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Hong Kong's Securities and Futures Commission is preparing to allow professional investors to engage in crypto derivatives trading, a move that significantly broadens the territory's virtual asset market, as reported by China Daily. The crypto derivatives market dwarfs spot trading, with TokenInsight data revealing a staggering $21 trillion in volume for the first quarter, compared to just $4.6 trillion in spot trading. Industry leaders have long urged Hong Kong to regulate and license crypto derivatives, with Jean-David Péquignot, chief commercial officer of Deribit, noting earlier this year to the South China Morning Post that such regulations are a critical missing component of Hong Kong's financial legislation. This development comes on the heels of Hong Kong's legislative council passing a bill to license stablecoins, signaling a broader push to establish the city as a hub for virtual asset innovation. This expansion of regulatory frameworks could position Hong Kong as a leading player in the global crypto market, catering to professional investors and addressing long-standing demands from industry stakeholders.
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IoTeX, co-founded by Jing Sun, is pioneering a machine economy where everyday devices like GPS trackers and solar panels generate passive income by supplying data to AI models and businesses via Decentralized Physical Infrastructure Networks (DePINs). Sun, a former Silicon Valley venture capitalist, launched IoTeX in 2017 inspired by Ethereum, aiming to connect real-world device data with enterprise needs. DePIN, also termed MachineFi, crowdsources infrastructure for underserved regions, with active IoTeX projects like GEODNET (GPS), Glow (solar), and Wingbits (flight tracking) already delivering societal value and revenue. Anyone can participate by deploying affordable devices ($300–$500) to earn tokens, monitored through IoTeX’s DePINScan dashboard, creating a form of basic income. Sun highlights DePIN’s appeal to traditional investors due to its clear business model, including revenue streams and measurable economics, positioning it as a bridge between crypto innovation and conventional finance.
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James Wynn, a multimillionaire cryptocurrency trader, has made headlines by opening a second $100 million leveraged Bitcoin position, just days after losing a similar bet on May 30 when Bitcoin dipped below $105,000. This new trade, tracked by Hypurrscan, risks liquidation if Bitcoin falls below $103,630, already showing an unrealized loss of over $592,000. Wynn alleges that major market players are deliberately targeting his liquidation level, claiming manipulation by a “market-making cabal” and publicly disclosing his position on X. He has appealed to the crypto community for stablecoin donations to sustain his trades, receiving support from at least 24 users, with contributions up to $8,000. Amidst growing market caution and an upcoming US jobless claims report on June 5, Bitcoin’s key support hovers above $103,000. Despite challenges, including mysterious closures of his exchange accounts, Wynn remains bullish, predicting a Bitcoin rally. His situation has sparked discussions of market manipulation, with influencers like Altcoin Gordon echoing concerns about shady market maker tactics.
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Jillian Friedman, COO of Symbiotic, argues that Canada is lagging in the global cryptocurrency race due to unclear regulations and a lack of political focus on digital asset innovation. While other countries integrate crypto into their financial systems, Canada risks losing capital, talent, and competitiveness. The absence of crypto policy in recent federal election campaigns highlights a missed opportunity. Talent migration is a significant issue, with many STEM graduates leaving due to limited capital access and harsh tax regimes. Restrictions on stablecoins prevent Canadians from benefiting from efficient global payments and expanding the Canadian dollar's reach. Additionally, crypto businesses face banking challenges, unable to access basic services despite low AML risks. Friedman critiques the previous Liberal government's disinterest in crypto and questions whether the new administration, including the appointment of Evan Solomon as minister of digital innovation, will shift course. She urges Canada to adopt bold policies, offer tax incentives, and provide regulatory clarity to retain talent, support entrepreneurs, and embrace blockchain technology. Without action, Canada risks being a bystander in a rapidly evolving global financial landscape.
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President Lee Jae-myung’s ascent to South Korea’s presidency heralds a new era for one of the world’s largest crypto markets, with promises of significant regulatory and financial integration of digital assets. Rising from a child laborer to a reformist leader, Lee’s administration is poised to enact the Digital Asset Basic Act (DABA), promote spot crypto ETFs, and introduce a won-based stablecoin, distinguishing it from past failures like Terra. Under the Democratic Party’s Digital Asset Committee, led by Min Byoung-dug, these policies aim to legitimize and expand the crypto sector by involving institutional investors and leveraging K-culture. However, Lee’s tenure begins under the shadow of controversies, including real estate scandals, alleged illegal funding to North Korea, and multiple ongoing legal battles. His diplomatic approach seeks balanced relations with North Korea, China, the US, and Japan, despite North Korea’s notorious crypto hacks. While Lee’s crypto-friendly policies signal a shift toward innovation and integration with traditional finance, his ability to navigate political instability and legal hurdles will be critical to fulfilling his vision for South Korea’s digital asset economy.
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Bitcoin faces significant risks over the next two months due to ongoing tariff uncertainty from US President Donald Trump, warns Swyftx lead analyst Pav Hundal in a Cointelegraph interview. This cycle of "tariff ultimatums" could stall monetary easing as policymakers await concrete data on economic impacts, potentially triggering a growth slowdown and casting a shadow over risk-on markets like Bitcoin. If unresolved, Hundal predicts Bitcoin could drop below $100,000, a level it struggled to surpass for months earlier this year following tariff-related volatility. Conversely, an end to the "tariff sabre rattling" could propel Bitcoin to $120,000 by June. The Federal Reserve's current tightrope walk, maintaining rates between 4.25% and 4.50% amid inflation and unemployment concerns, further complicates the outlook. Hundal notes that the US inflation target of 2% now faces longer-term threats from tariffs. Meanwhile, Bitfinex analysts suggest Bitcoin could hit $115,000 by July if institutional buying persists and US job data underperforms, potentially prompting earlier rate cuts. The situation remains fluid, with Bitcoin's trajectory heavily tied to macroeconomic and policy developments.
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The U.S. Securities and Exchange Commission (SEC) secured a $1.1 million default judgment against Keith Crews on June 3 in a Georgia federal court after he failed to respond to a lawsuit filed in August 2023. The SEC accused Crews of orchestrating a crypto fraud scheme through his companies, Four Square Biz and Stem Biotech, between 2019 and 2021. He allegedly raised $800,000 from around 200 investors, many from African-American and church communities, by selling a fraudulent crypto asset named “Stemy Coin.” Crews made false claims about the token being backed by stem cell technology and gold, despite having no labs, products, or partnerships. The court ordered him to pay $530,000 in disgorged profits, nearly $51,000 in prejudgment interest, and a $530,000 civil penalty, while also banning him from future securities law violations. This ruling marks a rare crypto-related win for the SEC, which has reduced its crypto enforcement actions under the current administration.
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The U.S. Senate is in the final stages of debating the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, a bill to regulate stablecoin issuers like Tether's USDT and Circle's USDC. Having cleared the Senate Banking Committee and an initial floor vote with bipartisan support, the bill could become the first major crypto legislation to pass the Senate if approved this week. However, it faces challenges from over 50 amendments, including unrelated proposals like the Credit Card Competition Act, which analysts give low odds of passing. Crypto lobbying groups, including the Blockchain Association, are urging lawmakers to stay focused on stablecoin oversight. While Capital Alpha Partners estimates a 60-65% chance of the bill becoming law this year, it still requires House approval, where further revisions may occur. This legislative effort, under scrutiny amid concerns over political ties, represents a critical step for crypto regulation in the U.S.
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Taiwan-based cryptocurrency exchange BitoPro confirmed a security breach on May 8, resulting in a loss of over $11.5 million from its hot wallets on Ethereum, Tron, Solana, and Polygon. The exploit, disclosed weeks later on June 2 via Telegram, occurred during a wallet system upgrade when an attacker targeted an old hot wallet. Despite the incident, BitoPro assured users that their funds and withdrawals remain unaffected, with sufficient reserves and operational trading functions. Onchain investigator ZachXBT reported suspicious transactions to decentralized exchanges, with funds later moved to Tornado Cash or bridged to Bitcoin via THORChain to obscure their trail. BitoPro has commissioned a third-party security firm to trace the stolen assets and plans to share new hot wallet addresses for transparency. The delay in disclosure raised concerns, especially as some users reported issues withdrawing USDT after a brief maintenance period on May 9. This incident highlights the ongoing vulnerability of cryptocurrency exchanges and DeFi protocols to hacks, with recent exploits like Cetus ($220 million) and Nervos ($3 million) underscoring the critical threat of access control failures in Web3, as noted by Hacken analysts.
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Singapore’s central bank, the Monetary Authority of Singapore (MAS), has imposed a strict deadline of June 30, 2025, for local crypto firms to halt digital token services targeting overseas markets. This directive, part of the Financial Services and Markets Act of 2022, aims to tighten regulatory oversight and address cross-border risks in the digital asset sector. Firms failing to comply face severe penalties, including fines of up to 250,000 Singaporean dollars (about $200,000) and imprisonment for up to three years. No transitional arrangements are offered, and only companies licensed or exempted under existing financial laws can continue operations. Licenses under the new framework will be rare due to heightened concerns over Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT). MAS is concerned that crypto firms could exploit regulatory gaps by operating unregulated activities abroad while registered in Singapore. Legal experts urge companies to restructure operations to mitigate risks and comply with the new rules, which also mandate adherence to AML and CFT standards for overseas operations. This move reflects Singapore’s broader effort to strengthen control over the crypto industry and prevent potential regulatory loopholes.
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Carlos Lei, co-founder and CEO of Uplink, argues in his Cointelegraph opinion piece that the frequent failure of centralized infrastructure, evidenced by recent blackouts in Europe, South Africa, Pakistan, and Texas, underscores the urgent need for Decentralized Physical Infrastructure Networks (DePIN). These networks, powered by blockchain, enable communities to collaboratively build and manage critical systems like internet and energy grids, reducing the risk of widespread failure inherent in centralized models. Lei highlights real-world DePIN successes, such as mesh networks in Dharamsala, India, and Red Hook, Brooklyn, which provided connectivity during crises. He advocates for a hybrid approach, integrating decentralized solutions with existing systems, as exemplified by OpenRoaming’s global WiFi connectivity. Lei stresses that DePIN isn’t just a futuristic concept but a necessity for resilience, urging governments, telecoms, and enterprises to invest in and prioritize decentralized infrastructure. He warns that connectivity is as vital as power itself, essential for safety and community survival during disasters, and calls for immediate action to fortify digital lifelines before the next crisis hits.
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Bitcoin (BTC) faced a shaky start to June, dipping below $104,000 on June 2 amid renewed Russia-Ukraine tensions that unsettled US stock markets. The cryptocurrency saw an 8% drop from its recent all-time high of $112,000, though it continues to hover near 2024 peaks. Geopolitical uncertainty, including speculation around a stalled peace deal involving US President Donald Trump, has contributed to market caution. While some traders and analysts like Filbfilb express concern over risk assets due to escalating tensions and a strong gold market, others remain bullish on Bitcoin’s long-term outlook, especially if stocks recover. The May monthly close was Bitcoin’s highest ever, though it received little attention. Looking ahead, market participants anticipate sideways trading, with QCP Capital forecasting a price range of $100,000 to $110,000 absent new volatility triggers. Despite recent fluctuations, underlying support for BTC remains evident, though opinions on June’s direction vary, with some expecting initial reversals before a clearer trend emerges.
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Australia's financial intelligence agency, AUSTRAC, has implemented stringent new rules for crypto ATM operators to combat rising scams, as reported by the Australian Federal Police, with losses exceeding 3.1 million AUD ($2 million) in a year. These regulations include a 5,000 AUD ($3,250) cash transaction limit, mandatory scam warnings, enhanced monitoring, and stricter customer checks. The measures aim to protect vulnerable users, particularly those over 50, who represent 72% of transaction value and are often scam victims. AUSTRAC is also encouraging crypto exchanges to adopt similar limits for cash transactions. The agency, alongside law enforcement, will continue to review and adjust these rules to curb criminal activity. Meanwhile, Australia has seen explosive growth in crypto ATMs, now ranking third globally with 1,819 machines, up from just 67 in 2022. The Australian Federal Police highlighted that many victims are unaware of being scammed or hesitant to report due to embarrassment, urging greater public awareness to prevent further losses.
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Elon Musk has unveiled XChat, a new encrypted messaging feature for X (formerly Twitter), as part of his vision to create a privacy-centric "everything app." Announced with features like audio/video calls, vanishing messages, and all-file sharing, XChat boasts a "Bitcoin-style encryption" on a new architecture, though technical specifics are unclear. This phrase has ignited excitement in crypto communities, with users speculating it could outshine competitors like Telegram in security. Comments on platforms like CryptoLeaks and Solana DEX servers highlight enthusiasm for enhanced privacy and operational security (OPSEC). Alongside XChat, Musk introduced X Money, a payments feature set for a cautious beta launch later this year. The updates position X to rival apps like Signal and WeChat by blending messaging, social media, and finance under one encrypted platform. Reported by TheStreet on June 1, 2025, this development underscores Musk's commitment to transforming X into a multifaceted, secure digital hub, sparking significant buzz and anticipation among users and tech enthusiasts alike.
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XRP has emerged as a major beneficiary of the Trump administration's pro-crypto stance, skyrocketing over 345% since the 2024 election, from $0.50 to $2.20 in just six months. This surge is fueled by significant political and regulatory shifts, including the replacement of SEC head Gary Gensler with the more crypto-supportive Paul Atkins, resulting in the dismissal of a prolonged lawsuit against Ripple, the company behind XRP. This legal resolution frees Ripple to focus on expanding its blockchain-based payment network for cross-border transactions and gaining institutional adoption. Additionally, the likelihood of a spot XRP ETF approval in 2025 has increased under a friendlier SEC, while upcoming crypto legislation could open new avenues for growth, particularly with stablecoins. Furthermore, XRP's prioritization in the U.S. Digital Asset Stockpile, alongside advocacy from Ripple's CEO Brad Garlinghouse, underscores its rising prominence. Despite much of the initial pro-crypto enthusiasm already reflected in its price, these emerging catalysts suggest XRP could see further gains over the next year.
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Bitcoin maximalist Max Keiser has expressed skepticism about the ability of newer Bitcoin treasury companies to endure prolonged bear markets, contrasting their untested status with Michael Saylor’s Strategy, which has demonstrated resilience by continuing to accumulate BTC even during downturns. In a recent X post, Keiser highlighted that these "Strategy clones" might lack the financial discipline Saylor exhibited. Strategy’s success has inspired a wave of copycat firms, with companies like Strive and Trump Media and Technology Group announcing significant Bitcoin treasury plans. This trend could lead to corporations owning over 50% of Bitcoin’s total supply, according to some analysts. However, soaring stock premiums, such as Metaplanet’s $600,000 Bitcoin premium, have raised concerns about unsustainable valuations, with investors paying far more for exposure through stocks than direct BTC purchases. Keiser’s cautionary stance underscores the uncertainty surrounding these newer entrants in the volatile crypto market.
