In a significant development in the recent Cetus hack, the Sui liquidity provider has successfully transferred about $160 million in stolen funds to a multisig trust wallet, following approval from an on-chain vote. The funds were moved to a secure wallet jointly managed by Cetus, the Sui Foundation, and OtterSec, marking a crucial step in the recovery process. Cetus Hack Fund Recovery Plan Advances, Enters Next Phase Earlier today, Sui blockchain’s liquidity protocol Cetus shared an X post, drawing the community’s attention to the progress in the Cetus hack fund recovery. Reportedly, the protocol, in collaboration with the Sui Foundation and OtterSec, has moved the isolated funds on the Sui network to a secured wallet. Cetus has now entered the next phase of recovery, following the successful transfer of funds. The platform stated, With the funds secured, Cetus has officially entered the next phase of the recovery process. Our team… Read More at Coingape.com
Cardano price analysis outlines a make-or-break scenario for ADA as it hovers above the $0.653 support level. A bounce here could prevent further losses, but a breakdown of this key barrier could lead to a 30% correction to $0.506, a critical liquidity area. What can investors expect? Cardano Price Analysis Cardano’s price has produced three distinctive lower highs since the December 2, 2024, peak of $1.326, highlighting the predominant bearish trend. The 22% crash since May 23 has knocked ADA down toward the $0.653 support level. This barrier served as a foothold for bounce four times in the past four months. Hence, a revisit of this level could lead to a strong reaction. Will ADA bounce from this critical support level or crash below it? Technicals like the Relative Strength Index (RSI) and Awesome Oscillator (AO) suggest an overwhelmingly bearish outlook. The recent Bitcoin price drop has triggered a crash… Read More at Coingape.com
IRS demands Coinbase data to combat crypto tax evasion; user claims Fourth Amendment violation.
Supreme Court decision could reshape privacy rights for millions of crypto users nationwide.
The U.S. government is urging the Supreme Court to dismiss a legal challenge from James Harper, a Coinbase user who claims the IRS violated his constitutional rights by accessing his crypto transaction data. The case touches on a broader debate: do Americans have a right to privacy when it comes to their crypto activity?
Background: IRS Targets Crypto Tax Evasion
This dispute traces back to a 2016 investigation, where the IRS suspected widespread underreporting of crypto-related income. As part of its probe, the agency issued a court-approved summons to Coinbase, requesting information on high-volume users—including Harper.
The IRS has since argued that such records are crucial in enforcing tax compliance and identifying unreported gains in the fast-evolving crypto space.
Harper’s Argument: A Constitutional Overreach?
Harper contends that the IRS violated his Fourth Amendment rights, which protect U.S. citizens from unreasonable searches and seizures. His legal team argues that obtaining detailed financial data without individual suspicion constitutes government overreach into personal digital finance.
Legal analysts note that this case could become a landmark in defining digital financial privacy. “The Fourth Amendment was written before the internet, but its spirit is very much alive in cases like this,” one privacy attorney told [news source].
U.S. Government’s Response: No Privacy Over Third-Party Records
In a recent filing, Solicitor General D. John Sauer responded that Harper voluntarily provided his data to Coinbase, and therefore waived any reasonable expectation of privacy.
The government pointed to legal precedents like U.S. v. Miller, which held that financial data held by third parties—such as banks—do not receive the same constitutional protections. Coinbase’s user agreement, the filing argues, also clearly states that the company may cooperate with law enforcement when required.
What’s at Stake: Financial Privacy in the Age of Crypto
So far, lower courts have sided with the IRS, viewing Coinbase’s records as business data rather than private papers. If the Supreme Court agrees, it could effectively give the green light for broader government access to user data stored on crypto platforms.
Legal takeaway: A ruling in favor of the IRS could set a precedent that weakens digital privacy protections for millions of crypto users in the U.S., not just those suspected of wrongdoing.
Final Thought
While this case may seem narrow, its implications could be broad and long-lasting. At its heart is a fundamental question: does the U.S. Constitution protect crypto financial records the same way it does your personal files and papers?
With the Supreme Court yet to weigh in, the future of digital privacy in crypto hangs in the balance.
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Story Highlights IRS demands Coinbase data to combat crypto tax evasion; user claims Fourth Amendment violation. Supreme Court decision could reshape privacy rights for millions of crypto users nationwide. The U.S. government is urging the Supreme Court to dismiss a legal challenge from James Harper, a Coinbase user who claims the IRS violated his constitutional …
Justin Sun, founder of Tron and a leading crypto billionaire, is about to make history by flying to space with Jeff Bezos’s Blue Origin. A recent tweet exchange between Sun and Blue Origin has sparked excitement, hinting that his suborbital flight on the New Shepard rocket is coming soon.
If this happens, Sun will be the first person from the crypto world to travel to space, showing how blockchain and space exploration can come together.
A $28 Million Ticket to Space
In 2021, Justin Sun won a charity auction by bidding $28 million for a seat on Blue Origin’s first crewed New Shepard flight. The money went to Blue Origin’s Club for the Future, a foundation that supports 19 space-related charities focused on inspiring future generations in STEM fields.
Though the flight was originally planned for 2022, it was delayed. But on May 29, 2025, Sun posted a tweet from inside a spacecraft simulator, suggesting the trip is back on.
The flight might take place in July 2025, according to recent announcements, and Sun will fly with five other crewmates, including someone who won their seat with a $6 million ticket.
Flying with a Star-Studded Crew
Justin Sun won’t be traveling alone. He’ll be joined by five others, making this an exciting mission that combines the worlds of space and crypto. This group will mark a new chapter in how cryptocurrency interacts with space technology.
Justin Sun in the Spotlight
Sun has a history of making big headlines. In 2019, he paid $4.5 million to have a charity lunch with famous investor Warren Buffett. At that lunch, Sun brought top crypto figures like Litecoin’s Charlie Lee and eToro’s CEO Yonni Assia. Even though Buffett remains skeptical about Bitcoin, the meeting sparked important discussions about cryptocurrency.
In 2025, Sun continued his high-profile appearances by attending a dinner with Donald Trump for top holders of the $TRUMP memecoin. He also met crypto leaders like Michael Saylor and the Winklevoss twins at the Bitcoin 2025 conference. These actions highlight Sun’s efforts to raise TRON’s profile and influence in the crypto space.
How Does The Crypto Community See This?
The crypto community on X has been buzzing about Sun’s space plans. Influencer Wendy O said, “Justin is taking us to the moon,” celebrating this milestone. Others believe this trip could boost TRON’s visibility and push the crypto industry toward exciting new innovations.
This mission may increase TRON’s visibility and inspire blockchain leaders to think bigger as the crypto world gets ready to reach new heights.
The post Crypto Billionaire Justin Sun Set for Space Flight? Blue Origin’s Tweet Sparks Buzz appeared first on Coinpedia Fintech News
Justin Sun, founder of Tron and a leading crypto billionaire, is about to make history by flying to space with Jeff Bezos’s Blue Origin. A recent tweet exchange between Sun and Blue Origin has sparked excitement, hinting that his suborbital flight on the New Shepard rocket is coming soon. Hello @justinsuntron👋We look forward to seeing …
Pakistan plans to allocate 2,000 MW for Bitcoin mining and create a national Bitcoin reserve amid political and economic instability.
IMF raises concerns over the project’s viability and energy use, questioning its feasibility amid Pakistan’s high energy costs and weak grid.
This week Pakistan’s recent announcement to allocate 2,000 megawatts of electricity for Bitcoin mining was a remarkable move. Later this week they also said that Pakistan has plans to establish a government-led Bitcoin Strategic Reserve, this update joined amid ongoing political tensions, financial distress, and border issues.
While a normal impression might be optimistic, compared with countries like El Salvador, but it’s not very optimistic. While this initiative signals a potential policy shift in the country, but its direct and immediate impact on the Bitcoin price is anticipated to be very minimal, largely due to a confluence of significant domestic challenges and international scrutiny.
The ambitious mining plan of Pakistan faces tremendous economic viability issues, and power generation is less of an issue than its per kWh charges. The country has commercial electricity rates which are hovering somewhere around $0.20- $0.22/kWh, and are considerably higher than those in competitive mining hubs like Iran, Kuwait and other countries.
Moreover, an electrical engineer based in Pakistan highlighted that even with a proposed subsidized tariff of $0.09/kWh, the cost remains barely competitive for large-scale operations compared to other countries in the global Bitcoin mining.
The pricing was a major issue, but beyond pricing, the nation’s power infrastructure presents further obstacles. As Pakistan’s grid suffers from inconsistent service, distribution and transmission losses. These are major risks for energy-intensive mining facilities.
IMF Scrutiny and Regulatory Roadblocks
Adding to these internal challenges, the International Monetary Fund (IMF) has added red flags and asked several questions, as they said this announcement was done without IMF consultation.
They voiced serious concerns regarding Pakistan’s plan like the rationale behind allocating such a substantial amount of electricity, especially given the country’s ongoing chronic energy shortages and declining countries fiscal conditions.
Moreover, this external oversight clearly indicates the complexities involved in moving from a conceptual plan to a fully operational one. This creates an uncertain situation for Pakistan’s dreams related to Bitcoin crypto’s.
Limited Short-to-Medium Term Impact on Bitcoin Price
While the move was strategic or chaotic still remains a question. But, if in case it does establish a Bitcoin mining facility in Pakistan. It wouldn’t send the BTC price to hit mars or jupiter, from one financially weakend country’s action.
Its effort could incrementally contribute to the network’s security and global demand for Bitcoin in the long run, but no major outcome seems likely in the future.
Moreover, the current viability challenges and the critical intervention from the foreign organization clearly hints that its direct influence on global Bitcoin price will likely remain limited in the short to medium term, only if they successfully set up their plan in motion.
However, the long-run outlook totally depends on the broader market forces, global adoption trends, and major regulatory developments. These are the combined factors that are expected to continue to be the primary drivers of the future Bitcoin price movements.
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Story Highlights Pakistan plans to allocate 2,000 MW for Bitcoin mining and create a national Bitcoin reserve amid political and economic instability. IMF raises concerns over the project’s viability and energy use, questioning its feasibility amid Pakistan’s high energy costs and weak grid. This week Pakistan’s recent announcement to allocate 2,000 megawatts of electricity for …
REX Shares has filed with the US Securities and Exchange Commission (SEC) to introduce two new exchange-traded funds (ETFs) centered on Ethereum and Solana.
The filing, submitted on May 30, was marked “immediately effective,” signaling that the launch could happen soon.
REX’s New ETF Filings to Test SEC’s Stance on Staking
According to the SEC filing, these ETFs will hold the underlying crypto assets and stake a portion of them.
Each fund plans to invest at least 80% of its assets in either Ethereum or Solana. At least 50% of those holdings will be staked to earn on-chain rewards, which investors will receive as dividend income.
Bloomberg ETF analyst Eric Balchunas highlighted the filing’s significance, noting that it could lead to the launch of the first spot Solana ETF, as current offerings only track Solana futures.
He added that REX leveraged the Investment Company Act of 1940 (40 Act) to fast-track the listing. This allows the firm to bypass the longer and more cumbersome process tied to the Securities Act of 1933 (33 Act).
First-ever staked Ether and Solana ETFs could be launching soon. REX filing went effective (meaning launch likely in near-term). Would also be first-ever spot Solana too (only futures exist curr). This is the benefit of using 40 Act, it’s faster track to mkt but more work/boxes… https://t.co/GzSUbtLkq7
Moreover, these funds will operate as C corporations rather than follow the traditional structure of regulated investment companies (RICs). This structure provides specific tax advantages, particularly for staking-related activities.
James Seyffart, another Bloomberg ETF analyst, called the move a “clever legal and regulatory workaround” to bring staking-based ETFs to market.
“These ETFs are structured as c-corps which is very rare in the ETF world. Only really used for some MLP ETFs that I can think of top of my head. There are pros and cons to the structure but looks like one pro is that this was one way to get some level of signoff from the SEC,” Seyffart stated.
However, he cautioned that the long-term viability of this approach remains uncertain. This is because more efficient structures, such as grantor trusts, could eventually replace C-corp ETFs.
“There might be more efficient vehicles/structures for this type of exposure that come to market in the future. Maybe even later this year. Maybe later than that. There are lots of questions about grantor trusts and their ability to do staking that will likely require input from the IRS. (Grantor trusts are the structure underlying the current spot bitcoin and ethereum ETFs and the structure behind all the other spot crypto ETP filings),” Seyffart added.
On Thursday, the financial regulator clarified that staking models do not automatically qualify as securities. It also noted that additional features like early withdrawal options or bundled services don’t change the regulatory status.
“The Division of Corporation Finance clarified its view that certain proof-of-stake blockchain protocol “staking” activities are not securities transactions within the scope of the federal securities laws,” SEC Commissioner Hester Peirce said.
The meme coin market is beginning to cool after a surge in activity throughout most of May. The past week’s broader crypto market downturn has dented overall momentum, triggering a dip in the values of top meme assets.
Still, meme coin trading volume remains up 5% over the past month, signaling that investor appetite has not vanished entirely. BeInCrypto has highlighted three standout meme coins to watch in the month ahead.
Central African Republic (CAR)
The official meme coin launched by the African nation received positive developments in May. The country’s president recently announced that the government will use CAR to tokenize 1,700 hectares of land.
As a result, CAR has experienced a notable resurgence, climbing by 103% this week alone.
I have signed a presidential decree to tokenize over 1,700 hectares of land in the Central African Republic.
Starting June, land concessions will be accessible online using $CAR, directly on @solana.
— Faustin-Archange Touadéra (@FA_Touadera) May 29, 2025
As of this writing, the meme coin trades at $0.047. As CAR aims to break the $0.059 resistance, it could witness a continued upward trend if broader market conditions improve.
CAR’s Chaikin Money Flow (CMF), which remains firmly in positive territory at 0.17 at the time of writing, reinforces the potential for a rally above this key resistance level.
The CMF indicator measures how money flows into and out of an asset. A reading above one signals strong buying pressure and indicates that capital is flowing into CAR.
If this continues, CAR could break above $0.059 and extend its gains to $0.074.
However, if profit-taking commences, the altcoin could fall to $0.345.
Daddy Tate (DADDY)
DADDY is another meme coin to watch for possible gains in June. Up 14% over the past seven days, the altcoin currently trades at $0.039.
Earlier this week, Andrew Tate announced the upcoming launch of Real World 2.0, his online training app. According to his statement, the app will have an integrated wallet with some utility around DADDY.
As a result, speculative interest in the meme coin is rising.
The Real World 2.0 is nearly here and it’s about to go NUCLEAR.
• Built-in wallets • Instant payouts • Private job board with real offers from inside the ecosystem
And when it all drops…$DADDY + $TRW are both gonna go CRAZY.
The token’s rising Balance of Power (BoP) indicates the steady rise in buying pressure among DADDY traders. As of this writing, this momentum indicator is at 0.85.
The BOP indicator measures the strength of buyers versus sellers by comparing closing prices to trading ranges. A positive BOP value like this suggests that buyers are in control, indicating bullish momentum in the market.
If this trend continues, DADDY could extend its rally to $0.05.
Conversely, sellers could trigger a price decline toward $0.029 if they regain dominance.
SPX6900 (SPX)
SPX has bucked the past week’s broader market slowdown to post double-digit gains. Up 11% over the past week, the meme asset trades at $0.95 at press time.
The setup of SPX’s Moving Average Convergence Divergence (MACD) on the daily chart confirms the buying pressure in its spot markets. As of this writing, the token’s MACD line (blue) rests significantly above its signal line (orange).
The MACD indicator identifies trends and momentum in an asset’s price movement. Traders use it to spot potential buy or sell signals through crossovers between the MACD and signal lines.
As with SPX, when an asset’s MACD line is above its signal line, it indicates bullish momentum, suggesting that the asset’s price may continue to rise. Traders view this crossover as a bullish signal, supporting SPX’s ongoing rally.
If the rally persists, the meme coin could break above $1 and climb toward $1.21.
On the other hand, if buying activity stalls, SPX could shed recent gains and plunge to $0.84.
Trading Volumes Spike, But Meme Market Retail Boom Yet to Return
While these altcoins appear poised for potential gains over the next few weeks, the general meme market may face some headwinds. In an interview with S, Community Lead at Neiro, summer months typically see a slowdown in broader market activity, and meme coins are not immune to that seasonal trend.
“It still feels early for full-blown market euphoria. Historically, summer tends to be slower across financial markets, crypto included. Whether we see a pullback is anyone’s guess, but momentum is essential, when things stop growing, they often start fading. If that momentum slows, it’s something the market should take seriously,” S noted.
S added that while the trading volumes have spiked, the meme coin market has yet to see a return to the retail mania of 2021. For now, activity remains largely driven by crypto-native investors and whales.
“So far, it looks like most of the activity is still coming from crypto-native circles. We haven’t seen the kind of mainstream retail frenzy we saw in 2021 or even 2017. That wave hasn’t hit yet—but when it does, it’s bound to bring with it the chaos, creativity, and memes we all know and love. Personally, I’m looking forward to that.”
Meta Platforms, the parent company of Facebook and Instagram, has voted overwhelmingly against a proposal to diversify its corporate treasury into Bitcoin.
This signals that Big Tech remains cautious about adopting the top cryptocurrencies despite rising corporate interest.
Meta Shuts Door on Bitcoin Treasury Move
According to documents shared on X, the shareholder motion received just 3.9 million votes in favor, while more than 4.9 billion opposed it. Another 8.9 million shares abstained, and 205 million were broker non-votes.
Meta Shareholders Vote on Bitcoin Treasury Move. Source: X/Phoenix
This vote follows the proposal of Ethan Peck, a Mata Shareholder, earlier this year.
However, Meta’s board rejected the proposal even before the vote, stating that the company already has robust treasury management practices.
The board maintained that there was no compelling reason to consider Bitcoin, though it did not entirely dismiss digital assets as a concept.
“While we are not opining on the merits of cryptocurrency investments compared to other assets, we believe the requested assessment is unnecessary given our existing processes to manage our corporate treasury,” Meta’s board stated.
Meanwhile, the vote ends months of speculation that Meta might follow in the footsteps of companies like Strategy, which has aggressively accumulated Bitcoin as a reserve asset.
“If a Meta or Microsoft adds BTC to its balance sheet, it will arguably have a bigger impact than all the smaller companies doing it. Kinda like when Tom Hanks got COVID, which made it feel real even though the cases had already been mounting,” Bloomberg ETF analyst Eric Balchunas explained.
Bitcoin Top 85 Corporate Holders. Source: Hodl15Capital.
As of May 2025, more than 85 public companies collectively hold over 804,000 BTC, according to Hodl15Capital. Strategy leads the pack with more than 580,000 BTC under its control.
The introduction of the Digital Asset Market Clarity Act is a big step towards establishing clear crypto regulations in the United States. Ripple CLO Stuart Alderoty called it a big win for crypto as it could serve as a benchmark and provide guidance in framing other crypto policies. Alderoty Celebrates CLARITY Act as a Win for Crypto Stuart Alderoty, Ripple Labs’ chief legal officer, shared his support for the law, saying it was an important step forward for crypto regulation. He emphasized that “Clarity shouldn’t be controversial” and believes the bill will pave the way for a practical and intelligent regulatory environment. Alderoty extended his gratitude to several key lawmakers for their leadership in this initiative. These include Representatives French Hill, Congressman Glenn Thompson, Angie Craig, the GOP Majority Whip, Dusty Johnson, Don Davis, Bryan Steil, Ritchie, and Davidson. Their efforts highlight that regular changes in regulatory rules are necessary… Read More at Coingape.com
On May 30, 2025, Sharplink Gaming, a top technology company, took a big step with a $1 billion shelf registration. The SEC filing reveals that the company aims to purchase Ethereum with the proceeds which is a new approach for its treasury strategy. Sharplink Gaming Boosts Blockchain Strategy with $1 Billion Ether Treasury Shift This company is reinforcing its blockchain plans by purchasing another $1 billion worth of Ether after purchasing $425 million of the digital asset earlier this week. The company’s push to use blockchain and digital assets in iGaming is becoming stronger. As a result of this registration, it can issue shares like common stock and preferred shares and other securities at any time as needed. The company has $1 billion worth of “at-the-market” agreements with Alliance Global Partners (AGP) to sell stock as required. Both sides can spend the funds immediately, after agreeing to the terms in… Read More at Coingape.com
We look forward to seeing you in West Texas on a future New Shepard flight soon! 
I have signed a presidential decree to tokenize over 1,700 hectares of land in the Central African Republic.
The Real World 2.0 is nearly here and it’s about to go NUCLEAR.
