Crypto Morning News: Trump and Musk Clash Publicly, Beijing Police Pioneer Mechanism for Handling Virtual Currency in Cases
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Crypto Morning News: Trump and Musk Clash Publicly, Beijing Police Pioneer Mechanism for Handling Virtual Currency in Cases
YZi Labs invests in OneKey, expanding into the self-custody security sector for crypto assets.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Developments
U.S. initial jobless claims for the week ending May 31: 247,000, vs. expected 235,000
According to Jinshi Data, U.S. initial jobless claims for the week ending May 31 came in at 247,000, above the expected 235,000. The prior week’s figure was revised upward from 240,000 to 239,000.
Trump: Disappointed in Musk; I can win Pennsylvania even without him
U.S. President Trump stated, "I can win Pennsylvania even without Musk. I'm disappointed in him. Musk is upset purely because the mandatory electric vehicle sales rule was repealed. He hasn't said anything bad about me yet, but that will happen soon."
Musk retweets post saying 'Trump should be impeached'
Musk shared a discussion tweet stating “Trump should be impeached and replaced by JD Vance,” commenting simply “Yes.”
Binance updates Alpha points rules: Only purchases using Alpha token or spot-listed tokens qualify for trading volume points
According to official announcement, Binance Wallet has updated its Binance Alpha points rules. Starting June 6 at 08:00, only Alpha purchase transactions made using Binance Alpha tokens or tokens listed on Binance Spot markets will be eligible for Alpha trading volume points. Transactions using any other tokens will not count toward points. Selling Alpha tokens will not affect trading volume points.
CUDIS opens airdrop claim
CUDIS, an AI-powered wearable DePIN project, announced that claiming of CUDIS tokens via airdrop is now officially open.
Previously, CUDIS revealed its tokenomics: total supply of 1 billion CUDIS tokens, with 24.75% of total supply in circulation at TGE. 25% of tokens will be allocated to the community to incentivize multi-season user participation, with 5% allocated for the first season. The Season 1 airdrop claim opened on June 5 at 20:00 Beijing time, distributing 50 million CUDIS tokens to over 60,000 active community members.
YZi Labs invests in OneKey, expanding into self-custody security for crypto assets
YZi Labs recently announced an investment in the open-source hardware wallet project OneKey, aiming to enhance global cryptocurrency security and promote self-custody solutions.
Gate CBO: Platform to compensate users affected by abnormal price fluctuations in LA/USDT contract
Gate Exchange CBO Kevin Lee issued a statement addressing the abnormal price fluctuation in the LA/USDT contract on the evening of June 4. The incident stemmed from anomalous index data causing incorrect mark prices, triggering a chain reaction within the system. Gate swiftly took action by delisting the relevant trading pair and fully compensating all users who experienced liquidation. Total compensation exceeded 30 million USDT. The platform clarified that the event was not due to human manipulation and involved no "single-point liquidation" or data tampering.
Greeks.live: Largest-ever crypto options block trade signals bullish outlook for BTC in Q3
According to Adam, macro analyst at Greeks.live, the crypto market witnessed the largest block trade in history, with a total notional value of $1.19 billion involving 11,350 BTC and a premium of up to $7.5 million.
The trade consisted of two parts: one leg involved buying a September 3800 bull call spread, betting on rising medium-to-long-term volatility and price; the other leg involved selling at-the-money call options in June, forming a calendar spread strategy. Analysts interpret this as indicating limited upside expectation for BTC in June, but anticipating a significant rally of up to 50% in the third quarter.
The analysts noted that despite current market weakness in liquidity and momentum, long-term positive catalysts continue to build—consistent with prevailing market sentiment.
Public companies’ Bitcoin holdings near $85 billion, more than doubling in one year
According to CoinDesk, a Binance Research report shows that as of the end of May, 116 publicly traded companies globally hold Bitcoin, totaling 809,100 BTC, valued at approximately $85 billion at current prices.
This marks a substantial increase from 312,200 BTC held a year ago. The surge in corporate Bitcoin holdings has been driven primarily by price appreciation and structural tailwinds.
Beijing police pioneer disposal mechanism for seized virtual currencies: Sales via compliant Hong Kong exchanges, proceeds remitted to national treasury
According to the Capital Public Security Legal Affairs WeChat account, the Legal Department of Beijing Municipal Public Security Bureau and Beijing Property Rights Exchange (BXE) have jointly established a cooperation mechanism for handling seized virtual currencies, signing the "Framework Agreement on Cooperation in the Disposal of Seized Virtual Currencies," thereby including virtual currencies within the scope of "physical remittance" to the state treasury.
Facing the growing prevalence of virtual currency-related crimes and the practical challenge that "seized virtual currencies cannot be directly liquidated within mainland China," along with cross-border disposal risks, the Legal Department and BXE have expanded their collaboration into new operational domains. After extensive research and feasibility analysis on policy frameworks and implementation pathways, they have pioneered an overseas disposal channel.
The process works as follows: public security authorities entrust seized virtual currencies in-kind to BXE for disposal. Upon receiving the mandate, BXE appoints professional service providers to conduct verification, receipt, and transfer operations, then publicly sells the assets through licensed exchanges in Hong Kong. After completing foreign exchange control approval procedures, the proceeds are converted into RMB and transferred to the special account for case-related funds of public security organs before being remitted to the national treasury. This model has already been successfully applied to dispose of virtual currencies in a case handled by Shunyi Public Security Branch.
Market Movements
Suggested Reading
When Singapore Begins Expelling Crypto Enthusiasts
This article discusses the Monetary Authority of Singapore (MAS) issuing a new policy for Digital Token Service Providers (DTSP), requiring all crypto service providers registered or operating in Singapore to obtain a DTSP license by June 30, 2025, or cease serving overseas clients. This policy ends Singapore’s era as a haven for regulatory arbitrage, significantly impacting the crypto industry.
From City South to Cheong Wa Dae: Lee Jae-myung’s Decade-long Experiment with Universal Basic Income
This article chronicles South Korean President Lee Jae-myung’s decade-long advocacy and implementation of Universal Basic Income (UBI). Through a series of policy experiments—from City South to Gyeonggi Province and eventually nationwide—he has worked to explore ways to share technological dividends in the age of artificial intelligence. Despite challenges around fiscal sustainability and social consensus, his UBI vision has moved from the margins into mainstream discourse, becoming a pivotal topic in South Korea’s social policy debates.
a16z: Stablecoins Are Rising—What New Opportunities Exist for Founders?
This article explores the rise of stablecoins and their potential impact on the global financial system. It analyzes three core challenges: monetary uniformity, global demand for dollar-pegged stablecoins, and the role of U.S. Treasuries as collateral, proposing possible solutions and offering strategic directions for entrepreneurs and traditional financial institutions.
Ethereum Foundation Strategic Adjustment: Treasury Policy, Key Metrics, and Responsibility Shifts
This article covers the Ethereum Foundation’s (EF) announced strategic shift focusing on treasury management policies, key performance indicators, and responsibility realignment to support the long-term development of the Ethereum ecosystem. EF emphasizes integrated considerations of risk, duration, and liquidity, while upholding Ethereum’s core principles to advance areas like decentralized finance (DeFi) and privacy protection.
AI Won’t Cool Down: Top 10 Promising AI-themed Tokens in 2025
This article reviews the top 10 promising AI-themed cryptocurrencies in 2025, covering sectors such as infrastructure, DeFi, and Meme coins, providing detailed insights into each token’s unique features, market performance, and future potential.
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