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SOL $68.19 +1.07%
TRX $0.3169 +1.06%
DOGE $0.0881 +0.55%
ADA $0.1737 +1.73%
BCH $207.92 +1.34%
LINK $8.00 +1.83%
HYPE $59.74 -0.39%
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Gate completes SpaceX IPO stock distribution and simultaneously launches exclusive benefits activities for subscription users

According to the official announcement, Gate has completed the stock distribution for the direct IPO phase project SpaceX (SPCX). Users can check their SPCX stock assets that have been credited to their stock accounts; the unallocated portion and remaining subscription funds have been automatically returned to the spot account. With the completion of the stock distribution, SPCX will subsequently enter the market trading phase according to the new stock listing process in the U.S.Meanwhile, Gate has launched exclusive benefits for users who subscribed to SpaceX (SPCX), allowing participation in designated USDT surplus products with a maximum annualized return of 200%. Holding USD1 also grants additional yield rewards. The platform has simultaneously launched the "SPCX Stock Launch Plan" limited-time event. During the event, users participating in stock trading can receive first-order rewards, share their SPCX holdings for a chance to receive stock airdrops, and complete designated trading volumes to participate in leaderboard competitions, with a total of 50,000 USDT worth of SPCX stock prize pool to share.In addition, Gate stocks have launched on the stock trading web platform, achieving comprehensive coverage on both App and Web. Gate stocks support trading over 10,000 mainstream U.S. market stocks and ETFs using USDT, covering major U.S. securities trading markets such as the NYSE and NASDAQ, and support fractional trading starting from as low as 0.01 shares. With the launch of the direct IPO, Gate is gradually improving its product ecosystem covering Pre-IPO, IPO, and stock trading, providing users with a more convenient one-stop global investment experience.

Coinbase CEO: About 50% of contract trading volume comes from U.S. users using offshore products via VPN

Coinbase CEO Brian Armstrong tweeted, "For years, cryptocurrency trading has been shifting overseas due to the lack of clear regulatory rules in the U.S., and while perpetual contracts are favored by traders, they are banned in the U.S. Frankly, about half of the perpetual contract trading volume comes from U.S. users who use offshore products via VPNs, and KYC checks are lax. Other companies have set up offshore entities to find ways to evade regulation. After dozens of trips to Washington, D.C., and numerous communications from our policy team, we finally received approval to allow U.S. users to access true global perpetual contracts."Previously, the CFTC's Market Participants Division issued a clarification letter and a no-action letter to registered futures commission merchant Coinbase Financial Markets (CFM), allowing it to offer cryptocurrency options and perpetual contracts listed on the affiliated offshore exchange Deribit FZE to U.S. users. The letter confirmed that the aforementioned perpetual contracts can be classified as foreign futures under CFTC Regulation 30.1.Additionally, under specific conditions, the CFTC will not recommend enforcement action regarding CFM transferring digital commodities held by customers and paying stablecoins to its offshore brokerage affiliates for margin purposes, and that affiliate may exercise reuse rights over the aforementioned customer assets.

SpaceX today listed on Nasdaq at $135 per share, with a market value of $1.77 trillion, the largest IPO in history. Robinhood allocated SPCX shares to retail users through a random lottery

According to BBX data, the largest IPO in history officially opened yesterday, with retail allocation unprecedentedly conducted in an equitable manner. The core dynamics are as follows:SpaceX, Inc. (NASDAQ: $SPCX) officially began trading on the Nasdaq Global Select Market today, with an offering price of $135 per share (pricing confirmed on June 11), issuing 555,555,555 shares of Class A common stock, raising approximately $75 billion, with a total market capitalization of about $1.77 trillion, breaking the record for the largest IPO in history previously held by Saudi Aramco at $29.4 billion in 2019; underwriters have an additional 30-day over-allotment option to purchase 8.33 million shares, with IPO settlement expected to be completed on June 15. Investor demand exceeded the IPO size by 3.3 to 4 times, with total subscription intentions exceeding $200 billion; 30% of the shares are reserved for retail investors (far higher than the traditional IPO allocation of 5 to 10%), with participating brokers including Charles Schwab, Fidelity (minimum account $2,000), Robinhood, SoFi, and E*TRADE. Key financial data (from the S-1 prospectus): full-year revenue for 2025 is projected at $18.7 billion (with Starlink contributing about 61%, over 9 million users), net loss of $4.9 billion (mainly due to AI capital expenditures of $12.7 billion); Q1 2026 revenue is $4.69 billion, net loss of $4.27 billion (mainly due to xAI merger integration expenses); average analyst target price is $165.Robinhood Markets, Inc. (NASDAQ: $HOOD) is explicitly listed as one of the retail allocation brokers in the SpaceX S-1 prospectus, using a random lottery method to allocate SPCX shares (no minimum account balance requirement, but due to 3 to 4 times oversubscription, the actual allocation probability is very low); differentiated positioning compared to Fidelity (asset threshold stratification) and Schwab (account qualification requirements) ------ Robinhood is the only mainstream broker that unconditionally opens the subscription entry to all accounts, aligning with its "democratization of IPOs" positioning; the 30% retail reservation ratio by SpaceX is viewed by analysts as an important signal in Robinhood's narrative of transforming from "trading platform to capital market entry."

PiggyBank discloses details of the LAB basis trading manipulation incident and will compensate affected users

PiggyBank released a detailed report on the LAB incident on June 6, stating that the protocol experienced a net withdrawal of approximately $579,000 on June 6, primarily due to a LAB token basis trade being manipulated by the market.In early May, PiggyBank purchased 142,800 locked LAB tokens (approximately $102,500) through an OTC intermediary while simultaneously opening a perpetual contract short hedge. However, market participants continuously maintained the spot price above the perpetual contract price, resulting in a deeply negative funding rate (annualized -17,000%), and the high hedging costs forced the shorts to close, resulting in a loss of approximately $476,000. The currently locked LAB tokens have a spot value of about $1 million, but due to poor liquidity and lack of hedging, they have been excluded from the NAV calculation.PiggyBank will undergo structural reforms: increasing transparency of on-chain mechanisms, strategy logic, and fund allocation will be publicly verifiable, while basis trading and funding rate arbitrage will be gradually phased out. In terms of compensation, affected users will receive USDC compensation based on actual losses, with funding sources including NAV discrepancies, future LAB sales (expected to unlock from August 14 to October 14, currently valued at approximately $1 million), and 50% of future platform revenue. All users recorded in the snapshot on June 6 are eligible for compensation.

Gate Square launches the "My Gate Trading Moments" content collection activity, with multiple prize pools to encourage users to share real stories

Gate Square officially launched the "#My Gate Trading Moment" themed content collection activity, which will take place from June 10 to June 23, 2026. Users can share their trading reviews, market opinions, investment insights, or advice for Crypto newcomers based on their investment experiences with BTC, meme coins, contracts, US stocks, gold, prediction markets, and more.The activity will be simultaneously covered on the X platform and Gate Square, where participants on the X platform can receive up to 1,000 USDT as an individual reward, and the prize pool can be increased to over 10,000 USDT; Gate Square will also offer multiple incentives such as daily best content awards, continuous participation awards, lucky participation awards, and first-time user rewards. In addition, Gate Square has recently upgraded its certified creator incentive program, launching monthly creation rewards and traffic support rights for high-quality content creators. Users who successfully apply for Gate Square certified creator status can participate in a monthly creation incentive program with over $20,000.During the content collection activity, users can participate in the selection and win rewards by posting original content with the topic "#My Gate Trading Moment" and tagging @Gate__Square on the X platform, or by posting original posts with related topics on Gate Square. Gate aims to accumulate more high-quality content with reference value through real trading stories and market reflections, helping investors grow together.

Bitget's Chief Legal Officer issues an open letter, assisting users in recovering over 32.3 million dollars in fraud-related funds last year

Bitget Chief Legal Officer Hon Ng today released an open letter, announcing that Bitget has officially launched the 2026 Global Anti-Fraud Month campaign, themed "More Assets, Stronger Protection."In the letter, Hon Ng pointed out that as the platform expands from crypto assets to a multi-asset ecosystem, users face increasingly complex cybersecurity threats while enjoying broader market access. He emphasized that the multi-asset era means greater responsibility. User protection is not a one-time project but a continuous result of risk monitoring, rapid response, security education, and industry collaboration.The open letter also disclosed Bitget's security and anti-fraud achievements for 2025. Data shows that Bitget intercepted over 150 million malicious attack requests throughout the year, identified over 13,000 high-risk malicious IPs, handled 18,135 user protection cases, and assisted users in recovering approximately $32.3 million related to security incidents and fraudulent activities.In addition, Bitget's security system achieved over 2.8 billion risk interceptions through customized protection rules, defended against over 1.5 billion DDoS attack attempts, and introduced machine learning-based behavioral analysis capabilities to further identify suspicious activities and potential risks.
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