Market news
Crypto, stocks, forex and macro, aggregated for traders.
Main Street Stablecoin MSUSD Loses Dollar Peg, Crashes Over 90%
The MSUSD stablecoin from Main Street depegged on June 20, falling to around $0.25 after reserve auditor Accountable terminated the relationship. The incident triggered panic and a $39 million vault closure at Altura.
Toss Bank and Solana Foundation Partner on Blockchain-Based Finance
South Korea's Toss Bank has signed an MOU with Solana Foundation to develop blockchain-based financial infrastructure, starting with cross-border stablecoin transfers.
Taiko State-Proof Mechanism Compromised; $17M Lost in Bridge Attack
Taiko's blockchain state-proof mechanism was compromised, compromising all bridge security. Developers urge users to withdraw funds immediately. Analysts estimate $17 million in losses.
South Korea's Toss Bank to Use Solana for Global Remittance Proof of Concept
Toss Bank will leverage Solana for a proof of concept aimed at offering faster and cheaper cross-border transactions to its 15 million customers.
Bitcoin Back at $64K, Russian Court Ruling, ESMA Crackdown in Weekly Digest
ForkLog's weekly roundup highlights Bitcoin's return to $64,000, a Russian Supreme Court decision recognizing crypto as property subject to theft, an ESMA order for non-MiCA platforms to leave the EU, and Ethereum funding concerns.
Axelar bridge with Secret Network exploited for $4.67M via infinite mint bug
Axelar reported a hack on its bridge with Secret Network, with an attacker stealing about $4.67 million using an infinite mint vulnerability. The theft went undetected for seven days.
Crypto Markets See Mild Gains Led by Solana, Avalanche
Major cryptocurrencies traded mostly higher, with Solana and Avalanche posting notable gains while Bitcoin held above $64,000 and Ethereum remained near $1,730.
MEV Bot Jaredfromsubway.eth Loses $7.5M in Ethereum Attack
The well-known MEV bot operator Jaredfromsubway.eth suffered a loss of over $7.5 million in assets due to an attack on its automated execution system on Ethereum.
Hacker Drains $1.1M from PancakeSwap OLPC/LABUBU Pool
An unknown hacker exploited a liquidity pool for OLPC/LABUBU on PancakeSwap on BNB Chain, stealing approximately $1.1 million. The attacker swapped the stolen assets for Ethereum and sent 633.4 ETH to the mixing service TornadoCash.
Bitcoin Spot ETFs See Record 6 Weeks of Outflows, Capital Sinks to Nov 2024 Levels
Spot Bitcoin ETFs have recorded outflows for six straight weeks, with $226.8 million pulled last week. Total capital under management has dropped to $78.3 billion, a level last seen in November 2024. Ethereum ETFs lost about $10 million, while XRP and SOL funds saw inflows.
GoMining Launches GoBTC Pay for Instant Non-Custodial Bitcoin Payments
GoMining has introduced GoBTC Pay, a payment service built on the Bitcoin network that it describes as a Layer 1 protocol for instant, non-custodial settlements.
Deconstruction Podcast Covers SBF Plans, Tether MiCA Strategy, Memecoin Bubble Burst
The 'Deconstruction' podcast reviewed key crypto news including Sam Bankman-Fried's ambitious plans, Tether's strategy to bypass MiCA regulations, and the collapse of the memecoin bubble.
Crypto Market Update: Mixed Movements with Solana and Avalanche Leading Gains
Bitcoin and Ether edge higher while Solana and Avalanche gain over 3% each. Stellar and Uniswap see slight declines.
Weekly Crypto Security Roundup: Clipper Malware, USB Worm, Korean Laundering Bust, Android Trojan
A summary of recent cybersecurity events in crypto: clipper malware spread via fake GitHub and YouTube reputations, a self-replicating USB worm using hidden Windows shortcuts, South Korean authorities dismantling a crypto laundering network linked to a Cambodian syndicate, and a new Android trojan targeting crypto wallets.
ForkLog Weekly Digest: Crypto, Regulation, and AI
ForkLog's roundup covers Bitcoin's drop to $62k after the Fed, Cardano's crisis, regulatory developments from ESMA, US CBDC ban, BlackRock ETF options, and AI advances including neural implants and Pentagon adoption.
Crypto Market Roundup: Bitcoin Dips, MiCA Threatens USDT, Cardano in Crisis
A digest of key crypto developments: Bitcoin fell to $62,000, Europe's MiCA rules may impact USDT, Cardano faces a crisis, JPMorgan warns on mining economics, and more.
JPMorgan: Bitcoin Mining Costs Exceed Price for Five Months, 20% of Miners Unprofitable
JPMorgan estimates average Bitcoin mining cost at $78,000, with BTC trading below that for five months. About 20% of miners are operating at a loss, and network difficulty has become more sensitive to price changes.
Cardano Faces Crisis: ADA Drops Below $0.20, Summit Funding Blocked
Cardano's ADA fell below $0.20 in early June, its DAO blocked funding for the main summit, and major projects like TapTools announced closures amid a growing ecosystem crisis.
SEC May Be Preparing Major Crypto Rule Change, Says Task Force Counsel
Taylor Lindman, Chief Counsel at the SEC Crypto Task Force, discusses a potential landmark rule change that could impact tokenized stocks, DeFi, AI agents, privacy, and on-chain markets.
Base L2 Unveils Beryl Update with B20 Standard
The Base layer-2 solution team revealed the Beryl upgrade plan, introducing the B20 standard. Testnet deployment is live, with mainnet activation set for June 25.
ForkLog Lab Opens Services to Public After Four Years
ForkLog Lab, the research and consulting arm of crypto media outlet ForkLog, is now offering its analytics, marketing, and media expertise to external clients, with a focus on boosting brand visibility in AI services.
Bitcoin Drops to $62K, Ethereum Below $1,700 on Middle East Uncertainty
Bitcoin fell about 3% in 24 hours to $62,000, while Ethereum slipped under $1,700. The decline comes amid fresh geopolitical tensions as the US Vice President postponed a trip to Switzerland linked to an Iran deal and Israel struck targets in southern Lebanon.
Sandia Labs and Quantinuum Publish Paper on 98-Qubit Helios Quantum Processor
Sandia National Laboratories and quantum computing developer Quantinuum have published a peer-reviewed paper on their 98-qubit Helios quantum processor, achieving high gate fidelities.
Ex-Ethereum Foundation Employee Warns of Funding Crisis for Core Development
Former Ethereum Foundation staff member Trent VanEpps warned that the network may face a 'slowly growing funding crisis' for core development in coming months, citing reduced spending and the end of the Client Incentive Program. He estimated the ecosystem requires about $30 million annually.