Crypto Morning News: China-US trade agreement reached; multiple Chinese-speaking KOLs and project official X accounts frozen
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Crypto Morning News: China-US trade agreement reached; multiple Chinese-speaking KOLs and project official X accounts frozen
Payment company Stripe will acquire cryptocurrency wallet provider Privy.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Developments
Trump: Agreement with China has been reached, awaiting approval
Trump stated on social media that an agreement with China has been reached and is now awaiting approval; China will supply rare earths; the U.S. will provide terms including student admissions; U.S. tariffs will be set at 55%, and Chinese tariffs at 10%.
Trump: Website for purchasing U.S. permanent residency "Golden Card" is now live
U.S. President Donald Trump announced on Truth Social that the previously proposed $5 million "Golden Card" website for obtaining U.S. permanent residency has officially launched.
Musk: Regrets posting about Trump, says posts were too extreme
Elon Musk tweeted, “I regret posting those things about Trump last week. They were too much.”
Payment company Stripe to acquire crypto wallet provider Privy
According to Bloomberg, U.S. payment giant Stripe announced it will acquire crypto wallet infrastructure provider Privy. The transaction amount was not disclosed. This marks another major strategic move following its acquisition of stablecoin infrastructure firm Bridge. Privy’s embeddable wallet creation service has already been adopted by platforms like OpenSea, simplifying NFT purchase flows. Stripe’s CEO said integrating Privy with Bridge is expected to accelerate the development of global crypto-native financial services. The deal is expected to close within weeks.
Sonic Labs to launch Season 2 airdrop on June 18
Sonic Labs announced it will begin its second season S token airdrop on June 18.
The new airdrop will feature an updated rewards mechanism focused on on-chain activity. Users earn points by participating in DeFi activities, while developers will be ranked based on multiple new metrics, including revenue.
Michael Saylor: STRD debuts on Nasdaq, offering fixed income backed by BTC
Michael Saylor posted that Strategy Inc.’s Bitcoin-backed preferred stock, STRD, begins trading on Nasdaq today. This is the third such product launched by the company, designed to offer fixed-income investment instruments secured by BTC.
Binance lists Resolv (RESOLV) and launches HODLer airdrop program
Per an official announcement, Binance will list Resolv (RESOLV) at 22:30 Beijing time on June 11, 2025. RESOLV is a USD-pegged stablecoin protocol natively supported by ETH and BTC.
RESOLV has a total supply of 1 billion, with approximately 155.75 million (15.58%) in circulation at listing. Binance will allocate 20 million RESOLV (2% of total supply) for its HODLer airdrop program, and an additional 5 million RESOLV for post-listing marketing initiatives.
To qualify for the airdrop, users must have subscribed BNB to Simple Earn (Flexible/Locked) and/or On-Chain Yields products between May 28, 00:00 and May 31, 23:59, 2025 (UTC). Eligible users will receive their airdropped tokens at least one hour before trading begins.
RESOLV will support trading pairs with USDT, USDC, BNB, FDUSD, and TRY. Existing RESOLV trading on Binance Alpha Market will cease upon the launch of spot trading.
Mira partners with KaitoAI to launch Yapper Leaderboard, rewarding 0.5% of total supply
Per an official announcement, Mira Network has partnered with KaitoAI to launch the "Yapper Leaderboard" campaign. Users can participate simply by discussing Mira-related content on social media—no registration required. The event will run in two seasons with a total reward pool equal to 0.5% of Mira’s future token supply. Positioned as an “AI trust layer,” Mira currently serves over 4 million users and actively participates in various AI and DeFi collaborations.
Crypto exchange Bullish, backed by former PayPal CEO, files IPO application
According to the Financial Times, Bullish, the cryptocurrency exchange supported by former PayPal CEO Peter Thiel, has submitted confidential IPO filings to the U.S. Securities and Exchange Commission (SEC). Jefferies will serve as the lead underwriter for the offering.
Bullish was established by Block.one, the developer of EOS, and acquired crypto media outlet CoinDesk in 2023.
Bullish previously attempted to go public via a SPAC merger in 2021, but the deal collapsed the following year amid rising U.S. interest rates and falling equity markets.
HK Asia Holdings officially renamed Moon Inc
As disclosed in a Hong Kong Stock Exchange filing, HK Asia Holdings Limited has officially changed its name to “Moon Inc. Limited” (English name changed from HK Asia Holdings Limited to Moon Inc.). The Certificate of Incorporation on Change of Name was issued by the Cayman Islands Registrar of Companies on May 15, and the Hong Kong Companies Registry confirmed the change on June 2.
Effective 9:00 AM on June 12, the company’s stock ticker on the Hong Kong Stock Exchange will change from "HK ASIA HLDGS" and "HK Asia Holdings" to "MOON INC" and "Moon Inc.", while the stock code remains unchanged at "1723".
The company stated that the name change will not affect shareholder rights or the group’s operations and financial condition. Existing shares will remain valid, and there is no need to replace them free of charge.
Recent crypto KOL account suspensions may be linked to meme coin PPMT, allegedly violating platform rules on misleading content
According to an article from the “C Labs Crypto Watch” WeChat account, sources close to the X platform revealed that the recent wave of crypto KOL account suspensions may be related to a meme coin called PPMT on the GMGN platform. X may view GMGN and its associated KOLs as promoters of the token, potentially violating platform policies on misleading content. X’s rules state that accounts may be temporarily or permanently suspended if reported for abusive behavior, including spreading misleading information or posing security risks.
Insiders from GMGN said the company is operating normally and is communicating with the X platform team to seek reinstatement. It is reported that X has previously suspended specific accounts due to Elon Musk’s personal decisions, including critics and competitors.
Prior reports indicated that X has recently suspended several crypto-related accounts, including KillTheWolf, Wang Xiao’er, Wizard, gake, GMGN’s official account, and its founder haze.
Market Data
Suggested Reading
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Trend Research: On the Eve of a Surge – Why We Are Bullish on ETH
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Inside Bullish: Parent Company Accumulated 160K BTC, Earning Billions Over Six Years
This article explores the background, growth, and challenges of the crypto exchange Bullish, particularly its efforts in compliance and market positioning. It also details the complex relationship between Bullish, EOS, and its parent company Block.one.
This article covers OpenAI co-founder Sam Altman’s essay on the “gentle singularity,” exploring humanity’s gradual transition into the superintelligence era and technological forecasts for the next five years. He argues that the singularity will unfold incrementally, providing deep insights into AI’s potential and challenges, especially self-improvement capabilities, economic value, and societal adaptation.
This article features an in-depth interview with Benchmark partner Eric Vishria, discussing AI’s disruptive impact on the SaaS industry, core traits of entrepreneurs, changes in venture capital, and Benchmark’s unique investment philosophy. It also touches on future AI trends, the importance of company storytelling, and strategies for building long-term moats.
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