The crypto industry lost over $244 million to hacks and scams in May 2025, according to blockchain security firm PeckShield.
While the figure remains substantial, it marks a 39% decline compared to April’s $402 million loss, signaling a temporary slowdown in malicious activity.
Crypto Hackers are Now Trying to Frame Victims
PeckShield’s data shows the attacks spanned various protocols, with some incidents resulting in minor breaches and others involving catastrophic losses.
Top Crypto Hacks and Exploits in May. Source: Peckshield
Following the breach, Cetus engaged with Sui validators to freeze some stolen assets, which amounted to roughly $162 million or about 71% of the stolen funds.
Cetus recently saw its proposal to reclaim the frozen funds approved by Sui validators. This marks the beginning of a broader recovery process that includes upgrading smart contracts, restoring liquidity, and preparing the platform for relaunch.
Meanwhile, another platform that saw a significant attack was the Ethereum-based Cork Protocol.
Attackers exploited the platform’s Wrapped Staked Ethereum (wstETH) and Wrapped Ethereum (weETH) markets, stealing around 3,761.8 wstETH, valued at nearly $12 million. Although other markets were not affected, Cork paused all operations to allow for a full audit.
The PeckShield’s report raised new concerns about the return of North Korea-linked hackers. According to the firm, these malicious actors allegedly stole $5.2 million from a single crypto trader.
Considering this, Yu Xian, co-founder of blockchain security firm SlowMist, urged victims to share their wallet addresses after an exploit. He suggested making them public or partially censored to support investigations and avoid being mistakenly identified as suspects.
According to him, hackers increasingly use different tactics to shift suspicion onto innocent users to complicate law enforcement agencies’ investigations.
“Some hackers nowadays like to frame others. You will not only suffer the pain of having your funds stolen, but also the subsequent cooperation with law enforcement investigations… It is not pleasant to be treated as a suspect,” he added.
REX Shares appears to be on the brink of launching a staked Solana ETF after receiving a key response from the US Securities and Exchange Commission (SEC).
On June 27, the firm wrote the regulator to confirm whether it had resolved all concerns related to its proposed Solana and Ethereum staking ETFs.
SEC Clears Way for First Staked Solana ETF as REX Shares Readies Launch
Bloomberg ETF expert Eric Balchunas indicated that the SEC’s lack of objections is significant. According to him, this means that the proposal will likely receive approval soon.
“Rex also filed an updated prospectus, which totally filled in. Add it all up and it appears as though all systems go for imminent launch. $SSK is the ticker,” Balchunas said.
Interestingly, REX Shares has begun marketing the product as the first-ever staked crypto ETF in the US. According to the firm, the product will track Solana’s performance while generating yield through on-chain staking.
Rex now putting out a “coming soon” tweet. No date but clearly they pushing fwd, assuming comments resolved ht @NateGeracihttps://t.co/4NphZbtc55
It should be noted that the SEC has yet to issue a formal approval for the product.
If approved, this would position the firm to be the first to offer a staking-based crypto ETF, ahead of competitors still pursuing spot Solana products.
Meanwhile, Nate Geraci, president of ETF Store, pointed out that such a move could serve as a catalyst for the industry. He noted that this may encourage other applicants to explore staked crypto offerings.
“Looks like they believe comments have been resolved…Crypto ETF summer commences,” he added.
This development follows the SEC’s notable regulatory progress last month. At the time, the agency stated that staking models alone do not automatically fall under securities laws.
It also clarified that extra features such as bundled services or early redemption options do not necessarily alter that status.
As a result, this guidance has encouraged several asset managers to revisit their ETF strategies.
Welcome to the US Crypto News Morning Briefing—your essential rundown of the most important developments in crypto for the day ahead.]
Grab a coffee as we delve into market sentiment about XRP ETFs (exchange-traded funds) in the US. As prospects for this financial instrument continue to grow, experts have weighed in on the possible impact on Ripple’s XRP token.
Crypto News of the Day: XRP ETF Inflows to Reach $8.3 Billion, Standard Chartered Predicts
There has been much chatter this week in crypto about XRP ETFs, ranging from false rumors and reports to delays in key decisions. However, one thing appears certain: the conversation is growing more than ever.
In a recent US Crypto News publication, ETF analyst Eric Balchunas indicated they have raised their odds to 85%. Based on this, analysts offer diverging outlooks on how such a product might perform.
“XRP price could rise to $12.23 or $22.20 after ETF Approval if XRP ETFs Get 15% to 30% of Bitcoin ETF Inflows,” a popular account on X shared.
BeInCrypto data shows that XRP was trading for $2.22 as of this writing, down by almost 1% in the last 24 hours.
Against this backdrop, BeInCrypto contacted Standard Chartered for a commentary. The bank’s head of digital assets research, Geoff Kendrick, said it was challenging to predict precise inflow figures.
However, he indicated that comparative data from Europe could provide some guidance.
“The amount of eventual inflows to XRP ETFs is difficult to estimate. However, Bitwise has listed ETPs in Germany for XRP, Solana, Litecoin, BTC, and ETH, which may provide an apples-for-apples comparison,” Kendrick told BeInCrypto.
Drawing on his prediction of how an XRP ETF could perform and the associated impact on XRP price, Kendrick compared Bitcoin, Ethereum, and other altcoins.
Citing Bitwise data, the Standard Chartered executive noted that altcoins garner a larger percentage of ETP (exchange-traded product) net asset value (NAV) as a percentage of coin market capitalization than Bitcoin and Ethereum.
However, he acknowledged that this could be because fewer ETPs are available for altcoins. Kendrick added that NAV-to-market-cap ratios from already approved US spot ETFs provide a useful benchmark.
Based on these assessments, Geoff Kendrick projected that a US-listed spot XRP ETF could attract as much as $8.3 billion in inflows within its first year.
“Of the US spot ETFs approved so far, NAV as a percentage of market cap is 3% for Ethereum and just under 6% for Bitcoin. At current XRP market cap, that would imply a range of $4.4 billion to $8.3 billion as a future total NAV measure for an XRP ETF, which seems like a reasonable target range for inflows in the first 12 months,” Kendrick added.
Kendrick Sees Ripple Price at $8, Bitfinex Analysts Question Investor Interest for XRP ETFs
The Standard Chartered executive said he expects XRP price gains to keep pace with Bitcoin price growth targets.
He forecasted the Ripple price to rise to $8 by 2026, contingent on spot XRP ETF approvals in the US. This would constitute a 260% surge above the current price of $2.22.
“In real terms, XRP inflation is currently 6%, versus 0.8% for Bitcoin. As such, we target the XRP-USD price levels of $5.50 at end-2025, $8.00 at end-2026, $10.40 at end-2027, $12.50 at end-2028 and $12.25 at end-2029,” Kendrick explained.
Meanwhile, analysts at Bitfinex caution against optimism, saying that investor interest in a US-based spot XRP ETF may not match that witnessed in Bitcoin ETFs.
“We expect limited inflows into an XRP ETF as some investors may choose to broaden their exposure across available crypto ETFs. However it is unlikely to see the level of flows experienced by Bitcoin,” Bitfinex analysts told BeInCrypto.
The contrasting assessments reflect broader uncertainty over how altcoin ETFs might perform in a regulated US market.
Bitcoin’s dominance and changing regulatory attitudes toward digital assets still heavily influence the crypto market in the US.
So far, Grayscale, Wisdom Tree, Bitwise, Canary, and 21Shares have filed for XRP ETF approvals with the SEC. Bitwise’s application received official acknowledgment on February 18, triggering several timelines for approving, denying, or extending the application.
The final deadline is October 12, 240 days after official receipt. This date is equivalent to the ‘final deadline’ of January 10, 2024, for BTC ETF approvals, the day they were approved.
However, with other applications beyond XRP ETF pending approval, including Solana and Litecoin, Kendrick noted that other applications in the pipeline could affect the timeline for XRP ETF approval.
“Litecoin seems most likely to progress the fastest, providing early insight into how the new SEC leadership will treat altcoin ETFs,” Kendrick said.
As a hard fork of Bitcoin, Litecoin could already be viewed by the SEC as a commodity rather than a security. According to Kendrick, its similarity to Bitcoin may make it conceptually easier for investors to understand.
“We expect a wave of cryptocurrency ETFs next year, albeit not all at once. First out is likely the BTC + ETH combo ETFs, then probably Litecoin (because it is a fork of BTC, [therefore it’s a] commodity), then HBAR (because it’s not labeled security), and then XRP/Solana (which have been labeled securities in pending lawsuits),” Balchunas stated.
Strategy recently posted its Q1 2025 earnings report, showing over $4.2 billion in net losses despite gains on its Bitcoin holdings. Shortly afterward, the firm declared its intention to sell $84 billion in new offerings.
Shareholders’ responses are mixed, with some fearful of failing fundamentals and their own stocks being diluted. Still, this audacious plan has its supporters, with Bitcoin’s price on the rise.
Strategy’s Biggest Bitcoin Buy
Strategy (formerly MicroStrategy) hasn’t shown much interest in changing its plan for systematic Bitcoin acquisition. Its latest earnings report takes great care to show its returns on this investment: It holds 553,555 BTC, at an average cost of $68,459 each, and has gained $5.8 billion from Bitcoin.
Despite this, however, the company lost over $4.2 billion overall. The firm’s net losses are primarily due to a $5.9 billion unrealized loss on digital assets, reflecting the volatile nature of cryptocurrency investments.
Initially, the report claimed that Strategy was offering $21 billion in new stock sales to buy more Bitcoin. Soon after, however, Michael Saylor claimed that his firm was setting a much more audacious goal:
“Strategy… doubles capital plan to $42 billion equity and $42 billion fixed income to purchase bitcoin, and increases BTC Yield target from 15% to 25% and BTC $ Gain target from $10 billion to $15 billion for 2025,” Saylor said.
Compared to these figures, $84 billion in new offerings looks completely infeasible for several reasons. The main concern isn’t even finding enough buyers.
Dear MSTR shareholders, you’re getting bent.
Saylor needs to sell more common stock which he knows the shareholders won’t like. Therefore he disguises it in a “42/42” plan, despite having 20 BILLION of unsold preferred remaining from the previous plan. Why not issue it all?… https://t.co/WtUMHCt2nNpic.twitter.com/YrkztgPmVj
In other words, Strategy’s Q1 earnings report clearly shows that the firm has this reserve of preferred stock it could use to buy Bitcoin.
However, the company can’t execute these sales because of its steep losses and lack of cash flow. Offering these new shares instead would allow Saylor to gain fresh liquidity, but this would dilute existing shareholders’ holdings.
Still, some shareholders remain bullish about Strategy’s intention to buy more Bitcoin. Ultimately, the company remains a key pillar for the market’s confidence in BTC. If its investors start heading for the door, it could have adverse implications on the token’s price.
