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In the Ural region of Russia, 10,000 mining machines were seized from an illegal mining site, with electricity cost losses amounting to nearly 1 billion rubles

According to Bits.media, a large illegal cryptocurrency mining operation was discovered in the city of Nizhny Tagil in Sverdlovsk Oblast, Russia, and the nearby city of Kushva. The mining operation was hidden in an abandoned industrial park and deployed about 10,000 mining machines, which were dismantled by a joint operation of the Federal Security Service of the Russian Federation, the police, and the power company.Local power companies estimate that the losses caused by the long-term illegal electricity usage of this mining operation amount to nearly 1 billion rubles (approximately 12.7 million USD). Investigators stated that its electricity consumption was sufficient to meet the lighting needs of a small city. Law enforcement has arrested three suspects, who are currently under house arrest and are being investigated for "causing property damage through deception or abuse of trust." Under Russian law, those involved could face up to 5 years in prison.Investigations revealed that the operators of the mining site accessed the power grid through intermediaries and allegedly tampered with electricity meter data to cover up the actual electricity usage. Law enforcement agencies stated that the actual electricity consumption of the mining operation was about twice the approved quota. The local energy department initially launched an investigation due to frequent voltage fluctuations, power outages, and equipment failures in the abandoned factory area, ultimately pinpointing the location of the mining operation. A local television station also produced a documentary titled "Mining" to document this operation.

Data: In May, the total financing amount in the cryptocurrency market reached 2.21 billion USD, driven by infrastructure and DeFi

According to statistics from the tokenized asset data platform RootData, the total disclosed financing amount in the crypto primary market in May 2026 is approximately $2.21 billion, with a total of 62 financing events disclosed. In terms of the distribution of financing tracks, market funds are still mainly flowing into DeFi, infrastructure, and CeFi, while institutional attention on trading, payment, compliance, and institutional-level services continues to increase.DeFi has become the most active track this month, completing 26 financing events, covering areas such as stablecoins, liquidity protocols, on-chain trading, and yield strategies; the infrastructure track ranks second with 18 financing events, as capital continues to bet on underlying technologies, AI+Crypto, middleware, and on-chain scalability; CeFi has completed 12 financing events, although the number of events is less than DeFi, it performs outstandingly in terms of financing amount, with significant increases in large strategic financing.The top three projects by financing amount are: the parent company of the South Korean exchange Dunamu ($667 million), payment infrastructure project Reap ($600 million, acquisition), and institutional-level stablecoin infrastructure Arc ($222 million). In addition, the prediction market platform Kalshi ($200 million) and on-chain compliance company Elliptic ($120 million) also received significant financing. The top five financing projects this month totaled over $1.9 billion, accounting for about 85% of the overall disclosed financing scale.In May, multiple high-value financings were concentrated in the fields of exchanges, payment infrastructure, prediction markets, and on-chain compliance analysis. In particular, projects related to trading and institutional services such as Gemini, Coincheck, SignalPlus, Variational received financing, indicating that the market is positioning itself around the next phase of incremental funds and institutional demand.In terms of investment institutions, Kraken, Paradigm, Sequoia Capital, Coinbase Ventures, Dragonfly, HashKey Capital continue to remain active, with top capital preferring to bet on projects with clear business models and institutional service capabilities. Overall, the financing market in May shows a trend of gradually returning from high narrative-driven to infrastructure, financial services, and real demand scenarios.

Viewpoint: Strategy's preferred stock debt amounts to 15 billion dollars, facing pressure to sell BTC

According to Cointelegraph, Arca Chief Investment Officer Jeff Dorman stated that Strategy's current approximately $15 billion preferred stock financing structure has become "unmanageable." He pointed out that these preferred stocks require about $1.5 billion in dividends each year, and with the ongoing volatility in Bitcoin prices, this structure is becoming increasingly difficult to maintain.Strategy's financing model is based on the premise that "BTC will continue to rise significantly." Although the company previously alleviated short-term default risks by issuing additional shares, its decision to repurchase bonds maturing in 2029 is perplexing. He indicated that Strategy may ultimately have only two options: sell BTC to pay preferred stock dividends or stop paying dividends, both of which would have significant impacts on the company and investors.Meanwhile, Strategy CEO Phong Le stated in an interview with CNBC that the company "may sell Bitcoin" at some point in the future, but overall will continue to increase its BTC holdings and enhance the amount of BTC corresponding to each share.Polymarket data shows that the market now estimates the probability of Strategy selling some BTC by the end of 2026 has risen to about 90%. As of now, Strategy holds a total of 843,738 BTC, with a total cost of approximately $63.87 billion and an average purchase price of about $75,700.
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