The crypto community is very concerned after a research team discovered leaks adding up to 16 billion compromised passwords and login credentials. These breaches impact major Internet platforms of every type.
This team did not specifically mention crypto exchanges, but crypto-adjacent platforms like Telegram were thoroughly compromised. Users are encouraged to remain vigilant, avoid keeping passwords on the cloud, and strictly keep their seed phrases on paper.
Monumental Password Leaks Terrify Crypto
Digital security is very important for the crypto community, especially given the huge prevalence of hacks. However, this recent password leak did not come from a major hack, per se.
According to a report from Cybernews, the firm’s research teams identified 30 exposed datasets assembled by info thieves.
“This is not just a leak, it’s a blueprint for mass exploitation. With over 16 billion login records exposed, cybercriminals now have unprecedented access to personal credentials that can be used for account takeover, identity theft, and highly targeted phishing,” analysts claimed.
The reports further suggested that the 16 billion passwords covered websites of all kinds, from social media to banks and even VPNs. All this data was fresh and apparently crowd-sourced, laying the groundwork for future crimes.
Obviously, the crypto community was extremely concerned about this development. If the leaked passwords were as diverse as the report claimed, could they include seed phrases or exchange logins? Can crypto users be certain that their tokens are safe?
Paolo Ardoino, CEO of Tether, advertised his company’s new project to protect user passwords:
The cloud has failed us. Again. 16 billion passwords just leaked. It’s time to ditch the cloud.
That’s why we’ve been building PearPass — coming soon.
A fully local, open-source password manager. No cloud. No servers. No leaks. Ever.
Still, there’s a good amount of catastrophizing over this incident. Researchers referred to this as a massive “leak,” not a hack, because it wasn’t a single breakthrough that exposed these passwords.
These credentials were assembled through a huge string of smaller breaches, many of which targeted cloud services.
In other words, users who don’t store passwords on the cloud may be more protected from these leaks. As far as the crypto community is concerned, some basic security measures, like keeping your seed phrase written on paper, would totally prevent theft.
Still, this incident is a reminder that crypto users must remain vigilant of potential hacks.
Several ecosystems will make headlines this week as part of the top crypto news list. Knowing about these events in advance can help traders and investors position their portfolios strategically to capitalize on the expected price movement.
Based on crypto’s adage to buy the rumor and sell the news situation or event, traders and investors can front-run the following events this week.
The Bitcoin Act Bill to Buy 1 Million BTC
The BITCOIN Act of 2025 is the top crypto news story this week. Introduced by Senator Cynthia Lummis, the bill proposes the US Treasury acquire 1 million Bitcoin (BTC) over five years to establish a Strategic Bitcoin Reserve, mirroring the scale of US gold reserves.
“Sen Lummis says Trump backs Bitcoin act—bill to buy 1M BTC hits floor next week,” Crypto Goos reported.
Reintroduced in March 2025, the bill gained traction after President Trump’s executive order supporting a federal Bitcoin reserve. The act mandates secure, decentralized storage across the US, with a 20-year minimum holding period and transparency via proof-of-reserve (PoR) audits.
Funding would come from Federal Reserve (Fed) remittances and revaluing gold certificates. While Trump’s backing boosts momentum, passage remains uncertain due to legislative hurdles and debates over fiscal impact.
If passed, it could position Bitcoin as a formal reserve asset, potentially driving a price surge. It would also reinforce US financial leadership.
“By codifying this effort into law, we can ensure that our nation leverages digital assets to strengthen our financial future while maintaining its global leadership,” Senator Lummis said in a statement.
As of this writing, Bitcoin traded for $105,082, up by 0.69% in the last 24 hours.
Infinex’s Airdrop for KAITO Stakers
Another top crypto news story this week concerns Infinex. The multi-chain crypto platform announced a significant airdrop for KAITO stakers.
“For those of you staking KAITO, the airdrop will occur next week. We recommend you have your Genesis NFTs in the same wallet as your sKAITO, as the snapshot will happen soon,” Infinex wrote in a post.
The airdrop follows a $6 million token distribution in May 2025, which propelled Infinex to the top spot on Kaito’s sentiment rankings, with trading volume surging 320% to $18 million within hours.
KAITO, an AI-driven crypto analytics platform, rewards user engagement, and this crypto airdrop targets its stakers, offering tokens to boost ecosystem participation.
Infinex’s non-custodial wallet supports EVM chains and Solana, integrating staking and trading with a user-friendly interface. The airdrop aims to drive liquidity and attract speculators, though historical data suggests potential post-airdrop price volatility.
Infinex Wallet Adding Avalanche Support
Beyond crypto airdrops for KAITO stakers, Infinex will also add support for the Avalanche blockchain, expanding its multi-chain wallet capabilities.
“We have received proof of patron from Emin Gün Sirer. Avalanche incoming on Infinex next week,” wrote Infinex Kain.avax.
Emin Gün Sirer is the founder and CEO of Ava Labs and developed the Avalanche Consensus protocol underlying the Avalanche blockchain platform.
Avalanche’s high-throughput, low-latency network will enable Infinex users to trade, stake, and bridge assets seamlessly, tapping into Avalanche’s DeFi and NFT ecosystems.
Meanwhile, Infinex’s passkey-based security and gas-free transactions aim to simplify the user experience and compete with centralized exchanges (CEXs).
The integration could drive trading volume in AVAX and related tokens, with Infinex’s prior $6 million airdrop showing 320% volume spikes. Staking opportunities may also extend to Avalanche assets, attracting yield farmers.
Traders should monitor AVAX price action and Infinex’s token (INF) for potential volatility post-launch.
Ethereum’s New Initiative with Base
Also among the top crypto news this week, Ethereum is expected to announce a new initiative in collaboration with Base, Coinbase’s layer-2 scaling solution.
Base, built by Coinbase, enhances Ethereum’s scalability with low-cost, fast transactions while maintaining security. The initiative may focus on advancing DeFi or NFT ecosystems, given Base’s integration with Ethereum’s mainnet.
“Next week, in collaboration with Base and Ethereum, we are pushing a new initiative (for the culture). So look out for that,” Ethereum.org wrote on May 30.
The collaboration could involve new dApps, staking enhancements, or cross-chain interoperability, building on Base’s support for Optimism’s tech stack. This aligns with Ethereum’s broader push to improve user experience and reduce gas fees, potentially boosting adoption.
World Computer Summit
Another top crypto news this week concerns the World Computer Summit, starting Wednesday, June 3, hosted by DFINITY Foundation in Zurich, Switzerland.
Posts on X suggest that the event will feature major announcements and decentralized computing. It celebrates the fourth anniversary of the Internet Computer Protocol (ICP).
“What is the World Computer Summit 2025? It’s a global gathering of builders, thinkers, visionaries reimagining the internet for a decentralized world. Held in Zurich on June 3, it marks 4 years of the Internet Computer Protocol,” wrote Miss Knighty, a popular user on X.
The summit could reveal advancements in Web3, AI, and blockchain interoperability. Projects like Internet Computer (ICP) may unveil updates on decentralized AI or global compute networks, given their focus on a “World Computer” vision.
Internet Computer (ICP) price performance. Source: BeInCrypto
Past summits have driven market activity, with tokens like ICP seeing surges post-announcements. As of this writing, ICP traded for $4.93, up nearly 1% in the last 24 hours.
$46 Million TAIKO Unlock
Meanwhile, with key token unlocks to watch this week, the Ethereum-based L2 scaling solution, Taiko, will unlock $46 million worth of TAIKO tokens on June 5. This unlock will constitute over 69% of its circulating supply.
Taiko’s total supply is 1 billion, with 241 million tokens currently circulating. The unlock of 21.84 million tokens, valued at $42 million in August 2024, suggests a rising token price. With 81.55 million TAIKO tokens unlocked on Thursday, volatility is expected, especially if recipients cash in for early gains.
NotabThesens will be allocated to investors, protocol guild airdrop, and Taiko Labs, constituting the core team.
Circle, the issuer behind the USDC stablecoin, has officially introduced the Refund Protocol—an advanced smart contract framework developed by Circle Research.
This innovation marks a turning point for decentralized stablecoin payments by directly embedding on-chain dispute resolution mechanisms into the blockchain, ensuring digital commerce transparency, security, and trust.
Role of Refund Protocol in the Circle Ecosystem
Traditional stablecoin payment models often lack on-chain refund or dispute resolution mechanisms. Typically, the sender’s stablecoins are held in escrow for a period before being released to the recipient.
An external party, known as an arbiter, oversees this escrow account. However, resolution usually happens off-chain when disputes arise, leading to two major concerns: centralized control by the arbiter and lack of transparency in the dispute process.
To solve this, Circle has designed the Refund Protocol to enhance the overall stablecoin payment experience, especially for USDC. The protocol acts as a smart contract, enabling non-custodial escrow and on-chain dispute resolution.
“Today, Circle’s R&D team released a new Refund Protocol for stablecoin payments. This builds on our earlier open source releases for confidential payments as well as reversible payments. Progress in mainstreaming stablecoin payments,” said Circle CEO Jeremy Allaire.
Rather than controlling the escrow account, the Refund Protocol can only do two things: release funds to the recipient or refund them to the customer. This removes reliance on third-party intermediaries, increases transparency, and boosts efficiency and user trust.
Refund Protocol to Help USDC Gain Market Share?
According to data from DefiLlama, USDT from Tether currently dominates the stablecoin market with over 61% market share. Although USDC holds the second position, its market capitalization is still less than half that of USDT.
The launch of Refund Protocol provides Circle with a strategic edge. By offering developers and businesses an easy way to integrate USDC payments into e-commerce platforms, NFT marketplaces, and DeFi applications, the protocol strengthens USDC’s position as a flexible and reliable medium of exchange.
Additionally, Refund Protocol gives Circle an advantage by providing a decentralized, low-cost, and transparent solution. This will help USDC stand out in real-world applications.
Refund Protocol may face regulatory hurdles despite its innovation, especially in jurisdictions with strict blockchain laws. The legal recognition of on-chain dispute resolution remains uncertain in many regions, potentially posing one of the biggest obstacles to widespread adoption.
Summer Mersinger, a pro-crypto Commissioner at the CFTC, will resign on May 30 to become the Blockchain Association’s next CEO. With her absence, the Commission will soon be reduced to three members.
President Trump has already appointed Brian Quintenz as the CFTC’s next Chair. However, his confirmation could take months, and another Commissioner will resign as soon as he gets in. Thus, the CFTC may be understaffed for many months.
Today, it announced that Summer Mersinger, one of the CFTC’s five Commissioners, will resign and become its next CEO:
1/ We’re pleased to announce that CFTC Commissioner Summer Mersinger has been chosen as the new Blockchain Association CEO. Summer will leave her current position as Commissioner on May 30 and will start at the Association on June 2. pic.twitter.com/gVD0B4PpdH
— Blockchain Association (@BlockchainAssn) May 14, 2025
To be fair, Mersinger could do a huge amount of good in this outside advocacy role. The Blockchain Association discussed her enthusiasm for crypto and thorough knowledge of the federal regulatory apparatus, both of which will be powerful assets.
However, between Mersinger and an existing vacancy, the CFTC will soon be short two of its five Commissioners.
Additionally, of the Commission’s current members, Mersinger’s term expires further in the future than any of her colleagues. Acting Chair Caroline Pham, another crypto advocate, won’t reach this limit until 2027, but the other two CFTC Commissioners are technically past their expiration date already.
CFTC is Becoming a ‘Ghost Town’
All this is to say, one of the US’s most important crypto regulators could be severely understaffed soon. To be clear, President Trump has already nominated one replacement, Brian Quintenz.
If Quintenz passes the Senate confirmation process, he’ll become the CFTC’s next Chair. However, this might take a long time.
Quintenz’ own confirmation process could potentially last into the summer. So far, no hearings, votes, or procedural updates of any kind have been officially scheduled yet.
Furthermore, after Quintenz becomes Chair, the CFTC will need to replace yet another Commissioner. Christy Goldsmith Romero, a crypto-neutral Commissioner whose term already expired, has vowed to resign as soon as Quintenz gets in.
Currently, there don’t seem to be any credible rumors about who will replace her, and the process has not started.
At this rate, the Commission could be severely understaffed for most of 2025. Confirming one new commissioner could take months, and the CFTC will have to start the process over again immediately after that.
To be fair, this isn’t necessarily negative. The Commission will have one pro-crypto Chair and two neutral voices, followed by two pro-crypto members and one neutral Commissioner.
Nonetheless, understaffing is almost certainly going to be a persistent problem. It could negatively impact the CFTC’s ability to enact friendly regulation.
(@paoloardoino) June 19, 2025
