Crypto Social Network Friend.tech Shuts Down After Raking in $44 Million in Fees

Securitize, backed by BlackRock, received SEC approval for its merger with a SPAC, moving closer to becoming a publicly traded company. The deal is set for a shareholder vote on June 29, with the combined entity expected to trade on NYSE as "SECZ."

Bitcoin dropped below $60,000, down 6% in a day and 18.5% in a week. Ethereum and Solana also experienced significant losses, with Ethereum down 23% and Solana falling 22% in the last seven days.

During a House hearing, U.S. Rep. Brad Sherman criticized the idea of government stablecoin payments, arguing they could enable tax evasion. National Credit Union Administration Chairman Kyle Hauptman proposed using stablecoins for federal payments to improve efficiency and security. The issue of stablecoin yield and regulatory oversight were also discussed during the hearing.

Sen. Angela Alsobrooks has linked her support for the Clarity Act to the resolution of ethics provisions and other outstanding issues. She defended stablecoin yield language criticized by JPMorgan Chase CEO Jamie Dimon and the banking industry.

The UK's Financial Conduct Authority issued a warning about Hyperliquid and Hyper Foundation offering financial services without authorization. This warning has gained more attention recently, with concerns raised about the lack of regulation in the crypto perpetual futures market.

Helium network founder Nova Labs has lost its CEO, with Amir Haleem announcing his departure this week. The company faced controversies, including a lawsuit by the SEC over misleading statements. Despite the settlement, HNT continued to decline. Nova Labs sold off its Helium Mobile wireless service this week.

Pump.fun has launched GO, a bounty platform where users can post tasks and offer rewards for completion. Tasks range from tattooing a token's ticker on the forehead to skydiving into a World Cup match in a meme coin mascot costume.

Zcash experienced a significant drop in value after the disclosure of a "critical counterfeiting vulnerability" in the Orchard shielded pool, which potentially allowed undetectable counterfeiting for over four years. The bug was discovered by a security researcher on May 29 and has since been fixed.

Major U.S. banks, like JPMorgan and Bank of America, are collaborating to establish a shared tokenized deposit network by mid-2027. The system, operated by The Clearing House, aims to safeguard deposits from stablecoin threats by converting them into digital tokens for swift blockchain transfers.

U.S. spot Bitcoin ETFs saw a small net inflow of $3.05 million, breaking a 13-session redemption streak that drained over $4.4 billion since mid-May. Total Bitcoin ETF assets decreased to $80.40 billion from $104.29 billion at the streak's start.