Summary
gm, Bitcoin reached a new all-time high of $111,970 before retracting on news of potential tariffs, while major U.S. banks including JPMorgan, Bank of America, and Citigroup are reportedly exploring a joint stablecoin project to enter the $245 billion market currently dominated by crypto-native companies. On the regulatory front, outgoing CFTC Commissioner Summer Mersinger indicated that crypto perpetual futures could soon be approved in the U.S., potentially bringing this popular trading instrument onshore. Meanwhile, significant security concerns emerged as Cetus, a Sui-based DEX, experienced a $220 million exploit, though validators managed to freeze $162 million of the stolen funds, raising questions about network decentralization. Tokenization of traditional assets gained momentum with Kraken announcing plans to offer tokenized U.S. stocks on Solana to non-U.S. clients and Centrifuge expanding its tokenized asset services to Solana with a $400 million Treasury fund.

News Headlines
šŸ’» Major TradFi Institutions to Pursue Tokenization Efforts on Solana

  • R3, a leading UK blockchain developer managing over $10 billion in assets and serving major banks like HSBC and Bank of America, is partnering with the Solana Foundation.
  • The collaboration aims to integrate clients' tokenized real-world assets onto the Solana blockchain to enhance scalability and liquidity of these assets.

šŸ” Major Wake-Up Call: $400M Coinbase Breach Exposes Crypto's Dark Side

  • Coinbase experienced a data breach affecting 69,461 customers with potential losses of nearly $400 million, drawing parallels to a 2021 Ledger incident that led to real-world robberies.
  • Security experts criticize Coinbase for insufficient security measures such as rigorous background checks for staff and advanced warning systems to detect suspicious activities.

šŸ“± OpenAI Plans to Ship 100 Million Pocket-Sized AI Devices for Everyday Use

  • OpenAI CEO Sam Altman and designer Jony Ive are developing AI "companion" devices, planning to release 100 million units to integrate artificial intelligence into daily life.
  • While specific details remain under wraps, Ive describes the project as a "new design movement" comparable to Apple's hardware and software ecosystem.

šŸš§ Crypto Game Ember Sword Shuts Down After 7 Years of Development

  • Ember Sword, an Ethereum-based MMORPG, has been canceled after seven years of development due to funding shortages, with servers going offline immediately.
  • The project, which raised reportedly over $18 million from investors and NFT land sales during the 2021 NFT boom, failed to secure additional financing despite multiple funding rounds.

šŸ’° US Bitcoin ETFs Near Record Month With $1.5B Inflows in 2 Days

  • US spot Bitcoin ETFs are approaching a record-breaking month after recording over $1.5 billion in inflows in just two days, with $608 million on May 21 and $934 million on May 22.
  • May's total inflows could reach $6.68 billion, potentially surpassing the previous record of $6.49 billion from November 2024, reflecting growing institutional interest.

Market Metrics

Fundraising & VC
1. Hyperdrive (Series A, $6M) - Stablecoin money market on Hyperliquid
2. Stablecorp (Undisclosed, $1.8M) - Digital money infrastructure

Regulatory
āš–ļø Democrats Introduce "Stop TRUMP in Crypto Act"

  • Rep. Maxine Waters has introduced legislation to prevent the president and other high-ranking officials from profiting from cryptocurrency while in office.
  • The bill aims to restrict Trump and his family from participating in crypto assets while serving in government positions, citing concerns about foreign influence.

šŸ”’ US DOJ Seizes $24M in Crypto from Malware Developer

  • The Department of Justice has filed a civil forfeiture complaint to seize over $24 million in cryptocurrency linked to Rustam Gallyamov, accused of developing the Qakbot malware.
  • The malware infected thousands of computers since 2008, with access sold to various ransomware groups including Prolock and REvil.

šŸ’° Bitcoin Launderer Sentenced to Six Years

  • A Massachusetts man was sentenced to six years in prison for running an unlicensed cash-to-Bitcoin conversion service that laundered over $1 million.
  • The operation, disguised as a vending machine company, facilitated transactions for drug dealers and scammers, demonstrating increased enforcement against crypto-based money laundering.

šŸŒ Global Darknet Operation Seizes $200M in Crypto and Cash

  • Operation RapTor, led by the US DOJ with international partners, resulted in 270 arrests across 10 countries and the seizure of $200 million in cash and cryptocurrency.
  • The operation targeted darknet drug networks, confiscating over two tons of drugs and bringing charges against several major traffickers who used cryptocurrency for illicit transactions.

šŸ›ļø Texas Governor Signals Support for State Bitcoin Reserve

  • Texas Governor Greg Abbott has expressed support for a bill that aims to establish a strategic cryptocurrency reserve for the state.
  • The initiative aligns with Abbott's goal of positioning Texas as a "crypto capital," following similar legislative efforts in states like New Hampshire and Arizona.

Technical Analysis
Bitcoin - Bitcoin is in a rising trend channel in the short term. This signals increasing optimism among investors and indicates continued rise. There is no resistance in the price chart and further rise is indicated. In case of a negative reaction, the currency has support at approximately 103400 points. Positive volume balance strengthens the currency in the short term. RSI diverges negatively against the price, which indicates danger of a reaction downwards. The currency is overall assessed as technically positive for the short term.

Ethereum - Ethereum is in a rising trend channel in the short term. This shows that investors over time have bought the currency at higher prices and indicates good development for the currency. There is no resistance in the price chart and further rise is indicated. In case of a negative reaction, the currency has support at approximately 2050 points. RSI diverges negatively against the price, which indicates danger of a reaction downwards. The currency is overall assessed as technically positive for the short term.