Crypto Morning Brief: Cetus, largest DEX on Sui network, hacked for approximately $220 million; Kraken to offer over 50 tokenized stocks and ETFs
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Crypto Morning Brief: Cetus, largest DEX on Sui network, hacked for approximately $220 million; Kraken to offer over 50 tokenized stocks and ETFs
The U.S. House of Representatives will review the cryptocurrency market structure bill on June 10.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Dynamics
U.S. initial jobless claims for the week ending May 17 came in at 227,000, compared to an expected 230,000
According to Jinshi Data, U.S. initial jobless claims for the week ending May 17 were recorded at 227,000—the lowest since the week of April 19—with a market expectation of 230,000.
Trump tax reform bill narrowly passes House
On Thursday morning local time, the U.S. House of Representatives narrowly passed President Trump’s tax legislation by a vote of 215 to 214, with one abstention. The passage advances a massive multi-trillion-dollar package aimed at increasing the U.S. debt burden to avoid tax hikes by year-end. The bill will now move to the Senate, where Republican leaders are pushing for extensive revisions. Lawmakers plan to hold approval votes before August. The package includes raising the U.S. debt ceiling by $4 trillion. The Treasury Department warns that without this increase, the U.S. could default as early as August or September, adding urgency to the timeline.
U.S. House to review cryptocurrency market structure bill on June 10
According to Eleanor Terrett, House Financial Services Committee Chair French Hill has scheduled the review of the House cryptocurrency market structure bill for June 10.
SEC delays XRP and LTC ETF approvals but confirms staking TRX application acceptance
Bloomberg analyst James Seyffart reported that the U.S. Securities and Exchange Commission (SEC) recently announced delays in decisions on several cryptocurrency ETF applications. The postponement affects Bitwise and CoinShares’ XRP ETF filings, LTC ETF applications, and Fidelity’s physical Bitcoin proposal. Meanwhile, the SEC has confirmed acceptance of Canary Funds’ staking TRX application, marking one of few positive developments.
Seyffart noted that if the SEC intends to approve these new asset classes early, the earliest possible date would be late June or early July, though a decision is more likely in early Q4.
CFTC Commissioner: Perpetual futures contracts on cryptocurrencies can be traded in the U.S.
According to Cointelegraph, U.S. Commodity Futures Trading Commission (CFTC) Commissioner Summer Mersinger stated that perpetual futures contracts on cryptocurrencies can be traded in the United States.
Trump’s cryptocurrency dinner met with protests
According to Bloomberg, U.S. President Trump hosted a cryptocurrency dinner at his golf club outside Washington, D.C. During the event, protesters gathered outside, shouting “Shame!” expressing their discontent. Trump posted on Truth Social: “America is leading in cryptocurrency, Bitcoin, and related fields, and we will continue to maintain this advantage!”
SUI co-founder: Approximately $160 million of stolen funds successfully frozen
According to Cointelegraph, SUI co-founder @EmanAbio announced that around $160 million of the over $220 million stolen in the recent Cetus pool hack has been successfully frozen and will soon be returned to the Cetus pool.
Binance: Participation threshold for ALLO TGE event is 195 Binance Alpha points
Per an official announcement, users with Binance Alpha points equal to or greater than 195 can participate in the ALLO TGE event via the Alpha activity page. Participating in this TGE event will consume 15 points.
Huma Finance unveils tokenomics: Total supply of 10 billion, 5% allocated for initial airdrop
According to official news, Huma Finance has released its tokenomic model. HUMA has a total supply of 10 billion tokens, allocated as follows:
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Initial airdrop: 5%;
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Liquidity providers (LP) and ecosystem incentives: 31%;
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Exchange listings and marketing: 7%;
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Market making and on-chain liquidity: 4%;
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Presale: 2%;
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Early investors: 20.6%;
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Team and advisors: 19.3%;
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Protocol treasury: 11.1%.
The initial circulating supply of HUMA is 17.33%, comprising: 5% initial airdrop, 7% exchange listing and marketing, 4% market making and on-chain liquidity, 1% protocol treasury, and 0.33% strategic partner token swap.
Kraken to offer over 50 tokenized stocks and ETFs, including Apple, Tesla, and Nvidia shares
According to The Wall Street Journal, Kraken will offer over 50 tokenized stocks and ETFs, covering Apple, Tesla, and Nvidia shares.
Strategy announces $2.1 billion on-exchange preferred stock offering
Per an official announcement, Strategy (Nasdaq: MSTR, STRK, STRF) today announced a sales agreement to issue up to $2.1 billion in 10.00% Series A perpetual preferred stock (“perpetual strife preferred stock”).
Market Trends
Suggested Reading
Bitcoin Breaks $110,000: Regrets and Missed Opportunities from the Past Years
This article explores the historic milestone of Bitcoin surpassing $110,000 through the stories of two individuals—Zhihu user Bamboo and early Bitcoin advocate Lao Duan—analyzing shifts in their attitudes toward Bitcoin and the underlying psychological mechanisms. It also reflects on cognitive biases in investing and market patterns, emphasizing the importance of maintaining an open mindset and timely recognition of mistakes.
Interview with Bitget Wallet CEO: Wallets Are Not Gateways, Moats Are a Myth
This article presents an in-depth discussion on the development journey, core philosophy, strategic planning, and industry trends and challenges facing Web3, based on an interview with Bitget Wallet CEO Karry. It details product design, competitive landscape, localization strategies, and future outlook.
Report Deep Dive: How Does the U.S. Treasury’s Think Tank View Stablecoins?
This article examines how stablecoins have evolved from “on-chain cash” into a significant variable affecting U.S. fiscal policy, focusing on their potential impact on bank deposits, Treasury markets, money supply, and the global financial system. It also covers the current state of the stablecoin market, growth prospects, and potential regulatory directions.
Movement Advisor Sam Reveals: Large Amounts of $MOVE Dumped by Internal Designated Wallets
This article details the experiences of Movement project advisor Sam Thapaliya and his contributions to the project, while exposing opaque distribution practices and internal conflicts. It also touches on broader crypto market dynamics and the development history of the Movement project.
Whales Clash: Billion-Dollar Bets in a High-Leverage Bull vs Bear Showdown
This article covers a dramatic high-leverage battle in the Bitcoin market, where legendary trader James Wynn faced off against the “Insider Guy” in a billion-dollar bull-bear duel. James Wynn emerged victorious with an aggressive long position strategy, while the Insider suffered massive losses due to greed and hesitation. This event highlights the risks and discipline required in high-leverage trading, as Bitcoin reaches new all-time highs and public interest surges.
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