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Coinbase has released a post-mortem report on a major service outage that occurred on May 7, which suspended key services like trading, deposits, withdrawals, and order processing for approximately eight hours. The company explained that a cooling system failure at an Amazon Web Services (AWS) data center took some servers offline. This prevented its core matching engine from securing enough servers to operate, halting all trades. Recovery was further delayed by a failure in the AWS Managed Kafka (MSK) service, which processes trade data and order information, leading to issues with price quotes, fee calculations, and ledger processing. Coinbase acknowledged that its systems should have been designed to withstand a single data center failure but were not sufficiently prepared. The exchange announced plans to improve its infrastructure by implementing matching engine redundancy and enhancing its data processing systems.

The three major U.S. stock indices opened lower today. - S&P 500: -0.21% - Nasdaq: -0.17% - Dow Jones: -0.35%

According to Lookonchain, a new anonymous address starting with 0x6436 withdrew 126,739 HYPE, worth $9.33 million, from Bybit, OKX, Kraken, and Gate.io approximately 30 minutes ago. Withdrawals from exchanges are typically interpreted as an intention to hold the asset.

The hacker who stole $293 million from KelpDAO has laundered nearly all of the funds, with the exception of a portion frozen on Arbitrum (ARB), Cointelegraph reported. Approximately $220 million was moved through the crypto mixer Tornado Cash, making recovery of these funds unlikely. The remaining $71 million, which was frozen on Arbitrum, has since been transferred to an Aave (AAVE) multisig wallet and is awaiting a court decision.

According to Iran's Tasnim News Agency, Iran and the Axis of Resistance have decided to fully blockade the Strait of Hormuz. The report added that other fronts, including the Bab el-Mandeb Strait, could also be activated as part of the response.

XDC Network announced it is focusing on building on-chain trade finance infrastructure to address inefficiencies in the global market. The company noted that the current market suffers from structural issues, including a reliance on paper documents and multiple intermediaries that can delay transaction settlements for days. It also highlighted that short-term financing rates for small and medium-sized enterprises can reach as high as 30% annually. XDC claims that by tokenizing trade-related assets like invoices and bills of lading (B/L), it can enable on-chain verification of transaction histories and collateral status. This, the company argues, could reduce fraud risk and lower financing costs to as low as 10% per year. The network also projected that trade finance, an estimated $15 trillion market, will become a key growth driver for the blockchain-based real-world asset (RWA) sector. The current value of on-chain trade finance is reportedly around $700 million. Last year, XDC acquired Contour Network, a trade finance platform with over 100 participating financial institutions, including HSBC, Citi, and Standard Chartered. The company added that it plans to expand its business by integrating a stablecoin payment infrastructure in the future.

According to on-chain analyst EmberCN, Strategy's average Bitcoin purchase price is $75,699, resulting in a current unrealized loss of approximately $2.93 billion (-4.6%). In contrast, Ethereum treasury strategy firm Bitmine has an average ETH purchase price of $3,485, leading to a current unrealized loss of about $8.12 billion (-43%). EmberCN noted that while Strategy sold 32 BTC last week for the first time, Bitmine purchased an additional 26,497 ETH during the same period.

According to data from Token Terminal, the staking ratio for Ethereum (ETH) has reached a new all-time high of 32.4%. Approximately 39 million ETH is currently staked.

Bitmine (BMNR) announced it purchased an additional 26,497 ETH, worth approximately $53.07 million, last week. The acquisition brings the company's total holdings to 5,416,901 ETH, accounting for 4.49% of the total supply. Bitmine is currently staking over 4.71 million ETH and plans to secure more than 5% of the total ETH supply by the end of the year.

Gnosis (GNO) announced it is responding to an exploit in the delay module of its payment service, Gnosis Pay, and plans to fully compensate users for any losses. Co-founder Martin Köppelmann initially advised users to withdraw their funds but later retracted the recommendation after determining that most users were unable to do so. He explained that the team is currently working to prevent the exploit from spreading further and reiterated that all user losses will be covered. The total amount stolen, the number of affected users, and the specific cause of the vulnerability have not yet been disclosed.

Global financial infrastructure platform OpenPayd announced it is pursuing a Nasdaq listing in the fourth quarter through a merger with special purpose acquisition company (SPAC) Titan Acquisition (TACHU). The deal values the company at $1.145 billion. OpenPayd expects to secure $276 million from the listing, which it plans to use for U.S. market expansion and the development of stablecoin and AI agent payment systems.

Strategy (MSTR) sold 32 BTC to fund dividend payments for its STRC preferred stock, Crypto Briefing reported. Alongside the BTC sale, the company also raised $128.3 million by selling 801,994 shares of its common stock. As of May 31, Strategy holds 843,706 BTC. Strategy's STRC is a product that pays holders a monthly variable dividend targeting an 11.5% annual yield. The dividend rate decreases if the stock trades above its $100 par value and increases if it falls below. These payments are made from Strategy's cash reserves. The company only uses funds raised when STRC is above $100 to purchase more BTC. STRC traded slightly below $100 last week.

According to CoinNess market monitoring, BTC has fallen below $72,000. BTC is trading at $71,965.96 on the Binance USDT market.

Mike McGlone, a senior macro strategist at Bloomberg Intelligence, has projected that Bitcoin could potentially fall to its long-term average of around $10,000. He noted that the correlation between crypto and stocks broke down in late May, as the crypto market showed weakness even while the S&P 500 index reached a new all-time high. As another bearish signal, he cited the Bloomberg Galaxy Crypto Index (BGCI) falling below the 2,000 mark, half its 2025 peak. McGlone analyzed that the market has entered a broad bubble-deflating phase and that Bitcoin could undergo a correction similar to the one in 2018. However, some in the industry argue this scenario is unlikely, citing a strong demand base from spot Bitcoin ETFs from BlackRock and Fidelity. McGlone added that a recovery to the $75,000 level is a key turning point for the market's future direction. He previously made similar predictions of a crash to $10,000 in February and April.

Strategy, formerly known as MicroStrategy, has disclosed the sale of 32 bitcoins at an average price of $77,135, securing approximately $2.5 million, according to Unfolded. The transaction marks the first known instance of the company selling bitcoin since it adopted the cryptocurrency as a core asset in its acquisition strategy. The disclosure confirms the sale, a possibility that had been the subject of bets on prediction markets. The amount sold is considered insignificant relative to the company's total holdings.

U.S. Nasdaq-listed Bitcoin miner Iren Limited (formerly Iris Energy) announced it has completed a $3.65 billion financing round to fulfill an AI cloud supply agreement with Microsoft. The financing is structured as a securitization of the company's GPU assets and related cash flows, consisting of a $2.1 billion U.S. private placement and a $1.55 billion term loan. Iren added that it plans to use the capital to expand its AI data centers, aiming to increase its AI cloud capacity to 480 MW by the end of 2026.

Bitwise, the issuer of the Hyperliquid (HYPE) spot ETF, purchased $20 million worth of HYPE in a single day, Arkham (ARKM) reported. Last week, Bitwise's HYPE spot ETF, BHYP, acquired a total of $41.8 million in HYPE. The firm is currently staking $55 million worth of the token. Arkham also noted that the return from purchasing BHYP at its launch two weeks ago has surpassed the S&P 500's performance over the last two years.

ProCap Financial (BRR) has sold 52 BTC to fund a share buyback, according to a post on X by BitcoinTreasuries. The company's last purchase was 450 BTC in March, and it has not acquired any more since. ProCap currently holds 5,405 BTC, ranking it 19th among publicly listed companies for Bitcoin holdings.

A Chinese real estate developer, Yang Weixin, 53, was murdered in a kidnapping case where the perpetrators demanded a $2 million ransom in cryptocurrency, BeInCrypto reported, citing Cambodian police. Yang was abducted from his apartment in Phnom Penh on May 29 and was found dead approximately 14 hours later in an abandoned vehicle in the Dangkao district. The kidnappers used the victim's mobile phone to demand the crypto payment from his family. Police have classified the incident as a premeditated kidnapping for ransom resulting in murder and are currently investigating. Three suspects remain at large.

BlackRock has deposited 929 BTC (worth around $67.5 million) and 36,449 ETH (worth around $72.23 million) to Coinbase, according to Onchain Lens. The total value of the deposit is approximately $139.73 million.

According to filings with the Abu Dhabi Global Market's (ADGM) Financial Services Regulatory Authority, Nest Trading Limited, the brokerage firm handling Binance's U.S. stock trading service, has been confirmed as a Binance affiliate. The company was registered with the ADGM on Jan. 5 of this year, and its official website registration also points to Binance. Binance had previously described the firm as an "Independent Introducing Broker" that routes user orders to Alpaca Securities. Nest Trading holds licenses for investment brokerage, asset management, proprietary trading, currency services, and custody. However, due to regulatory restrictions, it cannot directly hold or control user funds and assets. Order execution, clearing, and asset custody are handled by Alpaca Securities.

Strategy (MSTR) has maintained the dividend rate for its preferred stock, STRC, at 11.5% for the fourth consecutive month, CoinDesk reported. The decision comes after STRC, despite falling to a low of $97.11 last month, closed the month at $99.62, near its par value of $100. This price stability is seen as having secured the stock's value without the need for a dividend increase. Strategy's STRC pays holders a monthly variable dividend targeting an annual rate of 11.5%. The rate is lowered if the stock trades above its $100 par value and raised if it trades below. Dividends are paid from Strategy's cash holdings. The company only uses funds raised when STRC exceeds $100 to purchase BTC, and the stock has recently served as a key funding source for these acquisitions.

Bitcoin is showing an unusual decoupling from U.S. software stocks, which it has historically moved in sync with, CoinDesk reports. Recently, Bitcoin has fallen 10% while the software sector ETF (IGV) has rallied 12%. The correlation between BTC and IGV has now dropped to 0.58, a level similar to late 2023 and mid-2024. The outlet noted that in the past, BTC rallies have followed such periods of decoupling.

Binance announced via its official social media channels that it will launch a Fully Paid Securities Lending (FPSL) service on June 4. The service allows users to lend their eligible securities to other market participants in exchange for lending fees. These lent securities can then be utilized for activities such as short selling, arbitrage, and market making. Binance noted that this is a common financial service in traditional markets, typically brokered by securities firms or custodians, and explained that the new offering is designed to provide users with an opportunity to generate additional income from their holdings.

Bithumb has announced the suspension of deposit and withdrawal services for Gnosis (GNO), citing a potential security issue and concerns over increased price volatility.