Circle's price surging over 700% since its June 6 listing compared to its IPO price; Iranian cryptocurrency exchange Nobitex was hit by an Israeli hacker group, losing approximately 100 million dollars.
BlockBeats will compile key industry news for the week (6.16-6.22) in this article, and recommend in-depth articles to help readers better understand the market and stay informed of industry trends.
Key News Recap
Escalation of Conflict Between Israel and Iran: U.S. Intervenes by Bombing Iran; Crypto Market Responds with a Drop
On June 22, the U.S. military deployed 6 B-2 bombers to strike 3 Iranian nuclear facilities. U.S. President Trump confirmed this news on social media, stating, "Now is the time to pursue peace. Iran must immediately agree to end this war." In response to this news, Bitcoin briefly dropped over 2%, and the ETH/BTC exchange rate plummeted by 6.2% during this event. On the same day, Trump gave a speech stating that the U.S.'s goal is to destroy Iran's nuclear enrichment capability to prevent Iran's nuclear threat, and Iran's facilities have been completely destroyed. Iran must now achieve peace, and if all parties do not achieve peace, future conflicts will be more intense. Iran must either embrace peace or face tragedy. Many objectives have not yet been achieved, and the targets hit tonight were the "most difficult targets." If peace is not achieved in the future, other targets will be hit precisely. Related Read: "Continuous Geopolitical Conflicts: How Traders Can Position Their BTC Holdings? | Trader's Observation"
Tron to List in the U.S. through a "Shell" Listing, and Establish a Strategy Company with Trump's Son
On June 16, Tron will list through a reverse merger with SRM Entertainment, listed on the Nasdaq, in a deal steered by boutique investment bank Dominari Securities based in New York, which has connections to Donald Trump Jr. and Eric Trump. One source mentioned that this newly formed company will purchase and hold TRX, mimicking Strategy's strategy. The source also revealed that Eric Trump is expected to hold a position in the new company, but this was later debunked by the individual himself the next day. It is reported that the company will be named Tron Inc, and Tron is expected to inject up to $210 million in token assets into the new company. Related Read: "Tron's Listing: Sun's Entry into the Crypto Market through 'Shell' Listing Capital Celebration", "Besides the Newly Acquired Listed Company, What Other Enterprises and Assets are Under Justin Sun's Name?"
160 Billion Login Credentials from Apple, Google, and Others Leaked, Raising Security Concerns in the Crypto Industry
On June 19, it was reported that over 160 billion login credentials from mainstream online service providers such as Apple, Google, and Facebook were leaked. This massive data breach incident may have serious consequences for cryptocurrency holders. According to a recent report, the Cybernews research team reviewed "30 leaked data sets, each containing from tens of millions to over 35 billion records." These data sets in total reached an "astonishing 160 billion leaked login credentials." The report noted that "except for one 'mysterious database' containing 184 million records that has been reported before, the rest of the data sets have not been previously disclosed." Most databases contain an average of around 5.5 billion records, with the smallest data set containing over 16 million records. Cybernews warned that this data could serve as the "foundation for large-scale attacks," providing attackers with "fresh and weaponizable troves of intelligence." It is said that most of the data leaks stem from unprotected Elasticsearch instances or object storage services.
Infini Announces Termination of Infini Card Services; Infini Co-founder: Due to High Compliance Costs, Thin Profits, etc., Will Focus on Wealth Management and Asset Management
On June 17, Infini announced the formal termination of its subsidiary Infini Card services, including the Global Card, Lite Card, and Tech Card, which will cease to be used or applied for with immediate effect. Despite the termination of card services, core functions such as top-up, withdrawal, and Earn earnings will continue to operate normally, and user assets will remain safe and controllable. On the same day, Infini's co-founder Christine posted on social media, stating, "Infini has announced the formal cessation of its crypto card business for individual users (To-C), citing reasons such as high compliance costs, thin profits, and complex operations. Although this business accounts for about 99% of the company's resources, it has not brought substantial revenue and has been strategically divested. Wealth management and asset management will be the future focus areas. Currently, Infini's wealth management products have an annualized return rate stable at around 5%, and top-up, withdrawal, and other functions are operating normally." Related read: "Exclusive Interview with Infini Co-founder: Why Did We Shut Down the U Card Business?"
This Week Binance Alpha Tokens ZKJ and KOGE Experience Sudden Plunges, Binance: Due to Large Holders Withdrawing On-chain Liquidity and Cascading Liquidation
On the evening of June 15, Binance Alpha tokens ZKJ and KOGE experienced a flash crash, with a drop of over 50% at one point. On-chain analyst Auntie Ai suggested that this may have been a long-planned rug pull operation. The simultaneous pressure from three main addresses through "large liquidity withdrawal + continuous selling" caused ZKJ and KOGE to crash one after the other. On the 16th, Binance stated that this situation was mainly caused by the withdrawal of liquidity by large holders and cascading liquidations in the market. On the 17th, the ZKJ team released a preliminary report on the token's price plunge, citing the main immediate causes as a large token injection from a coordinated on-chain liquidity attack, a large transfer by Wintermute to centralized exchanges, and cascading liquidations on these exchanges. As a result of this event, Binance Alpha's trading volume has been steadily declining for several days and has now dropped to below $700 million daily on average. Related readings: "Revisiting the ZKJ and KOGE Flash Crash: A Liquidity Harvesting 'Sunshine Plot'", "A Three-Week 'Binance Alpha Hunt': The Plunge of ZKJ and KOGE, Did Whales Score and Profit Again?"
Stablecoin Concept Stock Receives Market Enthusiasm, Circle's Price Surges Over 700% Since Its June 6 Listing Compared to Its IPO Price
On June 21, according to the U.S. stock market, Circle closed at $240.28, a daily increase of 20.39%, reaching a new high since its listing. Previously, on June 5, Circle completed its IPO on the New York Stock Exchange at $31 per share. After several days of continuous gains, Circle's current stock price has surged over 770% compared to its IPO price. Related readings: "Eve of the Stablecoin Revolution: The Stablecoin Frenzy Accelerated by Circle's Crazy Surge", "Crypto Bull Market, All in U.S. Stocks: Circle from $31 to $165 in Ten Days", "Sister Mooncake Takes Profit After Earning $100 Million, Can Now Short Circle?"
pump.fun Token Auction Delayed Again to Mid-July, Valuation Around $40 Billion
On June 20, it was reported that the pump.fun token auction has been delayed again to mid-July, with a valuation of around $40 billion. The auction has been postponed multiple times since the end of last year, and the project team is selling token allocations to crypto funds. However, according to a valuation model created by a Messari researcher, the PUMP Fully Diluted Valuation (FDV) could reach $70 billion. Read more: "Messari: PUMP's Fair Valuation at $70 Billion, Can Public Sale Make a Profit?"
X Ban Wave Subsides: pump.fun, Its Founder, GMGN, and Some Crypto KOL X Accounts Unbanned
On June 18, according to market sources, X accounts that were previously banned, including pump.fun, its founder Alon, GMGN platform, and some crypto KOL accounts, have now been unbanned. Earlier reports mentioned that on June 12, X platform suddenly conducted a large-scale ban on Crypto users, resulting in bans on accounts such as Eliza, GMGN official Twitter, and various MEME KOL accounts, including influencers like @Wolfy_XBT, @brc20niubi, @0xCryptoWizard, @Ga__ke, GMGN official account @gmgnai, GMGN founder account @haze0x, and more. Read more: "Pumpfun Accounts Gone, Crypto Twitter English Community Also Faces Collective Ban"
ai16z Founder: X Platform Says Monthly $50,000 Enterprise Licensing Fee Will No Longer Be Pursued, Considering Legal Action
On June 18, the ai16z founder posted on Farcaster, stating, "X has contacted me, claiming we violated certain terms of service like selling data, selling content bypassing API keys, but we never did that, don't now, and won't in the future. X said if we pay a monthly $50,000 enterprise licensing fee, they won't pursue it further. I don't want to be part of this system—it goes against everything I stand for. I am considering legal action." Prior reports mentioned that the official X account of ElizaOS @elizaOS and its founder Shaw's account @shawmakesmagic were both frozen.
U.S. Senate Votes to Pass the "GENIUS Stablecoin Act"
On June 18, it was reported that on Tuesday local time, the U.S. Senate passed the landmark cryptocurrency legislation known as the "GENIUS Act," aimed at fostering the industry's growth. This marks a historic lobbying victory for digital asset companies in the Senate's first-ever comprehensive regulatory reform vote on cryptocurrency. The U.S. Senate passed the bill with a vote of 68 in favor and 30 against, with 18 Democrats and a majority of Republicans supporting it for consideration by the House. The bill, led by Republican Senator Bill Hagerty of Tennessee, will establish a U.S. regulatory framework for stablecoins pegged to the U.S. dollar for the first time. Related reading: "Senate Clears 'GENIUS Act,' Will It Impact Tether?"
Texas Governor Signs "Bitcoin Reserve Act" SB 21, Officially Becoming Law
On June 22, it was disclosed that Texas Governor Greg Abbott signed the "Bitcoin Reserve Act" SB 21, formally making it into law. Texas now becomes the third state to have a Bitcoin reserve. Earlier, Texas Lieutenant Governor Dan Patrick announced that the Texas Strategic Bitcoin Reserve Act garnered bipartisan support, creating a fund managed by the state government that will only invest in cryptocurrencies with an average market value of at least $500 billion in the past 12 months and eligible for state budget appropriations. Additionally, the bill establishes the Strategic Bitcoin Reserve Advisory Council to provide guidance on fund management and requires a biennial report on holdings.
Iranian Crypto Exchange Nobitex Hit by Israeli Hacker Group, Losing Approximately $100 Million
On June 18, the Iranian crypto exchange Nobitex was targeted in a hacking attack. The perpetrators behind the attack were a pro-Israeli hacker group known as "Gonjeshke Darande." The group, whose name translates to "Pouncing Eagle" in Persian, is notorious for conducting cyberattacks on critical Iranian infrastructure. While the group claims to be an independent hacking collective, the sophistication of their attacks and the choice of targets against the Iranian regime suggest possible ties to the Israeli government or military. On that day, SlowMist co-founder Chun Cai stated that the hacked addresses were all "Vanity Addresses," indicating a political motive over asset theft. On the 19th, the group disclosed key information about Nobitex's internal architecture, system details, source code, etc., on social media. On the same day, Nobitex released a statement saying, "The estimated total amount of stolen assets is about $100 million. Moreover, due to network restrictions and blocked external server access, the platform's recovery may take longer than usual. However, Nobitex is making every effort to expedite the repair process. All user assets are fully protected by Nobitex's reserve fund, and users will not suffer any financial losses."
Trump Group Launches T1 Smartphone, Priced at $499
On June 16, the Trump Group launched the T1 smartphone with a price tag of $499, expected to be released in September. Former U.S. President Trump had previously stated that the Trump phone would use "Made in America" phones and services. In the crypto field, the Solana phone is priced at Solana Saga ($1,000, first generation) and Solana Seeker ($450-$500).
JD.com: JD to Apply for Stablecoin License in Major Currency Countries Worldwide
On June 17, according to Sina Finance, Liu Qiangdong, Chairman of JD.com, stated at a sharing session that JD.com hopes to apply for stablecoin licenses in all major currency countries worldwide, and then achieve global corporate exchange through the stablecoin license, reducing global cross-border payment costs by 90% and improving efficiency to within 10 seconds. Liu Qiangdong said, "Now, on average, it takes 2 to 4 days for inter-enterprise remittances, and the costs are quite high. After completing B-end payments, we will move towards C-end payments, hoping that one day everyone in the world can use JD Stablecoin for consumption." Related reading: "Entering the Stablecoin Market Strongly, Liu Qiangdong Officially Initiates JD's 'Second Payment Revolution'"
JD Coinlink CEO: JD Global Buy Hong Kong and Macau Site to Support User Shopping with Stablecoin
On June 18, Liu Peng, CEO of JD Coinlink Technology, recently stated in an interview, "In the JD ecosystem, the global buy Hong Kong and Macau site's checkout scene will be the first to use JD Stablecoin for payment settlement. Outside the JD ecosystem, given the differences among different industries in terms of scene characteristics, transaction timeliness, and fund clearing logic, we plan to 'tailor-make' stablecoin payment solutions for different industries. The first retail sector to land is the JD Global Buy Hong Kong and Macau site, where users can first use stablecoin to shop in JD's self-operated e-commerce scene. JD Coinlink plans to obtain a license in the first quarter of 2025 and simultaneously launch stablecoins anchored to the Hong Kong dollar and other currencies. The company is currently testing in the Hong Kong Monetary Authority's stablecoin issuer sandbox, with a focus on testing the application of stablecoin in cross-border payments, investment transactions, and retail payments."
Coinbase Seeks SEC Approval to Launch On-Chain Tokenized Stocks, Challenging Traditional Brokers Like Robinhood
On June 17, it was reported that Coinbase's Chief Legal Officer, Paul Grewal, revealed that they are actively seeking SEC approval for a no-action letter or exemption to launch a blockchain-based traditional stock trading service. Tokenized stocks would enable T+0 settlement, 24/7 trading, and lower costs, but currently, U.S. investors are still prohibited from participating. This move will directly challenge traditional brokers such as Robinhood and Charles Schwab, while Coinbase's competitor Kraken has already launched xStocks service in Europe, Asia, and Africa, offering over 50 tokenized stocks and ETFs. After introducing a co-branded credit card with American Express last week and partnering with Shopify/Stripe for USDC payments, Coinbase continues to expand beyond the crypto asset realm. Related reads: "Coinbase Deep Integration + JPMorgan Chase Pilot, Which Projects Are Worth Paying Attention To?", "Coinbase Aiming to Be the 'American Binance'"
JPMorgan Chase to Possibly Enter Stablecoin Business, Will Pilot Deposit Token JPMD on Base Network
On June 18, according to Bloomberg, JPMorgan Chase will launch a token pilot named JPMD, representing the U.S. dollar deposits of the world's largest bank, indicating that financial institutions are further expanding into the digital asset space. The bank will pilot the issuance of deposit token JPMD on a blockchain associated with Coinbase. Naveen Mallela, Co-Head of Kinexys, JPMorgan Chase's blockchain division, mentioned in an interview that in the coming days, the bank will execute a transaction transferring a specific amount of JPMD from the bank's digital wallet to Coinbase Global Inc., the largest U.S. cryptocurrency exchange. Related reads: "Base's 'Onchain Summer' Is Finally Here", "'Stablecoin as a Platform': Why Every Company Needs a Stablecoin Strategy?"
Former Serbian President Confirms Role as AB Foundation CEO in Post, Engages in Charity Work
On June 16, former Serbian President Boris Tadić posted on X Platform stating, "As the Chief Executive Officer of the AB Foundation (@ABCharityFund), I am pleased to share that despite AB's charity work still being in its early stages, our first donation - focusing on aid for impoverished children - has been successfully sent to Timor-Leste! This act of kindness has been highly praised and was honored with a certificate of appreciation from the President of Timor-Leste, José Ramos-Horta. We look forward to extending our mission globally, not limited to just Timor-Leste." Read more: "Full Europa Great AB DAO to Succeed ZKJ, Becoming Binance Alpha's Next Moonshot?"
Central Bank to Establish International Operation Center for Digital Currency; Governor Pan Gongsheng Discusses Stablecoins for the First Time
On June 18, according to CCTV News, at the 2025 Lujiazui Forum, People's Bank of China Governor Pan Gongsheng announced the establishment of an international operation center for the digital currency. This aims to promote the international operation of the digital currency and the development of financial market businesses, serving digital financial innovation and establishing personal credit agencies. Diversified and differentiated personal credit products will be provided to financial institutions to further improve the social credit system. Pan Gongsheng also stated that new technologies are accelerating in the field of cross-border payments. Emerging technologies such as blockchain and distributed ledgers are driving the vigorous development of central bank digital currency stablecoins, reshaping the traditional payment system from the ground up, significantly shortening cross-border payment chains. However, this also poses a significant challenge to financial regulation. Technologies such as smart contracts and decentralized finance will continue to advance the evolution and development of cross-border payment systems.
Binance Alpha Continues to Launch Multiple Airdrops and TGE Projects This Week; Mainstream Trading Users Receive an Average Daily Airdrop Profit of Approximately $14.6 Over the Past 30 Days
Below are the details of the airdrops:
June 16
· Users with ≥242 points can claim 5000 VELO airdrop, consuming 15 points.
· Users with ≥242 points can claim 2543 ULTI (Ultiverse) airdrop, without consuming points.
June 17
· Users with ≥238 points can participate in the BOMB TGE, requiring 15 points.
· Points ≥240 can claim 2000 SPK (Spark) airdrop, costing 15 points.
June 18
· Points ≥234 can participate in DAOBase TGE, costing 15 points.
June 19
· Alpha launches Matchain (MAT), airdrop distributed in two phases: Phase 1 (first 18 hours): Users with points ≥243 can claim; Phase 2 (next 6 hours): Users with points>210 can first come first served, receiving 16 MAT per person; Claiming in each phase costs 15 points.
June 20
· Alpha launches Avail (AVAIL): Phase 1: Points ≥243 can claim; Phase 2: Points ≥199 can participate, receiving 2667 AVAIL per person; Claiming in each phase costs 15 points.
· Points ≥238 can participate in League of Traders (LOT) TGE, costing 15 points.
June 21
· Alpha launches Redbrick (BRIC): Phase 1: Users with points ≥251 can apply; Phase 2: Users with points ≥226 can first come first served, receiving 900 BRIC per person; Each phase application costs 15 Alpha points.
On June 16, Binance announced the adjustment of the Alpha Points calculation rules. Starting from June 17, 2025, the trading volume of pairs involving Alpha tokens will no longer contribute to the calculation of Alpha Points. According to the calculation by BlockBeats, using the new Binance Alpha rules, the daily trading wear and tear is about $4, with an expected profit of $560 in 30 days, expected cost of $120 in 30 days, and expected profit of $440 in 30 days, averaging about $14.6 per day.
Trump's Company Quietly Reduces Stake in Crypto Project WLFI
On June 19, according to Forbes, based on an analysis of the World Liberty official website rules, a company owned by Donald Trump has reduced its stake in the crypto project World Liberty Financial from 60% to 40% in the past 11 days. This change was made without any public announcement, indicating another sign that Trump himself or individuals acting on his behalf are still secretly conducting behind-the-scenes transactions during his tenure. Related reading: "White House Discloses Trump's Financial Situation: Resort Main Business Annual Income Exceeds 100 Million; WLFI Sales Reach 57 Million Dollars"
DoorDash CTO Responds to Base Co-Founder Jesse's Proposal on Stablecoins
On June 18, Base co-founder Jesse Pollak posted on X platform hoping to collaborate with mainstream platforms such as DoorDash, ChatGPT, Uber, Lyft, Spotify, Starbucks, Amazon, Whole Foods, Chipotle, etc., to promote support for stablecoin payments, stating that "this will increase my quality of life by 10x," and mentioned that Base currently has Shopify-level technical integration capabilities, openly inviting interested parties to DM for collaboration. Subsequently, Andy Fang, co-founder and CTO of the largest U.S. food delivery platform DoorDash, sent a DM requesting collaboration, to which Base co-founder Jesse confirmed to have established contact and the two parties may collaborate on stablecoin payments.
Telegram Founder Allowed to Travel to Dubai; Has Made a Will to Distribute Wealth to 6 Children and 100 Children Born Through Sperm Donation
On June 19, according to Cointelegraph, Telegram founder Pavel Durov has been allowed to leave France starting from July 10 for 14 days but only to Dubai, and must undergo ongoing judicial supervision. On the same day, Pavel Durov expressed his intention to distribute his $17.1 billion wealth to six children born to him with three partners and the 100 children born in 12 countries over the past 15 years through sperm donation. "They are all my children and have equal rights! I do not want them to be torn apart after my death," said the 40-year-old Durov, adding that he does not want his children to access his wealth within 30 years of his passing.
Reddit in Talks to Use Worldcoin's Iris Scanning Device Orb, WLD Surges Over 5.5% Briefly
On June 20, it was reported that Reddit is in talks to use Sam Altman's Worldcoin's iris scanning device Orb. According to two sources familiar with the matter, World ID may soon become a way for Reddit users to remain anonymous on the platform while verifying themselves as unique individuals. On the same day, influenced by this news, WLD surged over 5.5% briefly.
X CEO: Users Will Soon Be Able to Invest or Trade on the X Platform
On June 19, according to the Financial Times, Linda Yaccarino, CEO of the social media platform 'X,' said that users will soon be able to invest or trade on the platform. X is also exploring introducing credit or debit cards.
Bank of America Ranks Bitcoin as One of the Greatest Innovations of the Past Millennium
On June 17, according to Cointelegraph, Bank of America ranked Bitcoin as one of the greatest innovations of the past millennium, comparing its impact to that of the internet and electric cars.
Criminal Gang in Danzhou, Hainan Uses Pumping of Virtual Currency as Bait, Illegally Raises Public Deposits Worth Millions Sentenced
On June 18, the Danzhou City Procuratorate in Hainan Province, China, reported that a criminal gang recently illegally raised over 10 million yuan in public deposits using investment in virtual currency as bait. The amount involved was huge, and they were prosecuted for the crime of illegally absorbing public deposits. After trial by the Danzhou City Court, it was determined that this gang collectively committed the crime of illegally absorbing public deposits. In 2023, the gang conspired to illegally raise public deposits using a "contract coin pumping" method for profiting from virtual currency. In just a few months, the gang illegally absorbed funds from 32 "clients" totaling over 10 million yuan for coin pumping on a virtual currency trading platform. As the purchased virtual currency kept depreciating, they were unable to continue providing returns to the "clients," leading to a "collapse."
This Week's Large Financings: Ubyx, Gradient Network, EigenCloud, TAC, Units Network
On June 17, Ubyx, a stablecoin startup founded by former Citigroup executive Tony McLaughlin, completed a $10 million seed round financing, led by Galaxy Ventures, with participation from Founders Fund, Coinbase Ventures, Paxos, and VanEck, among others. The company aims to build a settlement system connecting stablecoin issuers with banks and fintech companies to address interoperability issues in payment scenarios.
On the 17th, the decentralized AI infrastructure project Gradient Network announced the completion of a $10 million seed round financing today. This financing round was led by Pantera Capital and Multicoin Capital, with participation from HSG (formerly known as Sequoia Capital China) and several well-known angel investors and advisors from AI, crypto, and other cutting-edge fields. Related reading: "Why Did Multicoin and Pantera Focus on Gradient with a $10 Million Seed Round Investment?"
On the 17th, Eigen Labs announced the launch of the Ethereum re-staking protocol EigenCloud, with a16z crypto investing $70 million through direct purchase of the EIGEN token, as an additional investment to a16z's $1 billion investment in EigenLayer in February 2024. Related reading: "a16z Leads $70 Million Investment, What Core Problem Does EigenCloud Solve?"
On the 18th, it was reported that the blockchain project TAC announced a total raise of $11.5 million in seed and strategic rounds, with the latest $5 million strategic round led by Hack VC. The project aims to provide EVM-compatible DeFi infrastructure for the TON and Telegram ecosystems, planning to gradually unlock features through phased mainnet launches.
On the 19th, according to official sources, the modular blockchain ecosystem Units Network, built on the Waves protocol, announced a $10 million funding round led by Nimbus Capital.
This Week's Popular Articles
"100,000 People Exiting, Those Who Lost Money in Binance Alpha"
Following the ZKJ and KOGE flash crash events, there has been a significant outflow of users from Binance Alpha, with the arbitrage efficiency rapidly declining. The new rules for Alpha point acquisition have made previous strategies ineffective. Users who previously relied on multi-account, low-cost arbitrage have chosen to exit or wait and see, with some users experiencing significant losses due to misjudgment of the market or operational errors. The current Alpha incentive mechanism is transitioning from volume padding to emphasizing genuine interaction and value capture. In the future, participants need to focus on risk management and strategy adaptation, as failure to do so may result in bearing sunk costs during rule changes or even being forced to take over.
Sun Yuchen announced the listing of Tron on Nasdaq through the reverse acquisition of SRM Entertainment, enabling Tron to list by shell and joining as an advisor, while including TRX on the listed company's balance sheet. This $100 million deal not only bypasses IPO compliance obstacles but is also deeply tied to the Trump family network, with figures like Little Donald and Eric Trump participating behind the scenes through Dominari Securities. This move signifies TRX's formal entry into the Wall Street narrative system, marking Sun Yuchen's participation in the "listing for coin purchase" trend, and together with BTC, SOL, ETH, XRP, heralds a new era of "coin-stock binding." Using a dual drive of capital and politics, he has built a breakthrough for Tron into the mainstream financial markets.
"The Continuation of War: Iranian's Cryptocurrency Wealth Wiped Out by Israel"
Iran's largest cryptocurrency exchange platform, Nobitex, was attacked by an Israeli hacker organization, resulting in the theft of around $80 million in stablecoins. Against the backdrop of the Middle East conflict, this event has transcended the technological dimension to become a convergence of crypto finance and geopolitics. Stablecoins in Iran are no longer just an investment tool but a vital necessity for survival in the face of hyperinflation, financial sanctions, and capital controls. They have now become a target of war attacks. This attack has not only revealed the true role of stablecoins in conflict regions but also highlighted the extension of the financial frontlines of war, delivering a heavy blow to ordinary Iranians.
"WoodSis CRCL Makes $1 Billion Profit and Exits, Can She Short Circle Now?"
Since its IPO in June, Circle's stock price has skyrocketed by over 500%, with a market cap exceeding $48.4 billion, making it a star target of US stock market crypto concepts. Institutions like ARK have realized nearly a billion dollars in profits from selling at a high price but still hold a heavy position. While some in the crypto community have questioned its valuation, citing its single revenue structure and increasing competition, the US stock market's enthusiasm for a "compliant stablecoin financial platform" has driven its stock price far beyond traditional crypto industry perceptions. Despite the emergence of short positions, they are facing challenges against the emotional premium post-IPO and lock-up restrictions, with long positions currently dominating market expectations.
"Base's 'Onchain Summer' Has Finally Arrived"
The US officially passed the "GENIUS Act," formally recognizing the compliance of crypto assets through legislation, triggering financial giants to accelerate their layout on-chain infrastructure. JPMorgan Chase has launched the JPMD deposit token based on Base Chain, attempting to improve institutional settlement efficiency in an on-chain form. Coinbase, on the other hand, applied for a tokenized stock trading license, aiming to build an integrated loop from stablecoin payments to stock trading and continuously expand stablecoin e-commerce payments, on-chain perpetual contracts, and other scenarios to create a compliant financial operating system. The deep integration of traditional finance and the crypto ecosystem is underway, and the crypto market is entering a period of institutional restructuring driven comprehensively by regulations, platforms, and assets.
"Skyrocketing 400x in 24 Hours, What Concept is Gorbagana Speculating on?"
The $GOR token on the Solana blockchain was unexpectedly born during a debate on blockchain legitimacy and trademark control, and surged 400 times within 48 hours, with a peak market cap exceeding $40 million. The event began with Delphi Labs legal advisor Gabriel Shapiro questioning the legality of "decentralization," to which Solana co-founder Toly responded, sparking the community-driven meme coin "Gorbagana," symbolizing brand mockery and a decentralized experiment. In this crypto feast, on-chain whales entered with precision to arbitrage, while some retail investors and KOLs chasing the price were left holding the bag, reflecting the tension between narrative-driven and on-chain gaming.
Liu Qiangdong announced that JD.com will fully enter the stablecoin field, planning to apply for licenses in major currency countries globally, leveraging blockchain to achieve cross-border payments with 10-second settlement and a 90% cost reduction, promoting the restructuring of the payment system from B to C. This is not only a reflection on missing the golden period of domestic payments but also a critical step in JD's internationalization strategy. Compared to traditional banks and third-party payments, stablecoins have advantages such as efficiency, low cost, and ease of compliance, making them a core infrastructure in JD's global e-commerce layout. Stablecoins will also be the new engine for JD to try to reverse the "lost five years."
Arthur Hayes predicts that Bitcoin is likely to surge to $250,000 by year end and is pessimistic about most altcoins as they lack product-market fit and realizable returns for another rally; he believes the market will undergo asset revaluation due to currency printing and fiscal stimulus in various countries, with Bitcoin standing out due to its scarcity and decentralization. Compared to complete decentralization, users are more concerned about platform liquidity and user experience. He points out that the current Alpha is overheated but lacks fundamental support, and when selecting coins, attention should be paid to narrative and cash flow feedback. The China-US capital relationship will gradually drift apart, and emerging markets may benefit. His funds value stable returns and long-term strategies, and are preparing to acquire profitable crypto companies through SPACs.
Mai Gang, a venture capitalist once seen as an "outsider" in the mainstream VC world, is not only the first angel investor of Pupumart but also a staunch advocate of Bitcoin in the early days, investing in OKCoin and contributing to the emergence of OKX and Binance, two crypto giants. He has strategically positioned himself in both the trendy play and crypto tracks, nurturing several industry-changing projects through early trend recognition, profound human insight, and long-term trust in entrepreneurs. Behind his "non-mainstream" investment philosophy lies a firm commitment to entrepreneurial original intention and personal values.
"Exclusive Interview with Infini Co-Princess: Why Did We Shut Down the U Card Business?"
Infini has announced the closure of its U Card business, marking its formal transition from crypto payments to on-chain financial services. The Co-Princess, co-founder of Infini, reflected that while the U Card quickly acquired customers, it gradually became a resource drain due to high compliance costs, low refund efficiency, and misjudgments in the business model. The team realized that returning stablecoins to the traditional banking system was not a true breakthrough, deciding to return to their original intention and focus on simplifying complex DeFi returns into user-friendly financial products. In the future, Infini will focus on building a countercyclical, high-yield, decentralized crypto wealth management platform, with the long-term goal of using stablecoins for direct consumption to drive true on-chain payment innovation.
More and more US-listed companies, especially small and medium-sized enterprises, are emulating the MicroStrategy model, including Bitcoin, Ethereum, and other crypto assets on their balance sheets, attempting to reshape valuation logic and financing capabilities through crypto reserves and form a new narrative path for short-term stock price surges. Although this trend has attracted attention and speculation in the capital markets and has received endorsements from some giants, it has also brought about manipulation doubts, leverage risks, and regulatory concerns. Finding a balance between crypto allocation and sound management will be a key test of whether this trend can be sustainable in the long run.
"$Launchcoin Ecosystem Rejuvenation, Review of Five Potential Projects on the Believe Platform"
The ICM (Internet Capital Market) narrative ignited by $Launchcoin, after experiencing a brief bubble and trust crisis, is now returning to a "product-driven" approach. Despite early project issues such as rug pulls and founder disappearances, the rise of high-quality projects like $Kled, Polycule, Knet, Jatevo, and Fitted has restored market confidence, and the platform's coin $Launchcoin has regained a market cap of $200 million. These projects are respectively involved in AI data intermediation, on-chain predictive trading, AI game development, LLM reasoning, and AI-driven fashion consumption, with practical implementation capabilities and ecosystem flywheel design, representing the evolution direction of the ICM model under the Believe platform. The narrative promotion and product validation resonance are opening up a new paradigm for on-chain entrepreneurial funding, with the ICM ecosystem poised to enter a new phase of ongoing development and coexistence of structural opportunities.
"Left Hand Plasma, Right Hand Stable, Will the Stablecoin King Squeeze Tron?"
Tether has regained the on-chain discourse power of stablecoins through three major strategic deployments: first, launching the Plasma public chain to achieve zero-fee transfers of USDT and bridge the gap between Bitcoin reserves and stablecoin settlement, with annual profits expected to exceed $1 billion; second, introducing the institution-oriented Stablechain to deeply involve in the commodity and cross-border settlement scenes; and third, preparing to issue a payment-oriented stablecoin in the U.S., entering the core area of bank wire transfers. Against the backdrop of increasing "taxation" on public chains like Tron and the imbalance in USDT on-chain value capture, Tether is trying to establish a complete stablecoin settlement network, creating a closed-loop ecosystem that controls the entire process of issuance, circulation, and redemption.
Tether CEO Paolo Ardoino emphasized at the Bitcoin conference and CNBC interview that USDT covers approximately 420 million users globally, especially serving as a savings tool in countries with severe currency depreciation. He stated that Tether is investing in agriculture, dairy, AI, brain-machine interfaces, and other fields to build a long-term stable asset base and promote widespread stablecoin usage in Africa and Latin America through grassroots efforts. When asked about compliance, audit transparency, and the "Genius Act," he replied that Tether has relocated its jurisdiction to El Salvador and initiated active discussions with the Big Four accounting firms, committed to promoting full audits. He stressed that Tether serves the 3 billion people globally ignored by banks, highlighting the fundamental differences between its stablecoin project and traditional financial system projects.
"Arthur Hayes: Stablecoin IPO Is a 'Dead End,' But I Advise You Against Shorting"
The stablecoin market is undergoing a grand narrative reconstruction: what appears to be a tool for technological innovation and the internationalization of the U.S. dollar is actually a financial power game dominated by distribution rights, regulatory arbitrage, and macro interest rate differentials. The article, from a satirical and critical perspective, reveals how Tether leveraged the crypto arbitrage ecosystem in the Greater China region to complete a cold start, product fit, and network effects, while Circle, lacking genuine distribution capabilities, achieved a high valuation by riding on the coattails of Coinbase in its listing, reflecting the vulnerability of stablecoin projects to external dependencies. With the entry of Web2 social platforms and traditional banks, players with native user distribution channels will have a decisive advantage, leaving new entrants with almost no chance of success; however, driven by speculators and bubble logic, rounds of financing, listings, and re-financing frenzy will continue to play out. Ultimately, the profit core for stablecoin issuers lies in controlling NIM and distribution channels, rather than the technology itself.
After the $JELLYJELLY incident controversy, Hyperliquid, now with a new high in $HYPE price and continued expansion of the HyperEVM ecosystem, has once again gained market recognition. As the core lending protocol, Hyperlend's co-founder @0xNessus elaborated on the innovative path of tokenizing liquidity, holdings, and perpetual contracts, emphasizing Hyperliquid's emphasis on on-chain transparency and composability compared to Binance. The team promptly responds to community feedback and continuously optimizes performance and user experience. In Nessus's view, $HYPE is still undervalued, with the ongoing strengthening of the on-chain ecosystem and buyback efforts, having the potential for multiple-fold increases in the future, poised to become a representative asset with dual value support from exchanges and public chains.
"Web3 KOL Marketing Evolution: From Grassroots to Platform, Which Is More Effective?"
This article systematically analyzes the current status and trends of KOL marketing in the Web3 field. Mainstream marketing agencies manage thousands of KOLs, but the core accounts that truly generate results are often fewer than a hundred, with high-quality KOLs being extremely scarce. Content quality and audience stickiness, rather than follower count, are the measuring standards. Traditional advertising channels have limited effectiveness, and tools like Kaito and Cookie DAO are driving decentralized experiments of micro KOLs and ambassador mechanisms, but they also face issues such as audience overlap and low exposure efficiency. The author believes that truly effective marketing relies on long-term trust building, natural interaction, and multi-platform outreach, emphasizing the importance of high-signal-to-noise platforms like Telegram and Substack, and calling on Web3 projects to break free from the misconception of "winning by shouting out loud."
"From Silence to Breaking the Circle, What Are the High-quality Targets on Letsbonk.fun?"
After experiencing April's community skepticism and dwindling interest in Launchpad projects, the Bonk ecosystem recently saw a reboot under the leadership of founder Tom, reigniting community enthusiasm through initiatives such as hackathons and token buybacks. Among them, $USELESS broke through a $100 million market cap with a self-deprecating narrative of "uselessness is belief," $HOSICO built a unique meme universe with an orange cat image, $IKUN bridged the Chinese community, $NYLA focused on on-chain AI Agent operations, and $DEL emerged as a dark horse in the hackathon. The Bonk ecosystem is completing a self-repair and growth cycle from consensus, product, and funding perspectives, becoming a rare example of endogenous potential in the current bear market.
"Embracing Bitcoin in the End: Why Even Altcoin Founders Are Selling Off to Get BTC?"
Cardano founder Hoskinson's recent remarks have sparked attention as he suggested that the altcoin treasury should be converted to Bitcoin, acknowledging Bitcoin's irreplaceability in long-term value. This view reflects the widespread penetration of the Bitcoin "speculative attack" theory, which involves selling off other assets to acquire Bitcoin in pursuit of appreciation. The outstanding performance of the Bitcoin treasury company further confirms this trend, with more and more institutions concentrating their assets into Bitcoin, indicating that Bitcoin is gradually becoming one of the core assets in the capital market.
Huang Tianwei, a crypto veteran who once co-founded the Bit Era and AEX platform, disappeared from the public eye after AEX's collapse in 2022, which saw a substantial amount of user assets vanish. He was recently arrested at a Thai airport for his involvement in a 44 million RMB fraud case. This arrest not only unveiled his two-year fugitive journey but also reignited the demands of tens of thousands of victims for justice. Huang Tianwei established a Ponzi scheme under the guise of high-yield financial management, fled overseas after the platform's collapse, and now faces the possibility of extradition to China due to another scam in Thailand. The AEX collapse incident has thus entered the stage of judicial accountability, reflecting the harsh reality of the chaos in crypto trading platforms and the cross-border law enforcement game.
"a16z Partner: In the AI Era, There Is No Moat, Only Speed"
The AI-driven new consumer cycle is reshaping product logic and business models, gradually replacing traditional social products centered around "connecting people" with task-oriented utility products. ChatGPT, Runway, and others represent this trend. Although the monetization capabilities of AI tools have significantly improved, a truly AI-native social platform has yet to emerge, and the structural transformation of social connection patterns, individual expression mechanisms, and personality modeling is still in its early stages of exploration. The future social paradigm may be reconstructed by forms such as "digital self," "AI avatar," and "voice agents," shifting the core of platform competition from user networks to model capabilities, iteration speed, and deep system integration. In this structural transformation, speed becomes the most crucial moat in the AI era.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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