BlockBeats will summarize key industry news from the week of May 26 to June 1 in this article and recommend in-depth articles to help readers better understand the market and grasp industry trends.
Important News Review
Bitcoin 2025 Conference Held in Las Vegas, with U.S. Vice President Vance and Several Industry Figures in Attendance
From May 27 to 29, the Bitcoin 2025 Conference was held in Las Vegas, USA. Donald Trump Jr., U.S. Senator Cynthia Lummis, BlackRock Digital Assets Head Robert Mitchnick, and White House Crypto Affairs Head David Sacks were among the attendees who delivered speeches. Donald Trump Jr. revealed that the family had been denied banking services for political reasons, which prompted Trump's shift in stance on cryptocurrency; Michael Saylor shared "21 Ways to Get Rich" at the conference; Tether's CEO disclosed that the company holds over 100,000 BTC and 50 tons of gold, among other assets. Additionally, Square, a subsidiary of Block, launched a Bitcoin real-time payment pilot at the conference, allowing attendees to purchase merchandise via the Lightning Network. Related reading: “Bitcoin 2025 Conference Concludes: What Key Signals Were Released Over Three Days?”, “U.S. Vice President Vance's Speech at the Bitcoin Conference: Don't Ignore Politics, Politics Won't Ignore the Crypto Community”, “Arthur Hayes' Speech at the Bitcoin 2025 Conference: The Path of BTC to $1 Million”, “Full Text of Tether CEO's Speech at the Bitcoin Conference: We Are Not a Money Printer, We Are Intermediary Infrastructure Providers”
Trump Media Technology Group Announces Launch of $2.5 Billion Bitcoin Treasury Plan
On May 27, Bloomberg reported that Trump Media Technology Group announced it would launch a Bitcoin treasury plan worth approximately $2.5 billion, incorporating BTC into its asset reserves for financial stability and long-term value storage. The company has signed subscription agreements with about 50 institutional investors for a total of approximately $2.5 billion in private financing. This financing includes about $1.5 billion in common stock and $1 billion in zero-coupon convertible senior secured bonds, with the raised funds intended for the creation of the Bitcoin treasury. The company will use Crypto.com and Anchorage Digital for the custody of the Bitcoin treasury, and the financing is expected to be completed around May 29, 2025. Related reading: “Behind Trump's $2.5 Billion Bitcoin Treasury Plan, is Crypto.com the 'Biggest Winner'?”, “Behind Trump's $2.5 Billion All In Bitcoin, Stock Market Flows into 'BTC Fentanyl'”
Whale James Wynn Engages in High-Frequency Large Contract Positions This Week, Nearing Liquidation Multiple Times, with Losses Exceeding $100 Million
Recently, whale James Wynn has frequently opened large high-leverage BTC positions on Hyperliquid, with the highest position exceeding $1.1 billion. As market conditions fluctuated, his positions faced liquidation multiple times, ultimately resulting in significant losses. On May 28, FTX creditor representative Sunil stated on social media, "James Wynn's trading style is clearly reminiscent of Alameda." On the 30th, on-chain analyst Yu Jin monitored that James Wynn's $100 million position was liquidated, resulting in a profit of $530,000 for the Hyperliquidity Provider (HLP). Related reading: “James Wynn Goes 'All In' Again: Winning is Legendary, Losing is Gambling?”, “From '10u' War God to $1.2 Billion Contract Whale: The Crazy Betting Journey of James Wynn”, “$HYPE Hits New Historical High Again, Why Are Whales Choosing to Open Positions on Hyperliquid?”, “From Being Ignored to 'CEX Killer', What Did Hyperliquid Do Right?”
Satoshi Nakamoto Ranks 11th on Global Billionaires List, Wallet Has Been Silent for 16 Years
On May 27, according to Arkham data, Bitcoin founder Satoshi Nakamoto holds approximately 1.1 million Bitcoins, accounting for 5.2% of the total supply, valued at nearly $121 billion at current prices. His wallet has been silent for 16 years. With Bitcoin recently reaching a historical high of $111,814 (currently falling back to around $110,000), Nakamoto's wealth has surpassed that of Nvidia CEO Jensen Huang and Walmart heirs, making him the 11th richest person in the world.
SBF's Sentence Reduced by Over 4 Years, Expected to Be Released on December 14, 2044
On May 26, reports indicated that FTX founder SBF was previously sentenced to 25 years in prison. If circumstances remain unchanged, he will be released more than four years early. He was initially held at the notorious Metropolitan Detention Center in Brooklyn, where he shared a dormitory-style room with Sean "Diddy" Combs and unexpectedly gave an interview to Tucker Carlson in March, leading to the resignation of his crisis management team. SBF was later transferred to FCI Terminal Island in San Pedro, California, a prison housing 850 low-security male inmates. The Federal Bureau of Prisons estimates that SBF will be released on December 14, 2044, serving less than 21 years.
Musk to Leave U.S. Government, Departure Process Has Begun
On May 29, Musk posted on X, "As my time as a special government employee is coming to an end, I want to thank President Trump for giving me this opportunity to cut wasteful spending. The mission of the Department of Government Efficiency (DOGE) will only strengthen over time, as it will become a way of life for the entire government." Subsequently, U.S. White House officials confirmed that Musk's departure from the government was true and that the departure process had begun. On the 30th, a former DOGE employee stated that Musk had concerns in internal meetings, and that DOGE might stagnate after his departure.
Federal Reserve Releases Statement on Powell's Meeting with Trump
On May 30, according to an official announcement from the Federal Reserve, at the invitation of the U.S. President, Federal Reserve Chairman Powell met with Trump at the White House to discuss issues related to economic development, including economic growth, employment, and inflation. Chairman Powell did not provide specific expectations regarding the outlook for monetary policy, only emphasizing that the policy path would depend entirely on future economic data and its impact on the economic outlook. Finally, Powell stated that he and his colleagues on the Federal Open Market Committee (FOMC) would formulate monetary policy in accordance with the law to support maximum employment and price stability, with all decisions based on prudent, objective, and politically uninfluenced analysis.
Positive News from the U.S. SEC: Requests Court to Dismiss Lawsuit Against Binance; Clarifies That Some PoS Staking Activities Do Not Constitute Securities Transactions
On May 30, reports indicated that the U.S. SEC had submitted documents to the court requesting the dismissal of the lawsuit against the cryptocurrency exchange Binance and its former CEO Changpeng Zhao. The U.S. SEC, Binance, and the lawyers for Binance founder CZ signed a joint motion to dismiss, which was submitted to the federal court in Washington, D.C. They stated that based on policy considerations, they believed it was appropriate to dismiss the case. The lawsuit began in 2023, with the SEC accusing Binance of operating without registration and making false statements regarding trading controls. Binance pleaded guilty to violating the Bank Secrecy Act and paid a $4.3 billion fine. On the same day, crypto journalist Eleanor Terrett revealed that the SEC's Division of Corporation Finance clarified that some staking activities on proof-of-stake blockchains do not constitute securities transactions. This new guidance follows guidance issued in March regarding certain proof-of-work mining activities and covers self-staking, staking-as-a-service, and additional services such as penalty protection and customized rewards.
North Korean Hacking Group Lazarus Group Begins Targeting Individual Investors
On May 29, on-chain detective ZackXBT revealed that the North Korean hacking group Lazarus Group launched a cyber attack against individual cryptocurrency traders on May 24, stealing over $5.2 million in assets from one trader. The hackers infiltrated trading platform wallets, multi-signature wallets, and external accounts using complex malware, subsequently transferring the stolen funds to the mixing service Tornado Cash, with approximately 1,000 ETH being laundered. The Lazarus Group may have shifted its attack targets from institutions to individual investors.
Farcaster Launches Pro Subscription Service, Airdrops Token PRO to Community Users
On May 28, the Farcaster Pro membership program was launched, with the first 10,000 subscribers receiving exclusive NFTs and blue V certification. On the 29th, Farcaster community user MJC716 announced an airdrop of the token PRO (PROCOIN) to Farcaster Pro members, with all 10,000 limited edition NFT holders eligible for the airdrop, and the first 500 claimants receiving approximately 5 times the allocation. Related reading: “Farcaster is Launching Pro Membership Service, Is It Worth It?”
Stablecoin Giant Circle Takes Frequent Actions: Files for Listing on NYSE, Denies Seeking Sale, Acquires RWA Issuer
On May 27, reports indicated that USDC issuer Circle filed for a listing on the New York Stock Exchange. The plan is to issue 24 million Class A shares, of which 9.6 million shares are from the company and 14.4 million shares from shareholders. The expected share price is between $24 and $26, with the trading code CRCL. On the 29th, Bloomberg reported that BlackRock plans to subscribe for 10% of Circle Internet's IPO shares.
On May 27, there were reports that Circle was in informal potential sale negotiations with Coinbase Global or Ripple while still advancing its IPO plan submitted in April. A Circle spokesperson promptly denied this, stating, "Circle is not seeking a sale. Our long-term goals remain unchanged." On the 28th, Circle's IPO documents revealed that it acquired RWA issuer Hashnote in January 2025 for $9.9 million in cash and approximately 2.9 million shares of fully vested common stock (total value approximately $99.8 million). Hashnote is the issuer of USYC, and since the acquisition, its market share in tokenized U.S. Treasury products has declined. Hashnote issued USYC tokens worth $1.3 billion, experiencing rapid growth last year and becoming the largest tokenized U.S. Treasury product in the market. Related reading: “Did Coinbase Acquire Circle? The Harsh Business Reality Behind the Acquisition Rumors”, “While Discussing a Sale, What is Circle Trying to Achieve with Its IPO?”
YZi Labs Announces Investment in Avalon Labs
On May 26, YZi Labs invested in Avalon Labs, which is an on-chain capital market for Bitcoin, aiming to build a scalable, transparent, and accessible financial network to unlock the full economic potential of Bitcoin. As the world's largest issuer of Bitcoin stablecoins, Avalon Labs is transforming Bitcoin from a passive store of value into a dynamic financial asset, promoting adoption and utility in the global market.
Cetus Releases Report on Theft Incident, Will Advance LP Compensation Plan and Strengthen Security Audits
On May 27, Cetus officially reported that its CLMM liquidity pool was attacked by exploiting vulnerabilities in open-source libraries and overflow check defects, falsely injecting high-priced liquidity and repeatedly removing assets to steal funds. Following the incident, Cetus urgently froze two wallet addresses of the attacker on Sui and collaborated with the Sui security team and several auditing firms to conduct contract reviews and upgrades. At the same time, Cetus announced it would use cash and token reserves to fully compensate affected users' assets after community voting. On the 30th, the relevant governance proposal was approved, and Sui will implement a one-time protocol upgrade in the next version to verify voting results and transfer the stolen funds to a wallet jointly managed by Cetus, the Sui Foundation, and OtterSec. Related reading: “Cetus Hacking Incident Follow-Up: Governance Proposal Passed by a Large Margin, Protocol Recovery Enters Execution Phase”, “Slow Mist: Analysis of the Cetus Theft Incident, 1 Token Leveraged $230 Million”
OpenSea: OS2 Platform Ends Testing Phase and Opens to the Public, Will Airdrop SEA Tokens
On May 30, according to Coindesk, OpenSea officially launched the fully upgraded OpenSea2 (OS2) platform, ending the testing phase and opening to the public. The new platform supports token trading across 19 blockchains, marking its transition from focusing on NFTs to a broader crypto market. The platform also introduced a new rewards system called "Voyages," where users can earn XP points by completing basic operations such as on-chain transactions. OpenSea co-founder and CEO Devin Finzer stated that OS2 is "the foundation of the next generation of OpenSea." The company's CMO Adam Hollander revealed in a blog that the SEA token will be distributed through a token generation event (TGE) after completing a series of product updates, but no specific date has been announced. Related reading: “OpenSea is Finally Launching a Token, Is This Time Not a PUA?”
Telegram Founder Announces Partnership with xAI, Will Receive $300 Million in Cash and Equity; Musk Subsequently Denies Agreement Has Been Signed
On May 28, Telegram founder Pavel Durov stated on social media that Telegram has reached a one-year partnership agreement with xAI, which will distribute Grok to Telegram's over one billion users and integrate it into the Telegram app. Telegram will receive $300 million in cash and equity from xAI and will earn 50% of the xAI subscription revenue sold through Telegram. Following this news, TON briefly surged over 6%. On the 29th, Musk posted to deny that a transaction agreement between xAI and Telegram had been signed, stating, "No agreement has been signed." TON also retreated from its peak.
Musk Confirms X Money Will Be Tested Before Launching in 2025
On May 27, Musk's payment and banking application X Money has begun testing. An account focused on Musk and Tesla news, "Tesla Owners Silicon Valley," reported on X that Musk has confirmed that X "is about to launch X Money." Musk subsequently confirmed this news. According to licensing system data from several U.S. states, X has been actively obtaining multiple transmission licenses for X Money, currently holding 41 such licenses. Musk's plan to integrate payment functionality into X dates back to October 2022 when he acquired Twitter for $44 billion.
Bloomberg: Telegram Issues $1.7 Billion Convertible Bonds for Debt Refinancing
On May 29, Bloomberg reported that Telegram raised $1.7 billion through convertible bonds to repay existing debts and extend the debt maturity. According to data compiled by Bloomberg, this rapidly growing messaging platform will use part of the proceeds from the new five-year bonds to repurchase $955 million in debt originally due in 2026. Additionally, this transaction raised $745 million in new funds.
U.S. Democratic Congressman Requests Trump to Disclose Guest List for TRUMP Dinner
On May 30, The Guardian reported that due to concerns about Trump's relationship with the crypto industry, Jamie Raskin, the chief Democratic member of the U.S. House Judiciary Committee, requested that he disclose the guest list for the private dinner held last week for major investors in the TRUMP Meme coin and called for an investigation. Raskin stated that disclosing the list would help the public understand who invested tens of millions of dollars in the president and what those funds have achieved.
Thailand SEC to Block Bybit, 1000X, CoinEx, OKX, and XT Platforms in June
On May 30, the Thailand SEC announced that it would block cryptocurrency trading platforms Bybit, 1000X, CoinEx, OKX, and XT on June 28, 2025, and file legal actions accusing them of operating as unlicensed digital asset business operators.
Binance Alpha Continues to Launch Multiple Airdrop and TGE Activities This Week
Details are as follows:
May 26: Points ≥200 can claim 1,250 HUMA, deducting 15 points;
May 27:
Points ≥198 can participate in Elderglade TGE, consuming 15 points;
Points ≥204 can claim 875 PFVS, deducting 15 points;
May 28: Points ≥195 can claim 1,250 SOPH, deducting 15 points;
May 29: Points ≥193 can participate in RDO TGE, consuming 15 points. Related reading: “Binance Alpha Enters a Heated Phase, How to Participate in the Competition with Better Strategies?”
SharpLink Gaming Announces Ethereum Treasury Reserve Strategy, Plans to Raise $425 Million to Increase ETH Holdings
On May 27, it was reported that SharpLink Gaming, Inc., a publicly listed company in the U.S., announced the signing of a securities purchase agreement for a $425 million private investment, planning to issue approximately 69.1 million shares of common stock (or equivalent securities) at a price of $6.15 per share (with company management team members at $6.72 per share), with Consensys Software Inc. as the lead investor. SharpLink plans to use the raised funds to purchase Ethereum as the company's primary treasury reserve asset. After the transaction is completed, Ethereum co-founder and Consensys founder and CEO Joseph Lubin will serve as the chairman of SharpLink's board and will assist the company in developing its core business as a strategic advisor. Related reading: “Spending $425 Million to Create an ETH Version of MicroStrategy, the ‘E Guardians’ Abandon Political Correctness”
Media Foresightnews Exposes HashKey Platform's Cash Flow Crisis and Massive Layoffs, HashKey Responds "Malicious Attack"
On May 30, Foresightnews published an article titled "Caught in a Storm of Public Opinion, What Happened to HashKey?" which revealed that HashKey has only six months of cash flow left and has recently undergone massive layoffs, with one-third of its employees being dismissed, and some IT suppliers facing delayed payments or even contract terminations. In response, HashKey Group issued a statement saying, "The article published by Foresightnews deliberately misleads the public and attempts to damage our reputation. This malicious behavior is not only condemnable but also exposes the capital connections and unethical competitive motives behind it. There is a potential capital connection between Foresight News and the OSL trading platform. Public information indicates that OSL's parent company, BC Technology, announced in November 2023 that it accepted an investment from BGX Group, whose actual controller is also the founder of Foresight Ventures. After the transaction is completed, BGX Group will hold 29.97% of BC Technology's shares, becoming its largest shareholder. HashKey Group hereby states that all business operations are proceeding normally, and business activities strictly comply with regulatory requirements and are advancing steadily." Related reading: “Plummeting, Layoffs, Cash Flow Crisis: HashKey in the Eye of the Storm”
World Iris Verification Device Featured on Time Magazine Cover
On May 28, Time Magazine announced its latest cover featuring the World iris verification device, "a bold startup co-founded by Sam Altman, aiming to prove you are human through a device called 'Orb'." BlockBeats previously reported that on May 22, to meet the growing market demand for Orb verification of World ID and support the expansion of the World network in the U.S. and globally, World Foundation's subsidiary World Assets Ltd. sold $135 million worth of WLD tokens at market price to early project supporters a16z and Bain Capital Crypto. The circulating supply of WLD has accordingly increased.
U.S. Rap Group Account "Unboxing" Exposes Solana Co-Founder, Allegedly Involved in $40 BTC Economic Dispute, Uncertainty Over Hacking
On May 27, the U.S. rap group Migos exposed personal information of Solana co-founder Raj Gokal on Instagram, mentioning a previous debt of 40 BTC. However, crypto KOL @jbondwagon indicated that Migos' Instagram account appeared to have been hacked, with the hacker using the account to expose Solana co-founder Raj Gokal's personal information. Previously, Raj Gokal also stated that attackers had been continuously attempting to take control of his email, social media, Google, and Apple accounts. He reminded users that if they notice any abnormal content in their accounts (such as issuing tokens or fundraising), it is likely due to hacking and urged users to remain vigilant.
Lido V3 White Paper Launched and Open for Feedback
On May 28, the Lido V3 white paper was launched and opened for feedback. Lido V3 will be launched in February 2025, improving the current protocol and introducing stVaults: staking primitives that support the creation of non-custodial, permissionless, and customizable staking products, backed by stETH for on-demand liquidity. While the V3 concept has been established, key components are still in progress. Contributors are particularly seeking feedback on stVault design and risk management to balance the risk profile and redeemability of stETH with operator choices driven by stakeholders, reserve ratios, and risk levels.
Thailand to Allow Tourists to Use Cryptocurrency for Purchases, Focusing on Regulatory Reform
On May 27, Thailand is preparing to allow tourists to use cryptocurrency for purchases through credit card-linked platforms, as announced by Deputy Prime Minister and Finance Minister Pichai Chunhavajira on the 26th. This initiative is currently under review by the Ministry of Finance and the Bank of Thailand, enabling tourists to link their cryptocurrency assets to credit cards for local spending. Merchants will receive Thai baht as usual and typically will not know that cryptocurrency was used in the transaction. The pilot is expected to launch once key infrastructure and regulatory checks are in place.
Police in Hubei, China, Crack Down on Tether Fraud Case Involving "Riders" Assisting Fraudsters in Fund Transfers
On May 26, according to Hubei Cyber Police, in January this year, a woman named Xiaoli from Shengli Town, Hubei, met someone claiming to be an active-duty soldier named "Wang" on a dating platform, who guided her to a crypto chat software under the pretext of "military discipline" and then lured her into trusting him with a "private investment channel." Wang displayed fake profit screenshots, and Xiaoli believed him, subsequently recharging hundreds of thousands of yuan to the fraud platform. The fraud gang collected cash through offline "riders" and quickly exchanged it for USDT for money laundering. After the last transaction on March 28, Wang went missing, and Xiaoli reported to the police. The Luotian police established a special investigation team and found that the gang operated under a "foreign command, domestic money laundering" model, using USDT's anonymity to evade regulation. Currently, the police have recovered 130,000 yuan, frozen 300,000 yuan, and four suspects have been criminally detained, with the case still under investigation.
Top Student from National Taiwan University Arrested for Operating International Drug Trafficking Website, Previously Lost Huge Crypto Assets Due to Phishing Attack
On May 29, according to Taiwanese media reports, the FBI cracked down on the international drug dark web "Stealth Market," with the mastermind being Lin Ruixiang, a graduate of the National Taiwan University Management Department. He founded the platform in 2020, attracting over 200,000 users and thousands of drug dealers within three years, with total transactions exceeding $100 million in drugs. Lin Ruixiang had previously boasted about his virtual currency achievements, claiming to be a VIP at exchanges, trading over a million dollars monthly, which led to him being targeted by hackers who induced him to implant viruses, resulting in the theft of virtual currencies and NFTs, putting him in financial distress. Before the platform was dismantled in March 2024, he had extorted users up to $20,000 as a "hush fee," ultimately leading to a collapse of trust and the platform's disintegration.
This Week's Major Financing: Strive, Conduit, 21 Capital, Spetz Inc, VivoPower, Eternis AI
On May 27, asset management company Strive announced the completion of a $750 million private equity financing, with a subscription price of $1.35 per share, a 121% premium over the previous closing price of ASST, and the opportunity to expand to $1.5 billion through warrants. Strive will focus on deploying an "excess Bitcoin yield" strategic portfolio, with the financing used to acquire biotech companies, distressed Bitcoin debts, and discounted structured Bitcoin credit products to build its Bitcoin reserve treasury.
On the 28th, stablecoin company Conduit completed a $36 million Series A financing, led by Dragonfly Capital. After this round of Series A financing, Conduit's total financing amount reached $53 million. The company did not disclose the valuation for this round of financing.
On the 29th, according to documents submitted to the U.S. SEC, Bitcoin asset management company Twenty One Capital raised an additional $100 million through convertible preferred secured notes, bringing its total financing amount to $685 million, and continues to advance its merger plan with Nasdaq-listed Cantor Equity Partners (CEP).
On the 29th, it was reported that blockchain infrastructure company Spetz Inc announced the completion of a $10 million initial private financing transaction. Company CEO Mitchell Demeter stated that the financing will be used to purchase Sonic tokens, deploy verification node infrastructure, and implement DeFi strategies.
On the 29th, it was reported that Nasdaq-listed energy company VivoPower reached a $121 million private equity financing agreement, with funds to be used to build a digital asset reserve strategy centered on XRP. Saudi royal family member Abdulaziz bin Turki Abdulaziz Al Saud led the investment, and former SBI Ripple Asia executive Adam Traidman serves as the chairman of the advisory board.
On the 29th, it was reported that the crypto AI project FreysaAI's associated entity Eternis AI completed a $30 million financing, with participation from Coinbase Ventures and Selini Capital. The project is developed on the Base blockchain and aims to build "personal AI digital twins."
This Week's Popular Articles
“The New Consensus Among Young People: Labubu, CSGO, and Meme Coins”
Labubu has transformed from a trendy toy into a fashion staple, becoming a global social currency driven by stars like BLACKPINK and Rihanna. It not only reshapes the sales logic of luxury goods but also carves out a financial path for physical NFTs, propelled by emotional value, scarcity, and community consensus. This phenomenon mirrors the hype surrounding assets favored by young people, such as NFTs, CS accessories, sneakers, bags, and even meme coins, reflecting a new generation's decentralized pricing power centered on aesthetics, emotions, and traffic.
“From '10U' War God to $1.2 Billion Contract Whale: The Crazy Betting Journey of James Wynn”
James Wynn transitioned from a "10U War God" who made over $50 million on PEPE to a contract whale operating over $1.2 billion positions on Hyperliquid, influencing market sentiment through high-leverage trading and social impact. He previously faced community skepticism for clearing positions based on his calls, and now appears to be gambling on short-term trends with substantial capital, making him a focal point in the market while also teetering on the edge of liquidation risk. His rise combines timing, courage, and strong rhetoric, but whether he can become a true crypto evergreen remains to be seen.
“Why Did Former Microsoft Employee's 'ICM Concept' Collaterize Surge 10 Times in a Month?”
The "Internet Capital Market (ICM)" is gradually replacing "On-chain Nasdaq" as the core narrative of Solana, aiming to allow global users to finance and invest directly on-chain, bypassing traditional IPO and venture capital processes. RWA project Collaterize, as an extension of this concept, has emerged with support from Solana co-founders and the foundation, innovatively introducing dynamic bond curves to support real assets like real estate on-chain. However, it faces a dual misalignment dilemma of crypto-native user rejection and traditional user distrust of on-chain assets. Despite currently low on-chain activity, its exploration of a path that balances compliance and openness is testing a possible route for the $75 trillion traditional asset market to go on-chain.
“Behind Trump's $2.5 Billion Bitcoin Treasury Plan, Is Crypto.com the 'Biggest Winner'?”
TMTG announced a $2.5 billion private financing to establish a Bitcoin treasury, causing a market stir. This plan incorporates Bitcoin into its corporate reserves and is seen as a significant move by Trump to extend the "America First" concept into the digital asset realm. Despite the company's weak financial foundation and questionable profitability, TMTG is emulating MicroStrategy's strategy to bet on Bitcoin to enhance valuation, combat financial discrimination, and pave the way for the future development of its Truth Social platform. This plan is not only about corporate transformation but also a political and crypto-economic integration experiment pushed forward by the Trump family and allies like crypto.com.
“Is There Really Someone Going from 3000 to A8? How Does Hyperliquid's Wealth Effect Participate?”
The Hyperliquid ecosystem has continued to release wealth effects following the $JELLYJELLY incident. Besides the platform token $HYPE and the celebrity effect of James Wynn, the underlying L1 network HyperEVM is becoming a gathering place for emerging opportunities. Several native assets like $PURR, $BUDDY, and $HFUN have seen market cap increases, while DEXs, lending platforms, and trading point systems within the ecosystem are gradually laying out airdrop expectations, providing users with multiple incentive paths for interaction, asset allocation, and airdrop harvesting, creating a rapidly growing new frontier that integrates Meme, NFT, and DeFi.
Bitcoin reserve companies like MSTR are raising funds by continuously issuing new shares and bonds to buy BTC, constructing a "flywheel" mechanism reliant on market sentiment. In reality, it is a high-leverage game that exchanges shareholder dilution for short-term asset inflation. If the mNAV (market value to Bitcoin asset value ratio) falls below a critical value, this model faces the risk of financing breakage and debt repayment difficulties, resembling a Ponzi cycle. This financial engineering cloaked in Bitcoin contradicts the original intention of Bitcoin's creation and even replicates the leverage madness before the 2008 crisis.
“Interview with Pima: How Can You Make Money If You Want to Invest in Memecoins?”
The newly emerged large meme project $Slerf on Solana is shrouded in suspicion, with its deployer claiming to have "accidentally deleted tokens," raising community doubts about intentional manipulation. On-chain data shows that the project's deployer has close ties with several meme coin projects, including $jeo, $blow, and $bonk, frequently interacting with key wallets before and after minting, suggesting a manipulator controlling multiple projects. Community investigations further indicate significant overlaps between multi-project token distribution addresses, high-frequency trading accounts, and liquidity providers, raising suspicions that these popular meme projects are orchestrated by a few individuals manipulating market sentiment in a "scripted hype." Such behavior may have constructed a highly centralized meme coin ecosystem, and investors should be wary of behind-the-scenes manipulation and capital rotation risks.
“Stablecoin APY 26%, HyperEVM's 'Hidden Gold Mine'”
This article explores the opportunities for stablecoin yields on HyperEVM, noting that after the launch of its mainnet Alpha version, lending protocols and DEX ecosystems have rapidly grown, with TVL reaching hundreds of millions of dollars. Although stablecoins like feUSD and USDT0 have attracted some liquidity, they still cannot meet Hyperliquid's leverage demands, providing stablecoin lenders with annual yield opportunities of 8-26%, far exceeding the 3-5% on platforms like Ethereum. By bridging USDe or USDT0 to HyperEVM, users can achieve high returns through lending or providing liquidity, while also needing to be cautious of smart contract security and collateral quality risks.
The first IAO project that went viral across the internet, Loud, has a complex web of relationships behind it. Core figures ultra and WenMoon come from JonesDAO and KaitoAI, respectively, and their prior acquaintance adds a layer of interest binding to the IAO operation; while the chip distribution appears public, it actually serves as a channel for "community incentives" to act as a rat trading scheme. Solana infrastructure Holoworld and Meteora serve as launch and trading platforms, precisely attracting funds with an attention flywheel mechanism; the whitelist that seems open to everyone actually has a history of insider control, making Loud likely a new harvesting machine for "evolved conspiracy groups."
“Pump.fun Investor's 'PVP New Trench' Made 200 Times in 6 Hours”
Trenches is a new project centered around crypto live streaming, launched by Carl Vogel, a partner at 6MV and an investor in Pumpfun, sparking heated discussions in the Solana community. The project's token surged to a market cap of tens of millions of dollars after a 9-day silence, backed by a strong lineup of guests and Carl's entrepreneurial background, seen as a trial run for the Pump live streaming ecosystem. Although there are suspicions of market manipulation on-chain, and Carl refers to it as an "experimental project," its narrative potential and market attention post-live streaming are still viewed positively by some KOLs.
“Six Indicators Explained: What Will Bitcoin's Price Reach by the End of This Year?”
By analyzing multiple indicators such as MVRV Z-Score, Energy Value Oscillator, and Bitcoin Heater, it is found that Bitcoin's current price has not yet entered the extreme valuation area typical of the end of a cycle. Various indicators show that the market still has significant room for growth, with market sentiment being moderately positive but not overheated. It is expected that by the end of 2025, BTC may reach the range of $210,000 to $230,000, at which point it may touch the true peak of the cycle.
“Ethereum Gas Fees Have Dropped, What Core Issues Is L2 Solving?”
After Ethereum's mainnet gas fees fell to a five-year low, many projects are reconsidering the feasibility of deploying on L1, and the core value of L2 is once again being questioned. In reality, L2 still aims to address the scalability issue within the "blockchain trilemma" by ensuring security through state on-chain, resisting monopolies through decentralized ordering, and enhancing performance through off-chain execution. Among them, Taiko's Based Rollup model introduces an innovative structure that allows Ethereum L1 to take on the ordering function, fundamentally weakening the power of L2 orderers, achieving resource reuse and system collaboration, and is set to further launch the "Based Booster Rollup" to expand ideas.
“RWA Is Not Just About Financing: Have You Been Misled by the 'RWA Gatekeepers'?”
Hong Kong's RWA market is rapidly expanding under passive maturation and the prejudice of "financing supremacy," forming a structural bubble, while the real value should lie in the systematic reconstruction of corporate digital transformation and asset globalization strategies. Financing is just the tip of the iceberg; the key is to build an open asset pool, multi-layered funding structure, and standardized service ecosystem, promoting RWA from single-point attempts to a scalable replicable industrial upgrade path, guiding enterprises from tactical operations to long-term strategic planning.
“Which Companies Globally Increased Their Bitcoin Holdings in May?”
In May 2025, a wave of Bitcoin investment surged among global enterprises, with several companies entering the market using innovative financing methods and bold investment scales. This includes the cautious foray of Swedish health tech company H100, the high-profile layouts of Chinese clothing logistics company DDC and textile company Addentax, the profit reinvestment model of Indonesian fintech company DigiAsia, and the massive purchasing plan of Singapore's medical group Basel, which emulates MicroStrategy. Behind this wave are macroeconomic uncertainties, the successful example of MicroStrategy, improvements in the regulatory environment, and market speculation sentiment. Wall Street investor Jim Chanos's remarks on MicroStrategy's arbitrage strategy highlight the speculative risks behind this trend, reminding the market of the delicate balance between rationality and frenzy.
“What is the 'Mouth Airdrop' Phenomenon, and What is the New Web3 Concept InfoFi?”
The rise of "Mouth Airdrop" marks a paradigm shift in Web3 from "interactive airdrops" to "information airdrops," giving birth to InfoFi (Information Finance). It is based on threefold logic: viewing information as a source of value creation, binding identity to social influence, and deeply coupling narrative timing with capital release. Users establish consensus through opinion output and social dissemination, becoming creators of new types of assets. In this structure, attention is financialized, expression becomes a productive act, and information itself transforms into distributable assets. In the future, content creators, organizers, and disseminators will form "Information DAOs" in a collaborative manner, shaping the rules of liquidity and value distribution through structured narratives, with "mouth" evolving from mining machines to industrial infrastructure.
The U.S. and Hong Kong have successively advanced stablecoin legislation, marking a significant transformation period in the global financial system driven by technology. Stablecoins have become strategic tools for the dollar, not only to reinforce its global dominance but also because blockchain technology offers unmatched payment and settlement efficiency. Dr. Xiao Feng points out that the core breakthrough of stablecoins lies in technological advantages rather than conspiracy theories, posing profound challenges to the global sovereign currency system, financial regulation, and even monetary issuance rights. In the face of this trend, the correct response is not to resist but to develop local stablecoin ecosystems in an open and compliant manner, actively participating in the construction of a new order in the digital economy.
With the passage of the dollar and Hong Kong dollar stablecoin bills, the stablecoin economy and real-world assets (RWA) are set to experience explosive growth, and entrepreneurs need to seize the opportunity to enter the market. The stablecoin economy will serve as a bridge for blockchain technology to cross the application gap, making it possible for a large number of real assets to go on-chain. However, it must be clear that RWA cannot merely be a means of speculation but should start with high-grade, standardized assets. Currently, the best entry point for Chinese enterprises in the stablecoin economy is to go overseas, earning stablecoins through cross-border e-commerce and gradually laying out high-quality RWAs based on this. The gradual clarity of the regulatory environment and the establishment of order will push the industry from speculation to pragmatic applications, and Chinese entrepreneurs, leveraging technological advantages and market experience, are expected to occupy a core position in the future stablecoin economy and RWA field.
“WSJ: Uncovering How the Witkoff Father and Son Built a Crypto Empire for Trump?”
After the Trump administration took office, its close allies Steve Witkoff and his son Zach Witkoff quickly established the crypto company World Liberty Financial. Through frequent intensive contacts and massive transactions with countries like the UAE and Pakistan, they intertwined private business with government diplomatic affairs. Zach leveraged his father's government role and the influence of the Trump family to promote the rapid expansion of the stablecoin USD1 issued by World Liberty. The company not only facilitated a $2 billion cryptocurrency transaction with the UAE royal family through its role as a Middle East envoy but also actively engaged in a rare earth mining project in Pakistan, using blockchain technology to expand its influence. Although the company claims its business activities are unrelated to government affairs, the interests among senior executives have drawn close attention from regulators and Democratic lawmakers, with the compliance of related transactions and interactions under scrutiny.
“$110,000 Tug-of-War: Behind the Whale's Liquidation of $15.86 Million, Four Catalysts Hide Secrets”
After Bitcoin surged to $110,000, it faced a pullback, with whale James Wynn suffering losses and the market experiencing over $200 million in liquidations. However, the continued strong inflow from spot ETFs supports market sentiment, with Bitcoin and Ethereum attracting over $45 billion in net inflows combined. The Bitcoin 2025 conference is about to be held, with several political and business leaders attending, which may catalyze the market further. FTX is set to launch a second round of repayments exceeding $5 billion on May 30, potentially increasing market liquidity. Additionally, signals of easing in the trade wars between China and the U.S. and between Europe and the U.S. provide short-term macro benefits, supporting Bitcoin's price stabilization and rebound.
LABUBU is a meme token issued on the Solana chain, which, leveraging the global popularity of the POP MART IP "Labubu" and celebrity effects, experienced two explosive surges after its launch, with a market cap nearing $50 million at its peak. Behind this are not only strong support from the Southeast Asian market and the continuous rise in Pop Mart's stock price but also the firm holdings and successful arbitrage of several "diamond hands" whales. The explosive popularity of Labubu once again validates the communicative power of cultural IP and meme tokens, while also reminding investors to be wary of short-term speculative risks and price corrections.
Recently, the market capitalization of Virtuals rebounded, with dynamic activity and a warming AI agent market. This article reviews projects related to Virtuals that have performed well, including those with significant growth and potential alpha, such as AInalyst, AXR, VIRGEN, Magnus, Kosher Capital, Neurodex, Solace, Agent YP, Gigabrain, MusicByVirtuals, DappLooker, Signal V2, VIRGEN, and BasisOS.
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