HTX Overtakes Coinbase
Will Mt. Gox Start Repaying Its Creditors?
Weekly Stats
Bitcoin: $69,038.53 (+0.91%)
Bitcoin Market Dominance: 52.9%
Global Crypto Market Cap: $2.57T
Ethereum: $3,825.79 (-1.89%)
Ethereum Market Dominance: 17.9%
Total Value Locked: $108.532B
NFT Sales Volume: $119,326,319 (-7.21%)
Crypto Fear and Greed Index: 73
Coins of the Week
Top Gainers — Notcoin
The top gainer of this week is Notcoin, with a surge of more than 250% in the last seven days. The price of NOT has rallied by 54% in the past 24 hours. Notcoin dominates trading volumes and has reached the top 1–2 by volume on Binance, OKX, and Bybit today. Over 50% of NOT’s trading volume comes from crypto exchange Binance. Specifically, the NOT/USDT pair saw more than $1B in trading volume and the NOT/TRY pair saw $139M on Binance.
Top Loser — Uniswap
Uniswap is the top loser of this week, with a fall of almost 13% in the last seven days. The token started dropping in price as the Uniswap Foundation, the organization overseeing the decentralized exchange Uniswap, delayed the vote forstaking and delegation rewards slated for Friday. The postponement was due to a “stakeholder” discussing concerns with the Foundation that prompted more attention.
Top 3 News
Mt. Gox Moves at Least $9.6B in Bitcoin — Link
Collapsed cryptocurrency exchange Mt. Gox moved $9.62 billion worth of Bitcoin into a new wallet, raising hopes among creditors. The 141,686 Bitcoin was consolidated into wallet “1Jbez” from several other cold wallets associated with Mt. Gox.
Wallet on Telegram Enforces New KYC Rules — Link
Wallet, a third-party cryptocurrency wallet mini app on Telegram messenger, is undergoing significant changes, such as imposing stricter KYC rules and changing its service provider. Telegram’s Wallet now requires additional personal information to conduct certain transactions.
HTX Overtakes Coinbase in Trading Volumes — Link
Cryptocurrency trading platform HTX, formerly known as Huobi, has overtaken the United States-based exchange Coinbase in terms of spot trading volumes.
Top Bitcoin News
Riot Platforms buys 9.25% stake in Bitfarms — Link
Bitcoin mining firm Bitfarms rejected Riot Platforms’ $950 million acquisition proposal to buy out all of the company’s outstanding stock. However, Riot Platforms noted that it has successfully purchased a 9.25% stake in the firm, making it one of the largest shareholders.
Researchers Recover Nearly $3M in Lost Bitcoin — Link
Two researchers helped a man find the lost password to his cryptocurrency wallet containing 43.6 BTC, valued at nearly $2.96 million at currency prices. The man had used the password manager RoboForm to generate his wallet’s password in 2013.
Bitcoin Whale Accumulation Echos 2020 — Link
Ki Young Ju has highlighted a striking similarity between current Bitcoin market activity and the activity seen in mid-2020. Ki’s findings revealed comparatively high on-chain activity and a sharp spike in Bitcoin accumulation — echoing 2020’s accumulation phase, which led to BTC surging to $64,000 by April 2021.
Luxor and Bitnomial Launch Bitcoin Mining Derivative — Link
Luxor Technology Corporation and Bitnomial Inc. have launched a Bitcoin mining derivative product on Bitnomial’s United States derivatives exchange. On May 28, Bitnomial announced the launch of Hashrate Futures, a futures contract for trading the computing power of Bitcoin
Top Layer 1 News
Galxe to Release Alpha Mainnet of Layer 1 Blockchain — Link
Galxe, a Web3 credentials and rewards platform, plans to introduce a new Layer 1 blockchain named Gravity. Gravity will be designed to streamline cross-chain interactions, utilizing zero-knowledge proofs for efficient verification.
LayerZero Adds Solana to Its Cross-Chain Bridge — Link
LayerZero has announced the addition of Solana to its network of more than 70 blockchains. The integration is live, enabling developers to create applications that can send assets and data to and from Solana via rollups, layer 1s, layer 2s, and other non-EVM chains.
Solana Validators to Receive Full Priority Fees — Link
Solana validators voted in favor of Solana Improvement Documents (SIMD)-0096, a proposal to send all transaction priority fees to validators for the blocks they produce — instead of the previous 50/50 split between burning fees and rewarding validators.
Ethereum Targets Q1 2025 for Pectra Upgrade — Link
Ethereum core developers discussed aiming to ship the Pectra upgrade by the first quarter of 2025. Pectra represents Ethereum’s next major update, succeeding the Dencun upgrade, which was effectively implemented in March 2023.
EOS Network Approves New Tokenomics — Link
The EOS ecosystem has reached a consensus to approve a new tokenomics model, promising a “new era” for EOS token holders and developers. EOS will transition from an inflationary token supply with a maximum of 10 billion EOS tokens to a fixed supply of 2.1 billion tokens.
Top Layer 2 News
Ethereum Name Service Proposes Migration to Layer 2 — Link
ENS Labs has proposed ENSv2, a comprehensive upgrade to the Ethereum Name Service that involves migrating the service to a Layer 2 network. ENSv2 aims to enhance scalability and decrease gas fees by transferring core functionalities from the Ethereum mainnet to Layer 2.
Taiko Goes Live On Mainnet — Link
Ethereum-based rollup Taiko has rolled out its Layer 2 mainnet after being in development since 2022 and undergoing seven testnets. Vitalik Buterin proposed the inaugural block on Taiko’s mainnet, with metadata containing the names of every Taiko core contributor.
Alex Labs Rolls Out Post-Exploit Recovery Plan — Link
Alex Labs, a Bitcoin layer-2 developer, announced its roadmap to restore community trust and restart operations on its platform after a recent breach. The Alex Labs Foundation has two ongoing governance votes, including the re-opening of pools and plans to roll out the migration of its native token and AMM.
Celo Integrates Chainlink’s CCIP — Link
On May 29, Ethereum layer-2 network Celo announced the integration of Chainlink’s CCIP protocol for cross-chain interoperability.
Top DeFi News
Uniswap Foundation Delays Vote for Token Staking — Link
The Uniswap Foundation, the organization overseeing the decentralized exchange Uniswap, delayed the vote forstaking and delegation rewards slated for Friday. The postponement was due to a “stakeholder” discussing concerns with the Foundation that prompted more attention.
TON’s TVL Surpasses $300M — Link
The total value locked on The Open Network blockchain has crossed $300M for the first time — an over tenfold increase since early March. The network is seeing a surge in locked value amid an ongoing ecosystem initiative, The Open League. This initiative is contributing to the surge in TVL by rewarding users of TON’s top decentralized applications.
P2P.org Enables ETH Restaking on EigenLayer — Link
P2P.org, an Ethereum blockchain validator and provider of staking tools, is moving to optimize staking rewards with new API integration. P2P.org has integrated an automated, end-to-end Restaking API, allowing users to restake Ether on decentralized staking protocols.
Top Exchanges News
Binance Allegedly Sells Genesis Claims — Link
Binance secretly sold its South Korean affiliate Gopax’s user deposit claims in Genesis Global for less than half their face value last year. Last year, Binance became the largest shareholder of Gopax, one of South Korea’s top five cryptocurrency exchanges.
Crypto Exchanges See $3B Ethereum Exit — Link
Over $3 billion worth of Ether has been removed from centralized crypto exchanges since the May 23 approval of spot Ether ETFs in the United States — signaling a potential upcoming supply squeeze.
Top Crypto Adoption News
Mastercard Launches P2P Crypto Network — Link
Mastercard is launching a peer-to-peer platform for cryptocurrency users in Europe and Latin America. The Mastercard Crypto Credential network, which is in pilot mode, supports transactions on Bit2Me, Lirium and Mercado Bitcoin exchanges.
Donald Trump’s Crypto Wallet Hits $10M in Value — Link
A crypto wallet linked to former President and leading Republican presidential candidate Donald Trump holds around $10 million worth of assets. The wallet holds $7.12M worth of MAGA tokens, $1.84M in Ethereum, and $509,000 worth of MAGA VP.
DBS Bank Holds $650M Ether — Link
A crypto wallet reportedly belonging to multinational banking and financial services company DBS Bank holds over 170,000 Ether, worth nearly $650 million.
Top NFT, Gaming, and Web3 News
Pudgy Penguins to Release Mobile Game in 2025 — Link
Pudgy Penguins’ flock of flippered friends are waddling into a new virtual world: A mobile-based video game. The immersive mobile app based on the penguin-themed NFT and toy collection is set to debut in 2025.
MoonPay Launches New Web3 Tool Platform — Link
Blockchain payments infrastructure firm MoonPay launched Web3 Tools, a platform designed to aid brands in providing a less complex Web3 experience for consumers. The new platform has already assisted brands such as Adidas, Gucci, Puma and Mastercard in their Web3 initiatives.
Ledger Finally Ships Stax Hardware Wallet — Link
Ledger has begun shipping its new Ledger Stax hardware wallet to customers who pre-ordered it over a year ago, following a significant delay since its original release date.
The Sandbox Launches The Sandbox DAO — Link
The DAO initiative will be implemented in three phases, allowing The Sandbox holders and virtual LAND owners — NFTs representing in-game plots — to vote on governance. Holders and NFT owners can vote on projects and propose improvements through SIPs.
Top Hacks and Scams
Over $300M Stolen From DMM Bitcoin — Link
Japanese cryptocurrency exchange DMM Bitcoin announced on Friday that more than $300 million in Bitcoin had been stolen in a breach. The exchange said 4,502.9 Bitcoin had been taken. It appeared to promise its clients that it would reimburse customers if necessary.
Velocore Exploited for $6.8M — Link
Decentralized exchange Velocore, which operates on the Telos, zkSync Era, and Linea blockchains, was exploited for about $6.8 million in tokens through a vulnerability in the smart contracts that control its liquidity pools.
BNB Chain Exploited for $80K — Link
Approximately $80k worth of a BEP-20 token labeled “BTC” was lost in an exploit on the BNB Chain involving multiple suspicious transactions. While $80k is considered a small amount compared to the average crypto exploit, it raised questions about the attacker’s intentions.
Top Legal and Regulation News
Ripple Donates Another $25M to Fairshake — Link
Ripple announced today its $25 million contribution to the federal super PAC Fairshake, in support of pro-crypto political candidates during the 2024 U.S. elections. The donation comes in addition to the $25 million contribution Ripple made to Fairshake last year.
Gemini Earn Users Will Get Back $2.18B of Their Crypto — Link
Gemini Earn users will get over $2 billion of their crypto back in kind, more than a year after the lending program folded. Those funds will be distributed in kind, meaning Gemini Earn customers who lent one Bitcoin will receive one Bitcoin back.
A16z Crypto Donates $25M to Fairshake — Link
The web3-focused crypto venture firm a16z Crypto has donated an additional $25 million to the pro-crypto federal super political action committee Fairshake.
Top Stablecoin News
USDC Issuer Circle Increases Brazil Footprint — Link
Circle said it has officially launched in Brazil and partnered with Latin America’s largest investment bank. The company called the launch an opportunity to increase access to USDC in a “market at the forefront of fintech innovation and adoption.”
PayPal USD to Go Live On Solana — Link
Users of Solana, the world’s third-most-utilized blockchain, can now use the Paxos-issued PayPal USD to facilitate cross-border transactions, such as remittances, as well as a variety of other transactions.
Tether Purchases $100M of Shares in Bitdeer — Link
Bitcoin mining and AI cloud solutions firm Bitdeer Technologies Group entered into an agreement with Tether for the private sale of up to $150 million of its shares on Thursday.
Ethena’s USDe Crosses $3B Supply — Link
The USDe stablecoin, issued by Ethena Labs, has hit the $3 billion supply mark just four months after its public launch, making it the fastest USD asset to reach this point in history.
Stablecoin Market Cap Rises to 2-Year Highs — Link
Stablecoin market capitalization reached its highest level since April 2022, following eight consecutive months of growth. The cryptocurrency analytics platform reported on May 29 that the stablecoin market cap rose 0.63% from the start of the month, reaching $161 billion.
Top FUD News
Hashdex’s Ethereum ETF Has Been Withdrawn — Link
A proposal to list and trade shares of the Hashdex Nasdaq Ethereum exchange-traded fund has been withdrawn. Nasdaq posted a notice of withdrawal on Tuesday, a week after the SEC approved 19b-4 forms for eight Ethereum ETFs, excluding Hashdex.
Hidden Road Halts Client Access to Bybit — Link
Citadel Securities-backed prime brokerage Hidden Road has halted client access to the cryptocurrency trading platform Bybit. Hidden Road ending client access to Bybit comes on the heels of disagreements related to KYC and anti-money laundering requirements.
ARK Invest Ends Partnership with 21Shares — Link
21Shares has filed an updated application for its Ethereum spot ETF S-1, rebranding the fund from Ark 21Shares Ethereum ETF to 21Shares Core Ethereum ETF. Additionally, ARK Invest has ended its partnership with 21Shares and will no longer be involved with the ETF.
Top Fundings
Coinflow Labs Raises $2.25M — Link
The web3 payments firm Coinflow Labs raised $2.25 million in seed funding led by the venture firm CMT Digital. Reciprocal Ventures, Jump Crypto, Draper Dragon, Digital Currency Group and other angel investors also participated in the funding round.
Fortunafi Raises $9.51M — Link
Fortunafi, a real-world asset (RWA) tokenization platform, announced raising $9.51 million in strategic and seed funding rounds and unveiled its new stablecoin protocol, Reservoir.
Babylon Raises $70M — Link
The Bitcoin staking protocol Babylon raised $70 million in funding led by the venture firm Paradigm. Bullish Capital, Polychain Capital, Hashkey Capital, Mantle, Galaxy, Hack VC, ViaBTC Capital, Amber, HTX Ventures and others also participated in the round.
HSBC Leads Series A Funding in Marketnode — Link
Singapore-based digital market infrastructure firm Marketnode announced today that it closed its Series A investment round, led by global banking heavyweight HSBC and its existing shareholder Temasek. The company did not disclose the exact amount of the funding.
Anzen Finance Raises $4M — Link
Anzen Finance, a firm issuing the digital dollar USDz, has raised $4 million in seed funding. Mechanism Capital, Circle Ventures, Frax, Arca, Infinity Ventures, Cherubic Ventures, Palm Drive Ventures, M31 Capital, Kraynos Capital and others participated in the funding round.
GaiaNet Raises $10M — Link
AI infrastructure project GaiaNet has raised $10 million to decentralize networks for generative AI tools. The seed funding round included participation from EVM Capital, Mirana Ventures, Mantle EcoFund, Generative Ventures’ Lex Sokolin, and Republic Capital’s Brian Johnson.
Switchboard Raises $7.5M — Link
The on-chain oracle startup Switchboard raised $7.5 million in Series A funding co-led by Tribe Capital and RockawayX. Solana Foundation, Aptos and StarkWare provided additional support for the Series A round.
Next Week’s Events
Satoshi Club Space with TAP Protocol — Link
Join our 𝕏 Space with TAP Protocol, the home of Defi and dApps on L1 #Bitcoin. We’ll talk about Bitcoin, decentralized finance, and how they can combine them!
United States Job Openings — Link
The number of job openings declined by 325,000 from the previous month to 8.488 million in March 2024, reaching the lowest level since February 2021 and missing the market consensus of 8.690 million.
Euro Area Interest Rate — Link
The European Central Bank maintained interest rates at record-high levels for a fifth consecutive time during its April meeting. The main refinancing operations rate remained unchanged at a 22-year high of 4.5%, and the deposit rate held at an all-time record of 4%.
United States Unemployment Rate — Link
The unemployment rate in the United States edged up to 3.9% in April 2024 from 3.8% in the previous month and surprising market expectations, which had forecasted the rate to remain unchanged.
Polyhedra Network ZK Staking — Link
$ZK Staking is launching on June 10th! Stake your $ZK tokens to earn $ZK and token rewards from Polyhedra’s ecosystem partners.
