Hong Kong Passes New Stablecoin Law to Bolster Regulatory Oversight, Investor Protections

Landmark legislation to establish a Bitcoin reserve in Texas passed the House, awaiting a concurrence vote before reaching Governor Abbott's desk. The bill, backed by bipartisan support, faced opposition during its final reading, with 42 votes against.

Michigan House introduced four new crypto bills, including HB 4510 allowing state treasurer to invest in crypto with a $250 billion market cap requirement. HB 4511 opposes a U.S. CBDC, while HB 4512 and HB 4513 focus on Bitcoin mining and tax deductions.

LummaC2, a malware operation targeting millions worldwide, had key infrastructure seized by law enforcement agencies in a coordinated international effort involving the DOJ, Europol, and Microsoft. Microsoft identified over 394,000 infections on Windows systems globally between March and May 2025.

ZachXBT, a prominent onchain sleuth, was openly mocked by a threat actor through an Ethereum transaction, calling him a "loser" and sharing a YouTube meme video. The hacker moved millions from Bitcoin to Ethereum and demanded a ransom from Coinbase, which refused to pay.

Bitcoin reached a new record high above $111,000 due to institutional inflows and macroeconomic factors, with U.S.-listed spot Bitcoin ETFs attracting over $2.8 billion in net inflows this month. Analysts suggest that altcoin strength may follow once Bitcoin dominance reaches around 70%.

Braden Karony, CEO of SafeMoon, was found guilty of fraud, conspiracy, wire fraud, and money laundering, facing up to 45 years in prison. The scheme involved misappropriating millions from investors through misleading claims about the SafeMoon token.

Bitcoin surged to a new all-time high of $109,565, rebounding from a low of $75,000 in April. Experts predict further increases, with some foreseeing a $200,000 top and others projecting even higher values, such as $500,000 to $1 million.

A $1 billion Bitcoin bet on Hyperliquid saw a $32 million drawdown, with the user's account fluctuating between profit and loss. The leveraged position had an average entry price of $108,000, with a liquidation price at $103,800.

Jeremy Jordan-Jones, the alleged founder of Amalgam, faces charges of fraud for deceiving investors with false claims of partnerships and a non-existent crypto token. Prosecutors claim he misused over $1 million to support a lavish lifestyle.