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WazirX, an India-focused cryptocurrency exchange previously based in Singapore, is relocating its operations to Panama and rebranding its parent company, Zettai, as Zensui Corporation. This move follows a Singapore court’s rejection of WazirX’s restructuring plan and a regulatory deadline from Singapore’s central bank to cease offering digital token services to overseas markets by June 30. The transfer of operations to Zensui, incorporated in Panama on March 10, is set to be completed within days. Zensui will also manage the issuance of recovery tokens as part of WazirX’s compensation plan for creditors impacted by a $235 million hack linked to North Korean state-sponsored hackers. These tokens aim to cover remaining claims, with potential recovery of 75-80% of users’ account balances. Despite serving Indian customers, WazirX has no plans to seek licensing in Singapore or register with India’s Financial Intelligence Unit. Legal expert Jalaj Jain noted potential internal legal repercussions in India, though definitive conclusions await clearer regulatory guidance. This relocation marks a fresh start for WazirX as it navigates regulatory and post-hack challenges.
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Bitcoin experienced a nearly 3% price drop over the past 24 hours, dipping to $100,500 before stabilizing at $102,180, amid broader market turmoil. This decline led to the liquidation of $308 million in long positions, part of a larger $982.55 million crypto market liquidation. The downturn aligns with escalating tensions between US President Donald Trump and Elon Musk, with Musk warning that Trump’s proposed global tariffs could trigger a recession. Trump retaliated by threatening to cut Musk’s government contracts, prompting a brief, retracted statement from Musk about decommissioning SpaceX’s Dragon spacecraft. Meanwhile, long-term Bitcoin holders are selling off after the cryptocurrency hit a peak of $111,970 in May, adding sell pressure and raising the risk of a short-term correction, as noted by Glassnode. Other major cryptocurrencies, including Ether (down 7.25%), XRP (down 4.35%), and Solana (down 5.20%), also faced sharp declines. Crypto analysts suggest that US policy delays on monetary easing due to Trump’s tariffs could further slow growth, exacerbating market uncertainty.
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The US Department of Justice (DOJ) has initiated a civil forfeiture action to seize $7.74 million in cryptocurrency and NFTs allegedly obtained by North Korean IT workers using fraudulent identities to work remotely for blockchain firms. The funds, frozen in April 2023, are tied to a money laundering scheme involving Sim Hyon Sop, a China-based banker, and are stored in various self-custody wallets and Binance accounts. The DOJ's complaint, filed on June 5 in a Washington, DC federal court, details how these workers, operating across multiple countries, used fake documents and laundering methods like chain hopping and token swaps to hide the origins of their earnings, often received in stablecoins such as USDC and USDT. The funds were reportedly intended to be funneled back to the North Korean government. Matthew Galeotti of the DOJ emphasized the department's commitment to safeguarding the crypto ecosystem and blocking North Korea's illicit financial gains. This case reflects a broader trend of North Korea intensifying efforts to infiltrate the crypto industry, with reports indicating a shift in focus to blockchain firms in Europe amid heightened US scrutiny.
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The launch of a Donald Trump-branded crypto wallet by Magic Eden and the team behind the Official Trump (TRUMP) memecoin has descended into confusion, labeled as "absolute chaos" by crypto skeptic Molly White. Announced on June 3, the wallet was promoted as the "Official $TRUMP Wallet," but Trump family members, including Donald Trump Jr., Eric Trump, and Barron Trump, have publicly disavowed any involvement, stating the Trump Organization has no connection to the project. Despite this, the wallet is tied to Fight Fight Fight LLC, co-owned by CIC Digital LLC, a Trump Organization affiliate holding significant TRUMP tokens. The situation highlights communication breakdowns among Trump-linked crypto ventures, with no official response from Magic Eden or the TRUMP token team. This incident adds to ongoing confusion surrounding Trump’s crypto endeavors, including past contradictions over Bitcoin investments by Trump Media and Technology Group.
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South Korean entertainment company K Wave Media has announced a $500 million securities purchase agreement with Bitcoin Strategic Reserve KWM to fund a Bitcoin-centric crypto treasury strategy. The deal, revealed on June 4, aims to position K Wave as the “Metaplanet of Korea,” inspired by the success of Metaplanet and MicroStrategy in adopting Bitcoin as a corporate reserve asset. The funds will primarily be used for purchasing and holding Bitcoin long-term, with potential investments in other cryptocurrencies, alongside yield optimization strategies. Additionally, the company plans to allocate resources for mergers, acquisitions, and growth in its content and K-POP businesses. K Wave also intends to enhance decentralization by operating Bitcoin Lightning Network nodes and investing in related infrastructure. Following the announcement, K Wave Media’s stock surged 162% on Nasdaq, trading at $5.04. This move aligns with a growing trend of public companies in Asia and beyond embracing Bitcoin as a reserve asset, a practice popularized by MicroStrategy since 2020.
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Cango, a Bitcoin mining company, reported mining 954.5 BTC, valued at over $100 million, in April and May 2025, following a complete shift to crypto mining after selling its legacy China operations to a Bitmain-associated entity. This pivot allowed Cango to focus solely on Bitcoin mining, achieving an average hashrate of nearly 30 exahashes per second during the two months. Earlier in 2025, the company mined 1,541 BTC in the first quarter, worth around $162 million. Additionally, Cango's co-founders, Xiaojun Zhang and Jiayuan Lin, agreed to sell 10 million high-vote Class B shares to Enduring Wealth Capital for $70 million, a deal awaiting shareholder approval. This transaction will grant Enduring Wealth voting control while maintaining limited economic equity. Cango's rapid expansion and strategic moves highlight its commitment to becoming a significant player in the Bitcoin mining industry amidst a competitive and computationally intensive landscape.
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Alice Li, investment partner at Foresight Ventures, predicts that Bitcoin could surpass $150,000 in the current market cycle due to improving regulatory clarity in the United States. Speaking on Cointelegraph’s Chain Reaction X Spaces on June 3, Li highlighted US policy changes, such as President Donald Trump’s Bitcoin reserve approval and advancements in stablecoin regulations, as key catalysts for the 2025 crypto rally. She emphasized the potential of the GENIUS Act, which seeks to define stablecoin collateralization rules and enforce compliance with Anti-Money Laundering laws, as a pioneering step that could inspire similar legislation globally, including in Hong Kong, where a comparable bill is under consideration. Li also noted that an interest rate cut by the US Federal Reserve could further propel Bitcoin’s price. Despite a recent dip in crypto venture capital deals, with only 62 investment rounds in May raising $909 million, Li remains optimistic about Bitcoin and the broader crypto market’s future, driven by these regulatory and economic developments.
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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.
