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A 40x BTC short position held by Hyperliquid trader James Wynn has been liquidated again, Onchain Lens reported.

Sonic (S) co-founder Andre Cronje and other co-founders have resigned from the Sonic Labs board, BeInCrypto reported. Matt Visser has been appointed as the new CEO. The resigning founders will retain their equity but will step away entirely from future management and business decision-making. The S token has fallen 9.5% over the past 24 hours and 91.3% over the last year.

Weekly outflows from Bitcoin ETFs have decreased by 87% from their peak, Spot On Chain reported. Outflows, which reached $1.72 billion in the first week of June, have since fallen to $226 million.

Namada, a privacy-focused layer-1 public chain based on the Cosmos ecosystem, has announced that it suffered a protocol exploit. The scale of the damage has not been revealed. The development team stated that it is currently investigating to determine the exact cause and is collaborating with relevant parties on countermeasures to prevent further losses.

Police in Osaka, Japan, have arrested three men on suspicion of laundering criminal proceeds for an investment fraud ring, Kyodo News reported. The suspects are accused of converting approximately 14 million yen, stolen from 10 victims across six prefectures, into stablecoins and other virtual assets to conceal the funds' origin. An investigation revealed the men were over-the-counter (OTC) dealers who brokered private transactions without using exchanges. Police believe the group has laundered a total of several billion yen in the black market in connection with fraud syndicates and are expanding their investigation.

U.S. Representative William Timmons, a Republican and chairman of the House Oversight and Government Reform Committee's Subcommittee on Military and Foreign Affairs, has announced a roundtable on digital assets and national security scheduled for June 25. The discussion will focus on how digital assets and cryptocurrencies can contribute to protecting individual property rights and maintaining economic sovereignty. Additionally, the roundtable will explore the intersection of digital finance with U.S. national security interests and examine ways for the country to maintain its competitiveness in the digital finance sector by promoting financial innovation.

Weekly trading volume in prediction markets has surpassed $10.8 billion for the first time, according to a16z Crypto. The firm identified major global events such as the SpaceX IPO, a potential U.S.-Iran peace treaty, the NBA Finals, and the World Cup as key drivers of the surge. a16z Crypto noted that just a year ago, weekly volume was around $500 million and remained under $1 billion even during periods of high activity. Volume began to climb steadily last fall and stabilized in the $6 billion to $7 billion range this spring. The firm explained that the market's ability to exceed last year's peak levels, even during the current low-volatility week, demonstrates a structural and sustained increase in liquidity and participation.

According to EmberCN, a whale purchased 234,900 SOL on-chain over the past three hours for $16.555 million in USDC, at an average price of $70.50. This buying pressure has driven a 2% increase in the price of SOL during the same period.

Binance founder Changpeng Zhao said in a podcast interview that quantum computing is not a fatal threat to Bitcoin and can be addressed with a quantum-resistant cryptography upgrade. He specifically addressed the approximately one million BTC believed to be owned by Satoshi Nakamoto, stating that leaving the coins unattended is not the right approach. Zhao proposed that after a quantum-resistant upgrade, a grace period of six to 12 months should be given for the coins to be moved. If they remain untouched, he suggested they should be removed from circulation, or frozen, through a new protocol. He warned that without such action, an unfair situation could arise where the first entity to hack the wallet with a quantum computer would claim all the funds. However, Zhao emphasized that any final decision must be made through a community consensus mechanism, such as a vote.

Binance founder Changpeng Zhao said on a podcast that the current cryptocurrency market's price correction is a normal part of its four-year cycle, describing the roughly 50% adjustment in this cycle as not uncommon. He noted that past cycles have seen corrections of up to 80%. From a long-term perspective, Zhao explained that Bitcoin is still up approximately fivefold from its low four years ago, with the peaks and troughs of each cycle getting progressively higher. He also affirmed his commitment to long-term investment in the industry, stressing that for him, there is no exit from the crypto market. Zhao identified the U.S. government's changing attitude toward the crypto industry as the biggest difference in this cycle compared to the 2018 and 2022 corrections. He observed that while the U.S. government took a suppressive stance four years ago, it is now actively pursuing a regulatory framework and discussions, a trend he says other countries are beginning to follow.

Ahn Hyun-kook, a lawyer at the law firm Bae, Kim & Lee LLC, argued in a tax and finance column that while there are valid reasons to proceed with the planned taxation of virtual assets, several key challenges must be resolved first. He highlighted the following points: - With the abolition of the financial investment income tax, South Korea's general framework for capital gains taxation has been eliminated. A comprehensive discussion is needed on the rationale for taxing only virtual assets and how to ensure fairness with the current stock tax system, which only taxes capital gains for major shareholders. - The law must clearly define the timing of taxation and the criteria for calculating acquisition costs for various transaction types, including staking, airdrops, hard forks, mining, NFTs, and DeFi. The current legal language, which assumes simple trades under the terms "transfer or lending," is insufficient to cover these complex activities and could lead to loopholes or arbitrary interpretation. - The potential for capital flight to overseas exchanges, decentralized exchanges (DEXs), and peer-to-peer (P2P) transactions is a major concern. While the Crypto Asset Reporting Framework (CARF) is institutionally in place, its success depends on broader international participation and operational stability. Furthermore, since DEXs, P2P trading, and DeFi remain in a reporting blind spot, policymakers must improve information exchange and create incentives for users to remain on domestic exchanges, as simply increasing the tax burden could drive the tax base overseas.

A new Temp Check governance proposal has been introduced in the ENS DAO to expand the authority of the ENS Foundation into areas such as operational management, grants programs, and long-term fund management. According to the proposal, ENS token holders would retain ultimate control over the protocol and the power to dismiss board members. The proposal is currently under community discussion.

The resignation of Ethereum Foundation (EF) Co-Executive Director and board member Hsiao-Wei Wang yesterday brings the total number of director-level departures over the past five months to eight. With Wang's exit following that of fellow Co-Executive Director Tomasz Stanczak, both of the foundation's executive director positions are now vacant.

DeFi protocol Venus Protocol has announced the launch of a lending service on the BNB Chain that accepts tokenized stocks (bStocks) as collateral. The new service allows users to deposit on-chain versions of U.S. stock assets, such as Tesla (TSLAB), Nvidia (NVDAB), and an S&P 500 index-tracking ETF, into the Venus Core Pool. This enables them to borrow stablecoins like USDT and USDC without selling their holdings, thereby maintaining exposure to any potential price appreciation in the underlying stocks.

Nasdaq-listed Bitcoin mining company Bitdeer announced that it mined a total of 218.1 BTC this week and sold the entire amount during the same period. The company currently maintains a zero-Bitcoin balance.

Bitmine (BMNR) Chairman Tom Lee has dismissed recent concerns about a potential funding crisis within the Ethereum development ecosystem. Lee stated there is a "0%" chance of Ethereum facing such a crisis, adding that the necessary funds have already been secured. His comments follow a warning from Trent Van Epps, a former core development coordinator at the Ethereum Foundation, who suggested that the core development ecosystem could face a funding shortage within the next three to nine months. Van Epps attributed the potential issue to the foundation's "Subtraction" governance strategy and the termination of its Client Incentive Program (CIP).

CryptoQuant CEO Ki Young Ju stated that the capital rotation from Bitcoin (BTC) to altcoins, which historically drove altseasons, has virtually disappeared. He noted that altcoin trading volume against BTC pairs has plummeted since 2021, suggesting that the era when altcoins would surge simply because Bitcoin was rising may be over.

24-hour crypto futures liquidations The following shows estimated liquidation volumes and position ratios for major crypto perpetual futures over the past 24 hours: - BTC: $47.35 million liquidated (59.24% shorts) - ETH: $27.5 million liquidated (59.83% longs) - RE: $10.78 million liquidated (69.6% shorts)

Wang Chun, co-founder of F2Pool, the world's fourth-largest Bitcoin mining pool, withdrew 54,500 ETH ($93.25 million) from Binance over approximately 15 days after the price of ETH fell below $1,700, EmberCN reported. He subsequently staked 37,400 ETH, worth around $63.88 million.

CryptoQuant CEO Ki Young Ju stated on X that the current market consensus among Bitcoin (BTC) analysts is leaning bearish. He previously forecast that the current bearish phase could last until early 2027.

South Korean crypto exchange Bithumb has announced the temporary suspension of Tether (USDT) withdrawals on the Aptos network for wallet system maintenance. The suspension began at 2:05 a.m. UTC today.

Wang Chun, co-founder of F2Pool, the world's fourth-largest Bitcoin mining pool, has purchased an additional 11,448 ETH ($19.35 million) and 224.66 WBTC ($14.05 million) over the past 15 hours, according to data from ai_9684xtpa.

Hyperliquid trader James Wynn has reopened a 40x leveraged BTC short position, according to Onchain Lens. The position is sized at 1.31 BTC, worth approximately $83,000, with an entry price of $63,102 and a liquidation price of $63,785. This move comes as Wynn's cumulative losses have surpassed $22 million.

Sonic Labs has announced the appointment of Matt Visser as its new CEO and Kosta Kourkoumelis as its new COO. Visser stated that he will focus on steady improvement rather than promising immediate results, aiming to build 1% progress each day. The company also outlined its plans for the next 100 days, which include establishing a transparent governance system, launching a risk and compliance committee, strengthening community-focused operations, and minimizing unclear announcements while increasing progress updates.

CoinMarketCap's Altcoin Season Index remains at 47, unchanged from yesterday. The index is calculated by comparing the price performance of the top 100 cryptocurrencies by market capitalization, excluding stablecoins and wrapped coins, against Bitcoin over the past 90 days. An 'altcoin season' is declared when 75% of these top coins outperform Bitcoin during that period; otherwise, it is considered a 'Bitcoin season.' A score closer to 100 indicates that an altcoin season is underway.