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The Consumer Federation of America reported that cryptocurrency scams and cybercrimes resulted in estimated losses of $80.7 billion, with investment fraud being the largest category at $8.6 billion. The FBI's complaint center recorded over 1 million complaints, totaling $20.9 billion in losses.
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According to a report by CryptoQuant, the balances of large Bitcoin holders, known as "whales," have been decreasing over the past year. This decline, along with a slowdown in accumulation by "dolphins," mirrors patterns seen in previous bear markets.
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The Clarity Act, if passed, would legalize most crypto activity in the U.S. and set a new standard for global crypto regulation. It covers all cryptocurrencies, DeFi, and anti-money laundering measures, potentially impacting the global economy and institutional crypto adoption.
Coindesk
Hyperliquid's SPACEX-USDH perpetual contract experienced a drastic flash crash, dropping 45% in value within 30 minutes before partially recovering. The crash liquidated 405 users and wiped $1.51 million in notional value, revealing a lack of depth and liquidity in the market.
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Standard Chartered analysts believe Ethereum's price does not reflect its network's increasing transactions or the value of assets in DeFi applications. They predict a price target of $4,000 by year-end and $40,000 by the end of the decade.
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Bitcoin's price is predicted to potentially drop below $70,000 before the end of May, with odds increasing on prediction market platforms like Myriad and Polymarket. The recent slide in Bitcoin's value has been influenced by significant crypto liquidations and ETF outflows.
Coindesk
Gemini, founded by the Winklevoss twins, introduced "Command Center," an AI-powered intelligence layer for its prediction markets platform. The feature integrates SpaceXAI models to provide real-time market summaries, sentiment analysis, and personalized signals based on users' activity.
Coindesk
Grayscale, a major crypto asset manager, has postponed its IPO plans due to market conditions, with a potential restart in the fourth quarter. The firm, known for its Bitcoin Trust ETF, filed for a U.S. IPO in November last year.
Coindesk
Bit Digital recently purchased 8,568 Ethereum for $20 million, now facing a $3 million loss as ETH prices dropped to around $1,980. CEO Sam Tabar justified the timing of the purchase, citing market conditions and long-term demand drivers for the network.
Coindesk
DeFi protocols are adapting for institutional investors, with VanEck's tokenized Treasury fund now available on Euler lending markets. Tokenized U.S. Treasuries are used as collateral, reflecting the shift towards regulated products in DeFi.
Coindesk
Three Samsung affiliates are set to acquire a 4% stake in Dunamu, the operator of South Korea's Upbit exchange, for $408 million. The deals, expected to be finalized on June 19, mark Kakao's sale of about $1.5 billion in Dunamu equity within a month.