Live Feed

Drift (DRIFT), which suffered a hack of approximately $295 million in April, has announced plans to rebrand as a Solana-based perpetual futures exchange. The company stated that it will rebrand as a USDT-based perpetual futures trading platform, with all resulting revenue to be used to support a dedicated fund for user compensation. To bolster platform security, Drift has appointed Noah Prince, former engineering lead at Helium Protocol, as its new Protocol Lead. Team members from Gauntlet, a firm specializing in decentralized finance modeling and research, will also provide technical support. Drift explained that it plans to relaunch the platform with security as a core value and will release details of its user compensation plan at a later date.

According to CoinNess market monitoring, BTC has fallen below $62,000. BTC is trading at $61,993.89 on the Binance USDT market.

According to on-chain data, a whale address that had been inactive for about four months purchased 5,589 ETH at an average price of $1,789 after borrowing 10 million USDT. The address now holds a total of 82,754 ETH, valued at approximately $147.3 million. Onchain Lens noted that the whale appears to have made the large-scale purchase during the recent decline in ETH's price.

MicroStrategy's (MSTR) unrealized loss on its Bitcoin holdings has surpassed $2.87 billion. According to data from the analytics platform deathspiral, the company's unrealized BTC loss currently stands at approximately $2.878 billion. According to CoinMarketCap, BTC is trading at $62,167.77, down 3.08% over the past 24 hours.

Noted Bitcoin skeptic and gold bull Peter Schiff said on X that investors in MicroStrategy's (MSTR) preferred stock, STRC, will ultimately lose most of their investment. He predicted that the STRC price will collapse when Michael Saylor is forced to suspend dividend payments. Schiff added that this could be followed by lawsuits from investors claiming significant losses due to deceptive advertising, potentially creating legal liability for MicroStrategy.

Bitwise CEO Hunter Horsley said on X that if SpaceX were to go public, its valuation could be comparable to the total market capitalization of the entire cryptocurrency market, excluding stablecoins. He added that this illustrates the crypto market is still in its early stages and its overall size is smaller than many might think. Horsley emphasized that the market's focus should be on creating products and services that generate real value, rather than on competition between specific assets or projects. Ultimately, he noted, expanding the real-world use of blockchain technology is what is important.

Decentralized prediction market Polymarket has accused competitor Kalshi of industrial espionage, the New York Post reported. Polymarket stated that Kalshi had prior knowledge of its product launch schedules and marketing strategies, allowing it to release similar services in quick succession. The company added that it is currently investigating the matter. Polymarket pointed to instances in February when Kalshi unveiled projects similar to its own free grocery event and the launch of a perpetual futures trading product. Some sources also suggested the possibility of office surveillance, noting that Kalshi investor Paradigm has an office across the street from Polymarket's headquarters in SoHo, New York. In response, Kalshi has completely denied the allegations, describing them as delusional.

Apyx's synthetic dollar stablecoin, apxUSD, has depegged and fallen to $0.94, Spot On Chain reported. The stablecoin is issued against preferred shares of Strategy's (MSTR) STRC and Strive's (ASST) SATA as underlying assets. Spot On Chain warned that the drop in BTC's price has lowered the collateral value of apxUSD, adding that a rush of withdrawals by holders could lead to further depegging.

An anonymous whale holding the largest long position in Ethereum (ETH) on Hyperliquid (HYPE) is currently facing a loss of $58 million, according to EmberCN. The investor holds the position across four addresses with an average entry price of $2,261. EmberCN explained that the whale has added 11 million USDC in collateral to prevent liquidation, lowering the liquidation price from $1,617 to $1,506.

The number of venture capital (VC) deals in the cryptocurrency industry fell to around 50 in May, dropping to levels not seen since before 2021, The Block reported. Deal counts in most sectors, including infrastructure and crypto financial services, reached multi-year lows, a decline primarily attributed to a shift in investor focus toward the AI sector. Despite the drop in deal volume, the total investment amount has remained relatively high, with funds concentrating on promising projects like prediction market platform Kalshi, which recently secured a $1 billion investment. The Block's analysis concludes that the market is undergoing a selective reorganization rather than a contraction, as VCs become more cautious while projects with tangible utility continue to attract large-scale funding.

David Merino Quintana, a Spanish national accused in a €46 billion ($53.3 billion) crypto Ponzi scheme, was arrested in Dubai on June 1, CriptoNoticias reported. Merino is identified as the de facto head of operations for FX Winning, a cryptocurrency and foreign exchange investment platform. Spanish authorities suspect the platform recruited investors from over 30 countries in the scheme. Initial estimates placed the number of victims at around 5,000, but that figure is now believed to be as high as 15,000.

Garrett Jin, founder of the fraudulent crypto exchange BitForex, is facing an unrealized loss of over $17 million on his 5x long Bitcoin position on Hyperliquid (HYPE). Jin holds a 1,270 BTC long position with an average entry price of $76,117.3 and a liquidation price of $54,936.72.

Russia's Ministry of Finance has expressed a negative stance on allowing dollar-pegged stablecoins to be traded within the country, Bits.media reported. Ivan Chebeskov, Russia's Deputy Minister of Finance, stated that foreign-issued stablecoins like USDT and USDC carry the risk of being frozen directly in user wallets. He added that Russia is currently prioritizing ruble-pegged stablecoins and those based on the currencies of friendly nations. The Russian government is considering separate legislation for stablecoins and is discussing which ones to permit in a state-controlled market, Chebeskov noted.

Korea Investment & Securities, South Korean crypto exchange Coinone, global exchange OKX, and Com2uS Holdings have launched a strategic partnership to build a digital asset ecosystem, Maeil Business Newspaper reported. The four companies held a vision declaration ceremony today, announcing a joint declaration of their goal to lead a next-generation, blockchain-based financial model. Korea Investment & Securities, OKX, and Com2uS Holdings are all shareholders in Coinone.

Major exchanges have seen $242 million worth of futures liquidated in the past hour. In the past 24 hours, $1,160 million worth of futures have been liquidated.

Cryptocurrency asset manager Abraxas Capital deposited 1,469 BTC ($98.45 million) to Kraken and subsequently withdrew 22.71 million USDC, EmberCN reported. The firm's BTC holdings have decreased by approximately 2,469 BTC ($166 million) over the past 24 hours.

According to CoinNess market monitoring, BTC has fallen below $63,000. BTC is trading at $62,884.19 on the Binance USDT market.

A deposit of 116.3 BTC, worth $8.25 million, has been made to the Bitstamp exchange, according to EmberCN. The funds were originally transferred from a Mt. Gox cold wallet to a hot wallet on June 2.

The total cryptocurrency market capitalization has fallen by approximately $270 billion (412 trillion won) since the beginning of June. According to data from CoinMarketCap, the total market cap stood at $2.49 trillion on June 1 but has since dropped to its current level of $2.22 trillion.

According to on-chain data, a Hyperliquid whale known as pension-usdt.eth has closed its entire Bitcoin short position, realizing a profit of $3.56 million. The address subsequently opened a new 3x leveraged short position on 50,000 ETH, valued at approximately $89 million. The unrealized profit on this ETH short position is now estimated to be over $4.5 million. Onchain Lens reported that the address's cumulative profit has now surpassed $39.6 million.

CoinMarketCap's Altcoin Season Index registered a score of 57, unchanged from the previous day. The index measures market sentiment by comparing the price performance of the top 100 cryptocurrencies, excluding stablecoins and wrapped tokens, against Bitcoin over the last 90 days. An 'altcoin season' is declared when 75% of these top coins outperform Bitcoin during that period, while the opposite scenario is termed a 'Bitcoin season.' A score closer to 100 indicates a stronger trend toward an altcoin season.

Major exchanges have seen $111 million worth of futures liquidated in the past hour. In the past 24 hours, $1,012 million worth of futures have been liquidated.

Federal Reserve Vice Chair for Supervision Michelle Bowman has stated that stock tokens should be subject to the same regulations as traditional assets and that a supervisory framework for stablecoins should be established based on the GENIUS Act, Crypto Briefing reported. Speaking at a House Financial Services Committee hearing, she added that the nature of stock tokens is no different from their underlying assets and that the Fed is designing its own supervisory framework for stablecoin issuers.

According to CoinNess market monitoring, BTC has fallen below $64,000. BTC is trading at $63,995.99 on the Binance USDT market.

tea Protocol, a layer-2 network for open-source software, announced the official launch of its mainnet and native token, TEA, at 0:00 a.m. UTC on June 4. The TEA token was simultaneously listed on platforms including Aerodrome, MEXC, Gate.io, and KuCoin. Aerodrome, a major liquidity hub in the Base ecosystem, had previously initiated a liquidity pool vote for TEA. Holders of veAERO can vote to determine the reward distribution for the pool, supporting the formation of an on-chain liquidity market for TEA. In the future, users will also be able to access TEA liquidity through wallets such as Coinbase Wallet, Binance Wallet, OKX Wallet, and Trust Wallet. Additionally, KuCoin is holding trading and staking reward promotions to commemorate the listing. Tim Lewis, co-founder of tea Protocol, said that as AI accelerates software development, the demand for transparent, reliable, and sustainable open-source infrastructure is rapidly increasing across the software ecosystem. He added that "tea is building a new value network for this future."