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BTC $63,716.47 +0.12%
ETH $1,672.66 -0.28%
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DOGE $0.0871 +0.37%
ADA $0.1726 +0.51%
BCH $207.14 +1.21%
LINK $7.95 +0.62%
HYPE $58.40 -1.53%
AAVE $66.55 +2.45%
SUI $0.7648 +0.88%
XLM $0.1904 -1.86%
ZEC $413.15 -5.87%

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Raydium core contributors: will fully compensate for stolen assets, the current mainnet program has not been affected

Raydium core contributor InfraRAY posted on platform X, stating that the team has confirmed that the old version of the AMM V3 program, which was previously discontinued in 2021, has been attacked. The attacker unauthorizedly removed part of the liquidity, but this incident does not affect current Raydium users, and the related liquidity pools have been unable to interact through the official Raydium UI since being disabled. The Raydium SDK and DApp also do not support operations on the mainnet old version AMM V3 liquidity pools.The five affected liquidity pools include: Sollet USDT-RAY, Sollet ETH-RAY, SRM-RAY, USDC-RAY, and RAY-SOL. Preliminary statistics show that the stolen assets include approximately 150,177 RAY, 5,603 SOL, and 893,700 USDC, with a total value of about $1.34 million. The related losses will be fully compensated by the treasury.Investigations reveal that the vulnerability originated from insufficient verification of the LP token minting address. The attacker created new LP tokens and impersonated legitimate LP tokens, bypassing the protocol's ratio verification mechanism to extract funds. However, this incident is classified as an independent logical vulnerability and is not due to private key leakage or permission intrusion, and there is no risk of spread. Currently, all existing Raydium mainnet programs have not been affected.

SpaceX IPO expectations heat up, HyperLiquid's SPCX contract rebound points to a $2.4 trillion valuation

The cryptocurrency derivative contract SPCX related to the SpaceX IPO has rebounded on the decentralized trading platform HyperLiquid, as market expectations for the debut performance of the aerospace company founded by Elon Musk have revived. Data shows that the trading price of the SPCX contract rose to about $176 to $183 on Friday, after dropping to around $153 earlier this week, significantly rebounding from the approximately $157 level when the market was focused on it on Wednesday. Currently, the open interest for this contract is about $216 million, with a 24-hour trading volume exceeding $150 million.SPCX does not represent ownership of SpaceX stock, allocation rights, or company equity, but is a cash-settled derivative. However, since the IPO issuance price for SpaceX has been set at $135 per share, this contract is viewed by the market as an important reference for measuring investor expectations for the opening price on the first day of trading. Based on the current price of about $183, SPCX implies a premium of about 36% for SpaceX's first-day listing. Earlier in May, this contract rose to $216, corresponding to a premium of about 60% over the IPO price; while earlier this week, when it dropped to $157, market expectations for the premium narrowed to about 16%.Meanwhile, other informal market signals also indicate a warming of investor expectations. Bloomberg reported that data from IG International's related derivatives shows that the market implies a valuation of SpaceX at about $2.4 trillion, which is over 35% higher than the approximately $1.77 trillion valuation corresponding to the IPO pricing. Additionally, Polymarket users currently assign about a 70% probability that SpaceX's closing market value on the first day will exceed $2 trillion. SPCX had previously accumulated a decline of about 30% over the past few weeks, reflecting traders' cautious outlook on SpaceX's listing performance; however, the recent rebound indicates that the market is recalibrating the potential high valuation premium that the SpaceX IPO may bring.

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.

first_img Analysis: Cryptocurrencies lack verifiable return stories and are continuously losing to AI in the competition for institutional capital

According to research by CointelegraphMT, traditional financial markets are absorbing institutional capital at a pace that cryptocurrencies find hard to match by 2026. The main reason is that AI has clear and measurable returns, while cryptocurrencies currently lack a similar narrative.Data shows that the S&P 500 index rose only 3.5% after excluding AI stocks in 2026, while AI-related indices saw an increase of nearly 50%. The five major tech companies in the U.S. are expected to reach $72.5 billion in capital expenditures for AI infrastructure this year, with Nvidia's quarterly revenue reaching $81.6 billion.The research points out that AI spending can be directly validated through revenue, capital expenditures, and profit margins, while the value proposition of cryptocurrencies is difficult to quantify for traditional allocators. Currently, while the supply of stablecoins is at a historical high, more funds are flowing into tokenized government bonds rather than risk assets.Additionally, in May, the net outflow from U.S. spot Bitcoin ETFs was $2.3 billion, marking the worst single month of the year. However, long-term holders continue to buy in the over-the-counter market, with market makers like Wintermute reporting stable buying around $72,000. The research concludes that unless cryptocurrencies can provide a measurable and repeatable institutional-level return story similar to AI, they will be at a significant disadvantage in competing for the same institutional funds.
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