Sui Foundation has pledged support for Cetus Protocol’s efforts to recover $223 million stolen in a recent hack, urging users to share relevant clues. The liquidity platform, backed by Inca Digital and Sui, has offered a $5 million reward for information leading to the hackers’ identification. Negotiations remain open, but legal action will proceed if no response is received.
CZ Denies Role as Trump Crypto Project “Intermediary”
Binance founder Changpeng Zhao (CZ) refuted The Wall Street Journal’s claims that he facilitated connections for the Trump-linked World Liberty Financial (WLFI) crypto project. In a social media statement, CZ clarified he neither arranged WLFI’s overseas trips nor introduced its team to associates. He accused U.S. entities of undermining crypto innovation.
Forbes: Trump’s Use of Presidential Seal at Meme Coin Event May Breach Law
President Donald Trump faces scrutiny after using the U.S. presidential seal during a private dinner for holders of his Meme Coin (TRUMP). Forbes reports the act potentially violates 18 U.S. Code § 713, which bars unofficial use of federal insignia. Legal experts note past presidents avoided such displays for commercial events. The White House has not commented.
NEV Retailer JZXN to Acquire 1,000 Bitcoin in $1B Strategy
Jiuzi Holdings (NASDAQ: JZXN), a Chinese new energy vehicle retailer, approved a plan to buy 1,000 BTC (worth ~$1 billion) within a year via stock issuance and cash. The firm operates in third- and fourth-tier cities, partnering with 20+ EV manufacturers.
Bitcoin Hits Record $109.5K on Coinbase
Bitcoin briefly surged to $109,500 on Coinbase, eclipsing its January 20 peak of $109,358. Discrepancies across exchanges saw one platform touch $109,900.
Policy Briefs
SEC’s Hester Peirce Advocates for Crypto Clarity: Supports guidelines to exclude PoS/DPoS activities from securities laws, citing past enforcement failures (Figment).
Michigan’s Crypto Bills: Proposals include pension fund Bitcoin ETF investments (HB 4510) and tax incentives for mining in abandoned oil wells (HB 4512/4513) (Decrypt).
Hong Kong Stablecoin Rules: Issuers must hold 1:1 reserves, guarantee redemptions, and comply with AML laws (Financial Services Bureau).
U.S. House to Review Crypto Market Structure Bill on June 10 (Fox Business).
Blockchain Updates
Ledger launches Solana-specific Ledger Flex wallet with SBT rewards.
Ethereum’s Fusaka Devnet-0 goes live May 26; gas cap and blob fee EIPs confirmed for Devnet-1 (ACDE Meeting).
Bitcoin Privacy Tool Payjoin secures $100K from Maelstrom for scalability upgrades.
Worldcoin raises $135M from a16z and Bain Capital for U.S. expansion.
Market Reactions
Peter Schiff Criticizes BTC: Notes central banks favor gold (1K tons/year) over Bitcoin, citing volatility risks.
Cathie Wood: Argues crypto ETFs will persist due to wallet complexity (Solana Accelerate).
Basel Medical (BMGL) signs deal to buy 10,000 BTC ($1B) via stock issuance.
Economic Trends
U.S. Treasury’s Bessent: Predicts stablecoins could drive $2T demand for Treasury bonds, up from $300B (Coinpedia).
Bank of Canada: Prioritizes U.S. trade deal talks, per Governor McCollum.
USD Slides to December 2023 levels amid policy shifts.
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