In Thoughts 82, we discussed the carry trade in the Japanese market. Rising interest rates in Japan are making this popular financing strategy – borrowing cheap Yen and investing in expensive US Dollars – increasingly unattractive. What was considered virtually risk-free for years is now becoming obsolete. What does this mean for the US Treasury market in the medium term? The script is currently being written… – and explained in Thoughts 82. At the same time, the risk window is opening further – significantly so. The war in Ukraine, which has recently been more of a background noise from the perspective of the financial markets, could once again become the loud main topic. The latest drone attack on Russian military airfields on its own soil may have military symbolic significance for Ukraine, but it puts Vladimir Putin under pressure domestically. No counterstrike? Then he risks losing power. A counterstrike? Then the situation escalates. The statement by the new German Chancellor Friedrich Merz that weapons for Ukraine are no longer subject to range restrictions is also causing heated debate in Moscow. The financial markets have so far reacted only sporadically to these developments. Gold and silver have responded to the increased geopolitical risk with sharp jumps – a classic signal. But the stock markets continue to celebrate. The big resurrection party has been going on since April – only the cautious investors have already quietly taken their leave. The rest are still dancing. But those who stay too long risk a hangover. Why the gloomy tone? Because the correlation between equities and high-yield bonds is at its highest level in over five years – a sign of massive risk appetite. Investors are as deeply exposed to risk as they have been since the outbreak of the pandemic. In April, demand for hedging – for example via put options – was still high. Now? Tempi passati. The 21-day average of the put/call ratio has returned to a level that has often been observed in the past shortly before corrections. The General Sentiment Indicator – with short-term inputs – is also sounding the alarm: the markets have not been this euphoric in five years! Smart investors are still showing accumulation behavior, but to a much lesser extent than last month. We would not be surprised if this indicator shows in the coming days that investors are beginning to distribute their holdings behind the scenes… The next sentiment indicator also shows that optimism has declined sharply recently, but the bulls still have the upper hand… And the consolidation of the US stock markets during the last few trading days has already caused the balance of power to shift back toward the bulls… Bottom line: The rally since the April sell-off is lasting much longer than previously expected. And according to the indicators presented today, the party could indeed continue for a little while longer. However, the risk of a severe hangover one of these mornings is continuing to rise sharply. Disclaimer: This sponsored market analysis is provided for informational purposes only. We have not independently verified its content and do not bear any responsibility for any information or description of services that it may contain. Information contained in this post is not advice nor a recommendation and thus should not be treated as such. We strongly recommend that you seek independent financial advice from a qualified and regulated professional, before participating or investing in any financial activities or services. Please also read and review our full disclaimer.  

CME Group has reported a record May average daily volume (ADV) of 28.9 million contracts, an 11 percent increase compared to May 2024. The exchange operator noted growth across multiple asset classes, setting new monthly highs in interest rate, metals, and cryptocurrency contracts. Interest rate products recorded a May ADV of 16.2 million contracts, the highest ever for the month. This included 4 million contracts in SOFR futures, up 31 percent year over year. U.S. Treasury futures and options reached 10.6 million contracts, a 6 percent increase, while interest rate options rose 11 percent to 2.7 million contracts. Cryptocurrency products saw the largest percentage increase. ADV in this segment jumped 145 percent year over year, reaching a monthly record of 197,000 contracts with a notional value of $10 billion. Micro Ether futures rose 235 percent to 92,000 contracts, and Micro Bitcoin futures climbed 95 percent to 65,000 contracts. Ether futures set a monthly record with an ADV of 17,000 contracts. “Growth in micro products has brought new market participants into regulated crypto futures” Matt Carey, Global Head of Crypto Products at CME Group, said in a previous statement, “Our crypto contracts provide institutional-grade exposure with strong liquidity and risk management features. Growth in micro products has brought new market participants into regulated crypto futures.” Metals trading also reached new heights. ADV hit 933,000 contracts, led by a record monthly volume of 347,000 contracts in Micro Gold futures. Equity index products recorded an ADV of 6.6 million contracts, up 15 percent, with significant growth in micros. Micro E-mini Nasdaq 100 futures climbed 37 percent to 1.5 million contracts, and Micro E-mini S&P 500 futures advanced 60 percent to 1.3 million. Micro contracts continued to play a significant role in overall volume. CME reported a combined 3 million contracts in Micro E-mini Equity Index futures and options, representing 45.3 percent of total equity index ADV. Micro WTI Crude Oil futures accounted for 2.5 percent of the energy ADV, which totaled 2.6 million contracts in May, up 6 percent from a year ago. Energy options also reached a record May ADV of 445,000 contracts. Agricultural products posted an ADV of 1.6 million contracts, while foreign exchange products reached 893,000 contracts. Within FX, EBS Spot FX average daily notional value increased 27 percent to $67.8 billion, and FX Link ADV rose 52 percent to 43,000 contracts. BrokerTec, CME Group’s fixed income platform, also recorded notable gains. U.S. repo average daily notional value increased 28.6 percent to $352 billion. European repo rose 3 percent to €306.7 billion, and U.S. Treasury activity on the platform increased 20 percent to $101.1 billion. CME Group also highlighted international growth, reporting a 15 percent increase in international ADV to 8.7 million contracts. EMEA contributed 6.4 million contracts, up 14 percent, while Asia recorded 2 million contracts, a 24 percent year-over-year increase. Collateral balances to meet performance bond requirements averaged $97.2 billion in cash and $162.9 billion in non-cash for the three-month period ending April 2025.

Truth Social, the social media platform founded by former U.S. President Donald Trump, has filed for a spot Bitcoin exchange-traded fund (ETF), marking a significant move into the cryptocurrency space. NYSE Arca submitted the application on June 3, 2025, via a Form 19b-4 filing with the U.S. Securities and Exchange Commission (SEC), seeking approval to list the “Truth Social Bitcoin ETF.” The proposed fund is sponsored by Yorkville America Digital, a crypto asset management firm, and backed by Trump Media & Technology Group (TMTG), Truth Social’s parent company. Expanding Trump Media’s Financial Strategy This ETF filing is part of a broader strategic expansion by TMTG into digital assets. In February 2025, TMTG applied for trademarks on six investment products targeting Bitcoin and adjacent sectors. The company also announced a plan to raise $2.5 billion to establish a “Bitcoin treasury,” signaling a major pivot toward cryptocurrency-based financial infrastructure. The treasury, if realized, would position TMTG as a corporate entity with significant crypto reserves, following a trend seen among major tech firms. The ETF would allow investors to gain exposure to Bitcoin’s price movements without holding the asset directly, thereby removing the complications of digital wallets, custody, and private keys. Foris DAX Trust Company, affiliated with Crypto.com, is named as the ETF’s custodian. The selection of a reputable custodian is intended to add institutional credibility and strengthen investor confidence. Regulatory Timeline and Market Impact The SEC now has up to 240 days to review the application, setting a final decision deadline of January 29, 2026. If approved, the Truth Social Bitcoin ETF would join an increasingly competitive field of spot Bitcoin ETFs, a category that gained traction after the SEC’s first approvals in January 2024. These ETFs have seen a surge in demand, as institutional and retail investors alike seek regulated pathways into crypto markets. The move also has potential political and market implications. As a social media platform with direct ties to a former U.S. president and likely 2024 presidential contender, Truth Social’s entrance into crypto investing could further mainstream digital assets among conservative-leaning investors. Market analysts suggest the ETF could draw substantial attention from a politically aligned retail base and speculative crypto traders. TMTG’s ambitions are broader than a single financial product. The group’s filing appears to be part of a longer-term effort to build a vertically integrated digital financial ecosystem around the Truth Social brand. This includes not only passive investment products like ETFs, but also direct holdings and branded financial services that could span trading, lending, or custody solutions. Industry observers are watching the SEC’s review process closely, as the approval of the Truth Social Bitcoin ETF could mark a pivotal moment in the convergence of media, politics, and finance. It would also further validate the trend of Bitcoin and other cryptocurrencies being packaged into mainstream, accessible financial instruments. As the final decision date approaches, all eyes will be on how regulators balance innovation, investor protection, and the high-profile nature of the applicant. Approval could set a precedent for more media and tech firms to explore similar offerings, potentially reshaping the landscape of digital asset investing in the U.S.

Swedish fintech firm Klarna has begun a pilot launch of its first debit card in the United States, aiming to compete more directly with traditional banks as it expands beyond its buy now, pay later (BNPL) roots. The card, built in partnership with Visa and issued through Utah-based WebBank, gives users the option to either pay for purchases immediately or spread payments over time with Klarna’s interest-free installment plans. It will work for both online and in-store transactions. The company, which boasts more than 100 million active users globally, is testing the debit card in the U.S. ahead of a broader rollout later this year across both the American and European markets. While banks remain the main providers of debit cards in the U.S., Klarna is betting that its hybrid model—offering both traditional debit and flexible BNPL options—can win over younger consumers and those looking to avoid credit card debt. Unlike credit cards, debit cards allow users to spend only what they have, avoiding interest charges altogether. Since Klarna does not hold a U.S. banking license, the balance account and the debit card are being managed through WebBank. The physical cards will come in three color options—aubergine, black, and bright green—and Klarna plans to offer one free tier and two paid options that provide varying levels of discounts and cashback perks. The pilot comes just weeks after Klarna paused its U.S. IPO plans for the second time in recent years. The delay came amid rising market volatility triggered by President Donald Trump’s sweeping new tariffs, which have unsettled global investors. Klarna, once one of Europe’s most valuable fintech unicorns, has been steadily repositioning itself as a broader payments and banking platform after facing growing competition in the BNPL space. At its peak, Klarna was valued at $45.6 billion — that figure later dropped to $6.7 billion in a 2022 funding round. Now, it’s expected to return with a valuation north of $15 billion, a source familiar with the plans told Reuters, with pricing likely in early April. The U.S. represents Klarna’s largest market in terms of revenue, boasting over 37 million customers. CEO Sebastian Siemiatkowski hinted at the likelihood of a U.S. IPO occurring “quite soon”, especially after the company reported its first profitable quarter overall after nearly four years of losses, including four consecutive profitable quarters in the U.S. Established in 2005, Klarna provides credit to 150 million global shoppers, facilitating the spread of online purchase costs over several weeks. The company processes about 2 million transactions daily across 45 countries.

NFT marketplace Magic Eden set off a wave of confusion on Tuesday after announcing it partnered with the creators of the $TRUMP memecoin to launch what it called the “official” Trump-branded crypto wallet. The promotional site boldly declared, “Yes! This is The Official $TRUMP Wallet by President Trump,” and invited users to join a waitlist. But the fanfare didn’t last long. Donald Trump Jr. quickly took to X to say the Trump Organization had nothing to do with the product. “Stay tuned,” he added, “World Liberty Financial, which we have been working tirelessly on, will be launching our official wallet soon.” Eric Trump echoed the message, writing, “I run [The Trump Organization] and I know nothing about this project!” That public disavowal instantly raised eyebrows, especially given the family’s own foray into crypto. The World Liberty Financial project, which both sons support, has been actively working on a Trump-backed wallet of its own. Meanwhile, Trump Media—the president’s social media company—filed a trademark last year for “Truth.Fi,” with digital wallet services explicitly mentioned in the application. In other words, if Magic Eden’s wallet does go live, it will be one of at least three Trump-branded or Trump-linked crypto wallets floating around the market. Magic Eden hasn’t backed down from the rollout. CEO Jack Lu posted to X on Tuesday, touting the wallet as part of a push to bring mainstream users deeper into crypto. According to Lu, the product will support a range of major tokens—BTC, ETH, SOL, DOGE, ADA, XRP—and, of course, $TRUMP. The project stems from Magic Eden’s partnership with GetTrumpMemes.com and Fight Fight Fight LLC, the group behind the $TRUMP token. The Trump family’s growing presence in crypto has already been drawing scrutiny. Last week, Trump attended a private dinner with top holders of his memecoin, a move that sparked backlash from critics accusing him of monetizing access to political power. Separately, Trump Media claimed it raised over $2 billion to buy bitcoin. TikTok prankster Nicholas Pinto, who reportedly spent around $300,000 on the Trump-themed token to secure his seat, told WIRED the three-course meal served at Trump National Golf Club in Virginia was “some of the worst food” he’s ever had. “The only good thing was the bread and butter,” he said, adding that he left the table hungry. “It was the worst food I’ve ever had at a Trump golf course.” The May 22 dinner, pitched as an exclusive event for the largest TRUMP token holders, featured a “Trump organic field green salad,” followed by filet mignon and pan-seared halibut with mashed potatoes and vegetables. A lava cake closed out the night. The event, which brought together what Trump described as “some of the smartest minds” in crypto from across the globe, is now facing political blowback. Thirty-five Democrats have called on the Justice Department to investigate whether Trump accepted foreign funds in violation of federal bribery laws or the Constitution’s emoluments clause, which bars presidents from receiving gifts or payments from foreign governments without congressional approval.

Pump.fun, the viral memecoin platform powering much of Solana’s recent trading frenzy, is reportedly planning to raise $1 billion through a token sale that would value the project at $4 billion, according to a report from Blockworks citing unnamed sources. The sale will reportedly include allocations for both private and public investors, though no timeline or launch venue has been confirmed. Representatives for Pump.fun have not yet commented on the news. Launched in early 2024, Pump.fun has quickly become one of the most-used platforms in crypto, allowing users to launch tokens in minutes with little to no technical experience. Its low-barrier approach has fueled a wave of memecoin launches on the Solana blockchain, helping boost traffic and revenue across the ecosystem. At its peak in January, the platform was generating over $7 million in daily revenue, before settling closer to $1 million per day in recent weeks, according to The Block. If completed, the raise would rank among the largest token sales in recent memory, particularly for a memecoin-centric project — a category often dismissed as hype-driven or unsustainable. But Pump.fun’s usage stats and outsized influence on Solana activity may give it broader investor appeal. The project has yet to release an official token, though speculation around a future airdrop or listing has remained a key draw for users participating in the platform’s ecosystem. That said, the memecoin boom on Pump.fun has been losing steam, with the platform’s graduation rate staying below 1% for a fourth straight week. The term “graduation rate” refers to the percentage of tokens that make it through Pump.fun’s incubation phase and become fully tradable on Solana decentralized exchanges (DEXs). Tokens must meet liquidity and trading benchmarks to qualify. The platform has never had a high success rate, but its best week in November 2024 saw 1.67% of memecoins graduating. At the time, 323,000 tokens were created in a single week, sending around 5,400 new tokens into Solana’s DeFi market. Now, with lower token creation volume, weekly graduations dropped to an average of just 1,500 over the past month. New token launches on Pump.fun  also slowed. At its peak in January, nearly 1,200 tokens were launching daily, but that number has since fallen below 300 per day in early March. Trading volume for its graduated tokens plunged 94% from January highs of $3 billion to about $170 million. The platform’s token graduation rate—which tracks new coins reaching a $100,000 market cap to move to Raydium—has also slowed, dropping from 1.85% to 0.83% weekly. Co-founder Alon Cohen attributed the slowdown to broader market conditions, explaining that when the market dips, altcoins and memecoins follow suit. However, he noted that Pump.fun’s share of revenue in the on-chain ecosystem remained stable. The downturn hints at trader fatigue within Solana’s memecoin ecosystem. Months of hype have been followed by growing distrust, fueled by rug pulls, influencer-driven schemes, and insider trading groups. Speculative surges like those seen with presidential, influencer, and AI-themed tokens often fizzle out as risks become clearer. Looking ahead, Pump.fun isn’t standing still. It recently launched a mobile app and teased a native automated market maker (AMM).

Crypto exchange Kraken has rolled out a new prime brokerage platform, targeting institutional clients with a full suite of services including trading, custody, and financing—all on a single interface. Dubbed Kraken Prime, the offering is set to compete with Coinbase Prime and FalconX by providing access to deep liquidity, 24/7 support, and direct trade execution from qualified custody accounts held by Kraken Financial, a U.S.-chartered bank. The platform connects to more than 20 global venues and covers over 90% of the digital asset market, the company said in a statement. It also supports asset-backed lending, T+1 credit facilities, and an in-house smart order routing system for on- and off-platform liquidity. “Kraken Prime is built to deliver the execution quality institutions are used to in traditional finance,” said David Ripley, co-CEO of Kraken. “We’re not first to market, but we’ve built this to set a higher standard.” Prime brokerage, a cornerstone service in equities and FX, is quickly gaining traction in crypto as more hedge funds, asset managers, and corporates expand into digital assets. Kraken is looking to introduce itself as a top-tier counterparty by combining trading tools with compliance-ready infrastructure. The launch comes amid a broader expansion push for the firm. Kraken recently announced plans to launch tokenized equity trading outside the U.S. for stocks like Apple and Nvidia, and completed a $1.5 billion acquisition of NinjaTrader in March, one of the largest crypto-to-TradFi deals to date. The move allows Kraken to compete not just with crypto-native players like Coinbase, but also with retail brokerages such as Robinhood, which already offer both crypto and equities under one roof. The no-fee app is reportedly in discussions with crypto firms Arbitrum and the Solana Foundation, both of which are vying to support the project. Ripley said Kraken is developing modular infrastructure — described as a “set of microservices” — to support a wider product suite as it gears up for broader expansion. Rivals are also moving in. Robinhood recently disclosed plans to build a blockchain platform for tokenized stocks, with an eye on giving European investors easier access to U.S. equities. Kraken reported $472 million in revenue for Q1 2025, up 19% from the previous year, and is said to be eyeing a potential IPO in early 2026. Fresh rankings from analytics firm Kaiko now place Kraken second globally for exchange quality, ahead of Binance and just behind Coinbase.

AgentSmyth has announced an $8.7 million Seed funding round co-led by FinTech Collective and Thomson Reuters, bringing its total funding to $11.2 million. The company, which operates an autonomous agent platform for trading and investment intelligence, said the new capital will support product expansion and accelerate institutional adoption. “Investment research is becoming a commodity” Pulkit Jaiswal, co-founder and CEO of AgentSmyth, commented, “We’re thrilled to have a syndicate of investors who don’t just share our vision—they’re betting on it. Investment research is becoming a commodity; the real edge is turning that raw insight into basis-point-generating trades. Competitors might find the paragraph—AgentSmyth tells you how to trade it. The platform has already been rolled out on the trading floors of some of Wall Street’s largest institutions. This round lets us accelerate adoption and ship the next wave of fully autonomous, trade-ready agents.” Since launching less than a year ago, AgentSmyth has secured 48 institutional clients, including hedge funds, banks, and asset managers overseeing between $2 billion and $50 billion in client assets. Its core product is a stack of autonomous agents that provide real-time intelligence across equities, macro trends, investor sentiment, quantitative signals, options activity, and earnings. These AI-driven agents synthesize over 100 live data sets into actionable ideas for professional desks. Brooks Gibbins, co-founder of FinTech Collective, commented, “The first time Pulkit walked us through their agent stack, it was obvious this was more than another AI plugin—it’s the missing link between market data and trade execution. We’ve backed fintech founders around the world since 2012, and AgentSmyth stands out for pairing deep capital-markets DNA with production-ready AI. It’s already changing how desks make money, and we’re thrilled to help scale that impact.” Tamara Steffens, Managing Director at Thomson Reuters Ventures, added, “Thomson Reuters Ventures invests in innovative companies that align with our strategic objectives and the markets we serve. In the financial services sector, AI is rapidly transforming institutional investment analysis. The use of AI to generate trade ideas, stay up to date with company coverage, and analyze investment data is no longer optional. AgentSmyth has developed a transformational agentic AI platform that incorporates over 100 data sets streaming in real-time and performs institutional-grade investment analysis using a variety of different investment disciplines. We are thrilled to be partnering with this highly talented and experienced team.” AgentSmyth also joined BNY Mellon’s Ascent Program, which supports fintech partnerships aimed at enhancing institutional workflows. Under the collaboration, the firm will work with BNY to further adapt and refine its AI agent stack for broader use on trading floors and portfolio management systems. The company received early backing from Michael Rafferty, president and CEO of Rafferty Holdings, who led the $2.5 million pre-seed and also participated in the current round. Other investors in the Seed raise include Systemic Ventures, Binnacle Financial Group, and notable individuals such as Scott Friedman, former president and founding executive at Robinhood, and Jason Halbert, a behavioral scientist and former U.S. Army special-operations officer who helped scale Snapchat pre-IPO. Brand advisors Will Mayer and Alyssa Bonanno of Better Half also joined the round, bringing experience from growth-stage consumer and fintech firms including Bilt Rewards and Equinox. Headquartered in New York, AgentSmyth delivers AI-powered, real-time research that the company says is already being used by some of the most sophisticated investment firms. The firm is a registered investment adviser and is regulated by both the SEC and FINRA. With the new funding, AgentSmyth intends to expand its product line, build out its engineering team, and deepen partnerships with institutional users.

OSL has announced that eligible investors can now access sUSDe, a synthetic U.S. dollar-denominated asset, through its over-the-counter trading desk. The offering is being launched by OSL Wealth and is supported by OSL’s regulated custody and compliance framework. “Our clients are looking for dollar stability with real, sustainable returns” Tony Luk, Head of OSL Wealth, commented, “Our clients are looking for dollar stability with real, sustainable returns—delivered through a trusted institution. By integrating sUSDe into OSL’s robust compliance, custody, and security framework, we’ve transformed a technically complex DeFi strategy into a simple, secure solution.” The announcement highlights OSL’s strategy to provide institutional and professional investors with access to DeFi-based yield products under regulated conditions. The firm aims to simplify the investment process in decentralized assets while maintaining controls expected by traditional financial institutions. Steven Shi, Head of Institutional Growth at Ethena Labs, commented, “As one of the leading licensed entities providing digital asset services, OSL is an ideal partner for us. OSL Wealth’s adoption of sUSDe brings our globally accessible dollar-based savings asset to clients who demand both transparency and institutional-grade security.” sUSDe is issued by Ethena, the protocol behind USDe, and is positioned as a high-yield dollar asset within the crypto ecosystem. With a total value locked of $6.2 billion, USDe has become the third-largest USD-denominated crypto asset, supported by major centralized exchanges and DeFi platforms. OSL Wealth’s integration of sUSDe follows its broader approach to expand regulated access to blockchain-based financial products. The firm said the new product complements its existing OTC and brokerage services, SOC 2 Type 2-certified custody with up to $1 billion in insurance coverage, and upcoming tokenized offerings in treasuries and real-world assets. OSL Group is listed on the Hong Kong Stock Exchange and operates regulated digital asset platforms across multiple jurisdictions. The company continues to expand its presence in Japan, Australia, and Europe, with plans to extend infrastructure into Southeast Asia. The introduction of sUSDe through the OTC desk reinforces OSL’s commitment to providing compliant digital asset exposure to professional clients and institutions.

Currency.com has received regulatory approval to operate as a money transmitter in Tennessee, marking the company’s 31st U.S. Money Transmitter License (MTL) and bringing it closer to its goal of full licensure across all 50 states. The approval expands Currency.com’s access to the U.S. market and forms part of a broader growth strategy focused on regulatory readiness ahead of national crypto legislation. The company said Tennessee was a priority due to the state’s favorable crypto initiatives dating back to 2022. “We can hit the ground running when the regulatory landscape matures” Konstantin Anissimov, CEO of Currency.com, commented, “Our ambition is to become a leading player in the U.S. digital finance space. We’re securing the necessary licenses today so we can hit the ground running when the regulatory landscape matures. Tennessee is another critical step toward that vision.” Currency.com operates in more than 100 countries and maintains regulatory approvals in the U.S., the European Union, and the Middle East. Its platform combines digital asset management, investment services, and banking functionality within a single regulatory framework. With 31 state licenses secured, Currency.com said it plans to accelerate applications in the remaining states. The company is also building local compliance and operations teams to support expansion, with the goal of offering services to both institutional clients and individual users in a fully regulated environment. Currency announced new MLRO in Gibraltar Currency.com recently appointed Carlos Miguel Catarino Martins as its new Money Laundering Reporting Officer (MLRO) in Gibraltar, as the firm continues to scale its compliance infrastructure across global markets. With over three decades of experience in financial regulation and compliance, Martins brings a deep background in both traditional banking and digital finance oversight. Martins has held senior roles at Credit Suisse (Gibraltar) Limited and SG Hambros Bank, and most recently served as Chief Compliance Officer and MLRO at another DLT-licensed firm in Gibraltar. He currently serves as chairperson of the Gibraltar Association of Compliance Officers and is a licensed EIF Director by the Gibraltar Financial Services Commission (GFSC). In addition to his industry experience, Martins lectures at the University of Gibraltar, covering subjects such as business law, financial planning, and intercultural management. At Currency.com, he will lead anti-money laundering oversight and regulatory compliance activities, reporting directly to the senior executive team and operating from the company’s Gibraltar office.

BitGo has entered into a strategic partnership with VivoPower International to serve as the exclusive trading and custody provider for VivoPower’s initial $100 million XRP acquisition. The collaboration marks a significant move in VivoPower’s transition toward a digital asset-focused treasury model centered on XRP. VivoPower raised $121 million to support its new strategic direction, which includes acquiring XRP through BitGo’s over-the-counter trading desk. The firm also selected BitGo as its exclusive custodian, citing the infrastructure provider’s ability to offer institutional-grade cold storage and deep liquidity execution. Support for large block trades through its 24/7 OTC desk Kevin Chin, Executive Chairman and CEO of VivoPower, commented, “VivoPower is committed to driving value for our shareholders by building out a leading digital asset treasury strategy—a mission we plan to accomplish through partnerships with best-in-class digital asset leaders like BitGo. BitGo’s track record, combined with its institutional-grade, secure-by-design custodial and trading infrastructure, makes them the clear choice to execute and safeguard our treasury allocation.” BitGo will provide both execution and safekeeping for VivoPower’s XRP holdings, including support for large block trades through its 24/7 OTC desk. The firm said its trading operations offer access to global liquidity and are designed for high-volume transactions with a focus on discretion and compliance. Mike Belshe, CEO of BitGo, commented, “VivoPower’s commitment to digital assets is a testament to the institutional momentum building around our ecosystem. We are proud to provide the comprehensive platform that companies like VivoPower need to enter the digital asset space with confidence—from seamless execution to industry-leading custody.” The partnership comes as VivoPower completes its transformation into a digital asset enterprise focused on the XRP Ledger. The company plans to build a long-term treasury around XRP, citing the digital asset’s liquidity profile, low-cost transactions, and integration into emerging decentralized finance applications. VivoPower’s broader strategy includes supporting the XRP ecosystem and using its holdings to participate in decentralized financial infrastructure and real-world blockchain use cases. The company also intends to leverage BitGo’s regulatory-grade storage infrastructure to ensure institutional controls over its digital asset portfolio. VivoPower has filed a registration statement with the U.S. Securities and Exchange Commission for a public offering of ordinary shares. The company’s ongoing restructuring reflects a wider push among corporates to diversify treasury holdings with blockchain-based assets. Founded in 2014 and listed on Nasdaq since 2016, VivoPower operates globally with offices in the United Kingdom, Australia, North America, and the Middle East. It runs two divisions: Tembo, focused on electric vehicle solutions for rugged environments, and Caret Digital, which addresses power-to-X use cases, including digital asset mining powered by renewable energy. BitGo, founded in 2013, remains one of the most established infrastructure providers in the digital asset industry. The firm offers custody, wallets, staking, and trading services for institutions and is recognized for supporting a significant portion of transaction volume on the Bitcoin network. BitGo’s client base includes exchanges, hedge funds, financial institutions, and platforms requiring secure custody and execution. The partnership between BitGo and VivoPower highlights growing interest from public companies in holding crypto assets as part of treasury management. It also reinforces BitGo’s position as a full-stack infrastructure provider for large-scale digital asset deployment.

SEC Commissioner Caroline A. Crenshaw has issued a public statement criticizing what she described as “deeply inconsistent” treatment of crypto assets under U.S. securities law. In a document titled “Muddying The Waters: More Confusion On Crypto Asset Security Status”, Crenshaw questioned the logic behind recent regulatory approvals and warned that the SEC’s approach risks undermining legal coherence and investor protection. The statement, dated May 31, 2025, comes in response to the Commission’s recent tolerance for exchange-traded funds (ETFs) investing in crypto assets such as ETH and SOL. These funds assert that such assets qualify as securities under the Investment Company Act of 1940, even while the SEC has also permitted other financial products—like exchange-traded products (ETPs)—to treat the same assets as not being securities. Crenshaw commented, “Over the last several months, we have heard repeatedly that the Commission, and its new Crypto Task Force, are embarking on a quest to give the crypto industry regulatory clarity. We’ve heard ‘change is coming fast’ for crypto at the SEC and that the crypto markets will soon be free from the ‘limbo’ they’ve been ‘languishing […] in for years.’ In the name of this clarity, we’ve seen staff statement after staff statement, pronouncing that all sorts of crypto assets are not securities. And yet, now we see no objection to the effectiveness of new exchange-traded funds that assert certain crypto assets—ETH and SOL—actually are securities. Does this Commission, in fact, believe that ETH and SOL are securities? How is it that these crypto assets are supposedly not securities when it comes to registration requirements, but conveniently are securities when a registrant sees an opportunity to sell a new product? If you’re confused, join the club. These developments lay bare that we are not actually chasing crypto regulatory clarity — these assets cannot be both securities and not securities at the exact same time. Rather than clarity, it seems we are simply getting out of the way of anything and everything in the crypto space. In so doing, we are thwarting any meaningful attempt to apply a coherent regime to crypto assets and rewarding a maximally aggressive approach to entering our markets. This results in opportunistic – and deeply inconsistent – legal interpretations. Even our staff can’t reconcile these inconsistencies, though their concerns don’t seem to matter much these days. So far, the Commission and The Crypto Task Force’s journey to clarity has only taken us further and further adrift in increasingly muddy waters of our own making.” SEC risks deepening the confusion it set out to solve, Crenshaw says Crenshaw’s criticism follows a series of recent SEC staff statements that suggested assets involved in meme coins, crypto mining, and stablecoins were not securities. She also pointed out that SEC Chairman Paul Atkins and Commissioner Hester Peirce had suggested the agency was finally moving toward regulatory clarity with the creation of the Crypto Task Force. Peirce described the Task Force as the start of a new paradigm, while Atkins said crypto markets were set to emerge from a regulatory “limbo.” In practice, Crenshaw argued, the SEC has embraced contradictory positions and neglected internal concerns raised by staff in the Division of Investment Management. The focal point of Crenshaw’s objection was the approval of the Rex-Osprey ETH + Staking ETF and the Rex-Osprey SOL + Staking ETF. These two products are structured as investment companies under the 1940 Act, which generally requires that they invest primarily in securities. Their approval came despite ETH and SOL also being underlying assets in ETPs previously approved on the basis that they are not securities. Crenshaw referred to the ETFs’ registration statement filed on May 30, 2025, under Form N-1A, which became effective despite what she called “significant unresolved comments” from SEC staff. These included concerns that the funds may not qualify as investment companies under the law and that their disclosures may be misleading. She noted that SEC staff issued a formal letter through EDGAR outlining these concerns, but that the registrant allowed the statement to go effective anyway, without resolving the issues. According to Crenshaw, this raises serious questions about whether the Commission is still willing to enforce its own standards. Crenshaw stated that while the Securities Act of 1933 and the Investment Company Act of 1940 are separate legal regimes, they generally apply the same definitions of what constitutes a security. She pointed to Supreme Court precedent and SEC no-action letters to argue that the agency’s fragmented treatment of ETH and SOL violates this long-standing legal consistency. Crenshaw’s statement comes amid a wave of crypto-related developments within the SEC. Since February, the Division of Corporation Finance has issued statements on the classification of meme coins, mining activities, and stablecoins. All three suggested that the assets in question were not securities and therefore not subject to SEC registration requirements. These statements echoed Commissioner Peirce’s view that most currently traded crypto assets fall outside the definition of a security. But the ETF approvals suggest the opposite: that the same assets, when wrapped in a mutual fund or staking strategy, may be considered securities. Crenshaw argued this dual status cannot be sustained without harming the integrity of federal securities law. The divergent handling of ETPs and ETFs adds to this confusion. ETPs, approved under the Exchange Act of 1934, generally invest in commodities or assets not classified as securities. ETFs under the 1940 Act must, by law, invest in securities. Yet both ETH ETPs and ETH ETFs now co-exist within the SEC’s jurisdiction. Crenshaw pointed out that the regulatory structure cannot logically accommodate both interpretations without undermining investor protections and legal accountability. She warned that allowing such conflicting interpretations sets a precedent that benefits only aggressive market participants willing to exploit loopholes. Crenshaw described this as a shift toward “getting out of the way” of anything crypto-related, instead of building a comprehensive and enforceable regime. The SEC’s internal decision-making has also come under scrutiny. Crenshaw criticized the apparent dismissal of staff objections, which she believes were raised in good faith and based on longstanding regulatory standards. The failure to resolve these issues before a product launch, she said, damages the credibility of the agency and may mislead investors. As ETF sponsors and other market participants continue to pursue crypto-related products, the Commissioner called on the SEC to revisit its foundational principles. Crenshaw’s statement adds to growing tensions within the Commission. While some members, including Chairman Atkins and Commissioner Peirce, have pushed for a more permissive stance toward crypto, others are calling for stricter scrutiny and greater consistency in the legal classification of digital assets. Industry observers are watching closely as the SEC faces new applications for spot crypto ETFs and debates over decentralized finance platforms. The interpretation of ETH and SOL’s status could impact enforcement actions, listing decisions, and investor protections going forward. Crenshaw concluded that unless the Commission addresses the contradictions it has allowed to emerge, its pledge to deliver clarity will ring hollow. Instead, it risks deepening the confusion it set out to solve.

Silver prices climbed on Monday, breaking above this year’s previous high of around $33.50 per ounce, set on 28 March, as seen on the XAG/USD chart. What’s Driving the Rally? Bullish momentum followed comments from the White House: → U.S. President Donald Trump announced plans to double tariffs on steel and aluminium imports to 50%, starting 4 June. This move, affecting the broader metals market, may have lifted silver due to its industrial demand. → Trump also accused China of breaching last month’s trade deal, casting doubt on a potential call with Chinese President Xi Jinping. Technical Outlook for XAG/USD Today’s red candlestick (marked with an arrow) signals rising selling pressure near the 2025 high. Key technical signals include: → A potential bearish engulfing pattern; → A possible false breakout above the March high, trapping bulls. Still, buyers may attempt to hold silver within the upper half of its ascending channel (in blue), with $33.67 — a former resistance — now acting as support. FXOpen offers spreads from 0.0 pips and commissions from $1.50 per lot. Enjoy trading on MT4, MT5, TickTrader or TradingView trading platforms! The FXOpen App is a dedicated mobile application designed to give traders full control of their accounts anytime, anywhere. This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice. Disclaimer: This sponsored market analysis is provided for informational purposes only. We have not independently verified its content and do not bear any responsibility for any information or description of services that it may contain. Information contained in this post is not advice nor a recommendation and thus should not be treated as such. We strongly recommend that you seek independent financial advice from a qualified and regulated professional, before participating or investing in any financial activities or services. Please also read and review our full disclaimer.

Investimental has expanded its product offering by adding European Union equities to its trading platform, completing its lineup of Romanian, U.S., and now EU market access. The integration, powered by Devexperts’ DXtrade platform, gives Investimental clients access to shares listed on exchanges such as Germany’s Xetra and France’s Euronext Paris. The move comes one year after the Romanian broker introduced U.S. equities trading through DXtrade. With this latest addition, Investimental becomes one of the few platforms in Romania to provide direct retail access to all three major equity regions within a unified trading experience. “Access to the Romanian, US, and European markets” Adrian Ciocan, CTO of Investimental, commented, “Adding EU equities to our offering is a natural next step in our commitment to making investing more accessible, relevant and rewarding for Romanian traders. By working with Devexperts and building on the flexibility of DXtrade, we’re able to offer a platform that meets the needs of both first-time investors and those looking to diversify across multiple markets – all in a seamless experience.” Traders can now access the expanded offering via DXtrade’s web and mobile platforms. The platform supports whole-share, fractional, and notional trading, and includes tools such as real-time quotes, alerts, and a heatmap for market movement visualization. A customizable layout allows users to configure their interface based on trading preferences. From the broker side, DXtrade provides a range of operational and risk management features, including the Web Broker console, which offers real-time updates on client positions, orders, and margin utilization. Vitaly Kudinov, Senior Vice President at Devexperts, said, “This is an important addition for Investimental’s product offering, which is now complete with access to the Romanian, US, and European markets. At Devexperts we aim to build long-standing relationships with our clients, helping them to adapt their trading software as they evolve and grow. Our work with Investimental has been exactly this and we are delighted to have been able to support them in this expansion and look forward to our continued work both now and into the future.” Investimental is the first Romanian broker in more than 15 years to receive regulatory approval to operate on the Bucharest Stock Exchange (BVB). The company has grown rapidly, positioning itself as a platform for both retail investors and those seeking cross-border diversification. In addition to trading services, Investimental operates InvestiMentor, a financial education initiative aimed at equipping clients with the tools and knowledge needed to engage confidently with capital markets.

Stuttgart, Germany, June 3rd, 2025, Chainwire CoinsBee, a platform that enables users to buy gift cards with crypto, has reached a significant milestone by surpassing 5,000 supported gift card brands. With this achievement, CoinsBee now offers the largest selection of crypto-purchasable gift cards in the world, reinforcing its position as a key player in bridging the gap between digital assets and real-world spending. Founded in 2019, CoinsBee was created to address a persistent challenge in the crypto ecosystem: the lack of straightforward, everyday use cases. While the industry has matured in areas like trading, staking, and DeFi, using cryptocurrency for practical purchases often remains complex or limited. CoinsBee was developed to change that. With support for over 200 cryptocurrencies and operations in more than 180 countries, the platform allows users to convert digital assets into thousands of gift cards — all without requiring an account or identity verification. A valid email address is all that is needed for instant digital delivery. “From the beginning, we wanted to make crypto usable — not just as a speculative asset, but as something you could spend globally on the things you need,” said Marius H., co-founder of CoinsBee. “This milestone shows that the idea works. It is not about hype or tokens; it is about real-world value, one transaction at a time.” Turning Crypto Into Everyday Value The 5,000-brand milestone represents more than just quantity. It reflects CoinsBee’s ongoing effort to make cryptocurrency spending as accessible and versatile as possible. Today, users can use Bitcoin, Ethereum, Tether, Solana, Dogecoin, Shiba Inu, and many other assets to access services in categories such as: E-commerce: Amazon, eBay, Walmart Gaming: PlayStation, Steam, Roblox Streaming & Subscriptions: Netflix, Spotify, Twitch Travel & Mobility: Airbnb, Hotels.com Utilities & Mobile: T-Mobile, AT&T, Vodafone, Verizon Charity: UNICEF, Red Cross, WWF Food & Grocery: Uber Eats, Doordash Fashion & Lifestyle: Nike, Macys, H&M, T.J.Maxx The process is designed to be simple and fast. Transactions are completed in minutes, and all gift cards are delivered digitally via email. The platform also integrates with popular crypto payment tools such as Binance Pay and Crypto.com Pay, further reducing friction for users. Growing With the Ecosystem CoinsBee’s growth has been largely organic, driven by demand for practical crypto spending options and a consistent focus on user experience. The platform now serves over 500,000 users and holds an average 4.5-star rating across multiple review sites, including hundreds of verified Trustpilot reviews. In addition to global brand partnerships, CoinsBee continues to expand its local offering. New gift cards are added weekly, and the company is actively developing partnerships with wallets, exchanges, and crypto communities to further broaden its reach and improve accessibility. CoinsBee’s model has attracted growing interest from both individual users and ecosystem partners seeking seamless ways to unlock the real-world value of digital assets. About CoinsBee CoinsBee is a leading global platform that enables users to buy gift cards and mobile top-ups with cryptocurrency. Founded in 2019, the company was built to solve the practical challenges of spending digital assets by offering a seamless, secure, and easy-to-use platform. CoinsBee supports over 200 cryptocurrencies and operates in more than 180 countries, serving over 500,000 customers worldwide. The platform partners with thousands of global and local brands, offering an extensive selection of gift cards across e-commerce, entertainment, travel, gaming, and more. CoinsBee is committed to bridging the gap between digital currencies and real-world use, empowering users to convert crypto into everyday value quickly and securely. Contact Head of Marketing Erik Rossol CoinsBee press@coinsbee.com Disclaimer: This content is a press release from a wire service. This press release is provided for informational purposes only. We have not independently verified its content and do not bear any responsibility for any information or description of services that it may contain. Information contained in this post is not advice nor a recommendation and thus should not be treated as such. We strongly recommend that you seek independent financial advice from a qualified and regulated professional, before participating or investing in any financial activities or services. Please also read and review our full disclaimer.

Bitso has announced a new feature that allows users in Mexico and Argentina to send and receive U.S. dollars through a virtual U.S. bank account. The launch targets freelancers, remote workers, investors, and families managing cross-border payments, and reflects the company’s effort to simplify access to global capital. The service lets users create a USD-receiving account and conduct ACH transfers for a flat fee of $2.99, or wire transfers for $11.99 plus 0.17 percent. Users can hold balances in USDC and potentially earn up to 4 percent annually through Bitso’s digital dollar earnings product. All USD holdings can be converted into local currency and withdrawn without fees to domestic bank accounts. “For customers in Latin America who need reliable access to U.S. dollars” Ximena Salgado, VP of Product at Bitso, commented, “With this new service, Bitso provides a practical and affordable solution for customers in Latin America who need reliable access to U.S. dollars. Now, customers can send and receive U.S. dollars and protect those dollars against inflation and FX risk by enrolling them in our Earnings product.” Transfers sent through ACH generally arrive within three business days, while wire transfers are credited by the next business day. Users can activate the service by selecting “Deposit USD from the USA” in the Bitso app and following the setup instructions. Once enabled, they will receive U.S. bank account details for incoming transfers and can also initiate outbound payments from within the app. The service is being promoted as a replacement or supplement to traditional remittance and international banking products, particularly for those receiving income from abroad. The company pointed to use cases including freelancers working with U.S.-based clients, families sending funds across borders, and users seeking stable, yield-bearing dollar assets. Users will also be able to withdraw U.S. dollars to bank accounts in the United States via the app’s withdrawal function. Remittances remain a major component of Latin American economies. According to projections from the Inter-American Development Bank, total remittance inflows to Latin America and the Caribbean are expected to reach approximately $160.9 billion in 2024. Mexico accounts for more than 40 percent of that figure, with remittances projected at $65.1 billion this year. Outbound flows from Mexico to the United States also grew. In the first quarter of 2025, approximately $115 million in remittances were sent to U.S. recipients, following a total of $1.308 billion in outbound flows from Mexico in 2024. That marked a 21.6 percent increase over the prior year. Bitso stated that its new offering aims to provide users with more efficient access to USD accounts and stablecoin-based savings. It also noted that digital access to U.S. dollars can help mitigate volatility and inflationary risk for users in Argentina and Mexico. The company also addressed a proposed 3.5 percent U.S. tax on outbound remittances. Bitso commented, “We join the FinTech Mexico Association in rejecting this initiative, which we believe represents a setback in financial inclusion. Our focus remains on offering stability and efficiency in cross-border transactions, and we are committed to maintaining compliance with applicable regulations and providing secure services to our users across all jurisdictions.” Bitso currently serves more than 9 million users and 1,900 institutional clients through its consumer and business platforms. Its B2B offering, Bitso Business, powers international payments infrastructure for global firms seeking local currency settlements and cost-efficient cross-border transfers. Founded in 2014, the company operates across multiple jurisdictions and offers users access to over 60 cryptocurrencies, as well as dollar-based products such as USDC wallets and yield accounts. Its new USD transfer feature marks another step in Bitso’s broader strategy to make crypto-powered finance more accessible to Latin American users.

Bybit officially releases the world’s first blockchain ecosystem wiki, called Ecopedia. Together with Circle, Tether, Solana, and Sui, the platform aims to help people learn crypto through a free, engaging platform. You will find every ecosystem link inside the Ecopedia section on the Learn page on Bybit. Ecopedia prepares and delivers material about ecosystems that meets the expectations of all users. Every ecosystem page summarizes its defining points and lists important projects and dApps for DeFi, NFTs, gaming, stablecoins, artificial intelligence and identity. The book also describes the role of infrastructure elements such as wallets, bridges, smart contracts and consensus mechanisms. People can try out these projects by following simple tutorials that teach them how to deposit, bridge, swap, stake and trade on the CEX and DEX platforms. Buying new guides is safe because they are supported and verified by the networks and dApps themselves. Bybit Learn collaborates with its community members to create content which shows both sides are committed to providing top-quality blockchain education everyone can access. All featured ecosystems in Ecopedia can be easily found at a central directory. Ecosystems and content on the platform will continue to be added regularly to keep it fresh. The official launch will be celebrated by Bybit’s Learn & Earn event which runs from May 15 to June 6, 2025. People who finish an Ecopedia article and score high on the quiz are eligible to enter the lottery and win a share of $2,500, giving out USDC, USDT, SOL, and SUI prizes. The top 250 finishers will get $10 in tokens. Ecopedia raises the bar for blockchain learning by giving users a shared resource backed by the ecosystem to help them feel confident in Web3.

Tether has partnered with the TON Foundation to launch XAUt0, an omnichain version of its gold-backed stablecoin XAUt, as part of its strategy to widen access to digital gold across multiple blockchains. Built on LayerZero’s Omnichain Fungible Token (OFT) standard, XAUt0 can move across chains without wrapping or middlechain dependencies—a technical step forward that mirrors the firm’s earlier deployment of USDT0, a crosschain version of its dollar stablecoin. This move is said to boost, peer-to-peer payments for Telegram’s huge user base and increase activity on the TON ecosystem. Now, users can also use the stablecoin in various decentralized finance (DeFi) apps, which really ramps up what they can do on the network. TON, originally launched by Telegram but now running independently due to past regulatory hurdles, has seen its usage skyrocket. XAUt0’s debut on The Open Network (TON) follows Tether’s recent rollout of USDt on TON in April, expanding the blockchain’s stablecoin ecosystem just as interest in tokenized gold surges amid economic uncertainty. XAUt0 is based on XAUt, the world’s largest gold stablecoin by market cap, with over $832 million in circulation, according to CoinGecko. Its closest competitor, Paxos’s PAXG, holds around $811 million. The current version of XAUt is available only on Ethereum. Each XAUt token is backed by one troy ounce of physical gold, stored in a Swiss vault, as confirmed in Tether’s Q1 2025 attestation, which reported 7.7 tons of gold reserves. The timing comes as gold prices hit record levels, driven by global trade tensions and demand for safe-haven assets. The yellow metal is up nearly 30% year-on-year, and top gold ETFs have gained over 25% year-to-date, data from VettaFi shows. Tether’s move into omnichain gold tokens positions it to compete with both traditional gold ETFs and on-chain competitors in the growing digital commodity space. The company has not yet disclosed which blockchains beyond TON will support XAUt0 in the coming months.

UK-based trading giant IG Group is jumping into the crypto deep end, officially launching spot cryptocurrency trading for retail investors, following up with its earlier, more cautious stance. Starting today, IG customers can buy and sell 31 crypto assets directly, including heavyweights like Bitcoin, Ether, and XRP, as well as popular altcoins and memecoins such as Bonk. The move is IG’s first real foray into spot crypto markets after previously offering only crypto exposure via contracts for difference (CFDs). “This is a huge moment for IG and a major milestone in the UK’s crypto journey,” said Michael Healy, managing director for IG UK. “Retail investors can now buy, sell, and hold crypto assets with a grown-up business.” That said, IG’s crypto CFD offering remains in place, covering 11 major coins including Litecoin and Cardano. From CFDs to Full Access Until now, IG users could only speculate on crypto prices through CFDs, which are financial instruments that track an asset’s price without granting ownership. Spot trading, by contrast, gives users direct access to the underlying coins and tokens. IG’s spot crypto launch is built on infrastructure provided by U.S.-based crypto platform Uphold, which is regulated in both the U.S. and the UK. Uphold will handle all crypto transactions and pricing, while IG integrates the experience across its main platform and the IG Invest app, allowing users to toggle between crypto, stocks, and other markets. The launch comes as the UK ramps up efforts to regulate digital assets more formally. Just last week, the Financial Conduct Authority (FCA) opened public consultation on new rules for stablecoins and crypto custodians, while broader regulations for digital assets are also in the works. IG’s expansion into spot trading also follows the UK’s earlier clampdown on crypto derivatives. In 2021, the FCA banned retail crypto derivatives trading, prompting IG to pause its crypto offering at the time. Now, with regulators working toward a clearer legal framework and crypto ownership booming across the UK, IG seems ready to ride the wave. Recent surveys show the UK leading Europe in new crypto adoption, according to Gemini, with rising interest from both institutional and retail investors.

Taiwanese crypto exchange BitoPro has confirmed a security breach that saw over $11.5 million drained from its hot wallets—nearly a month after on-chain sleuths flagged suspicious activity and users began complaining of frozen funds. The attack, which occurred on May 8, affected BitoPro’s wallets on Ethereum, TRON, Solana, and Polygon. Blockchain investigator ZachXBT was the first to connect the dots, spotting large outflows from the exchange that were quickly funneled through Tornado Cash—a crypto mixing tool—and bridged to Bitcoin using THORChain. The BTC was then passed through Wasabi Wallet, another privacy-focused platform, to obscure its trail. At the time, BitoPro made no public announcement. Instead, it posted vague “maintenance” messages in its official Telegram group the following day, claiming operations would resume shortly. They did, but users soon realized their withdrawals, especially in USDT, were still blocked. Silent For Weeks, Then a Quiet Admission BitoPro finally acknowledged the exploit on June 2, stating that the breach happened during an internal wallet upgrade. According to the exchange, an “old hot wallet” was compromised during a fund reallocation process. It assured users that its reserves are intact and that “withdrawals are completely unaffected”—despite multiple complaints suggesting otherwise. The company says it hired a third-party blockchain security firm to track the stolen funds and plans to publicly share its new hot wallet address “soon” for transparency. Until then, skepticism remains high in the community. For weeks, BitoPro users were left guessing. Some reported altered account details, while others accused the exchange of intentionally hiding the hack. “Maintenance” notices continued to appear in chat groups long after trading had resumed. Adding to the frustration, the timing of the incident coincided with a broader wave of DeFi and exchange hacks—fueling speculation that BitoPro might have been trying to avoid a panic. The attack follows a now-familiar pattern: hackers drain funds from a platform, wash the assets through Tornado Cash or cross-chain bridges, and dump them via decentralized exchanges. While BitoPro isn’t the largest exchange globally, it’s a significant player in Taiwan, handling around $25 million in daily volume. The breach comes just months after Bybit dealt with a $1.5 billion hack and returned to normal operations through a transparent recovery push. Meanwhile, other platforms continue to take hits. Just last week, DeFi protocol Cetus lost $220 million before validators froze and recovered much of it. Nervos Network was also exploited for $3 million on June 2. As blockchain security firm Hacken put it, “Access control failures are now one of the biggest threats in Web3.” Their tools flagged that it took the BitoPro hacker multiple tries—and six hours—to finally pull off the heist.