Headlines
▌FTX Launches Second Phase of Repayment Program, Expected to Distribute Over $5 Billion Starting Today
FTX announced on X platform that it has initiated the second phase of user repayment program, expected to distribute over $5 billion to creditors, who will receive funds within 1 to 3 working days starting today.
▌Trump Praises Government Efficiency Department Achievements, Musk to Become Presidential Advisor After Leaving
On May 30, US President Trump and American entrepreneur and Government Efficiency Department head Elon Musk held a press conference at the White House. Trump praised the achievements of the "Government Efficiency Department" led by Musk, stating that the department hired outstanding talents in the computer field. Trump said the government will work to permanently implement the department's policy of reducing government spending. Musk stated that the Government Efficiency Department team will only become stronger over time, and he will continue to visit the department as a friend and advisor to President Trump. (CCTV)
Market
As of filing, according to CoinGecko data:
BTC price is $105,632, 24-hour change -2.1%;
ETH price is $2,498.09, 24-hour change -4.2%;
BNB price is $675.15, 24-hour change -1.8%;
SOL price is $153.98, 24-hour change -3.2%;
DOGE price is $0.1898, 24-hour change -8.6%;
XRP price is $2.12, 24-hour change -3.5%.
Policy
▌Trump Family's Crypto Obsession Draws Criticism from Republican Lawmakers
House Financial Services Committee Chairman Frankie Hill stated that President Trump's activities in cryptocurrencies and meme coins have complicated the passage of legislation that has been brewing for years. "This is absolutely true," the Republican lawmaker said, "The Trump family's involvement in the meme coin world makes this work more complicated because I believe it distracts our party members (including Republicans and Democrats) from focusing on what we should be doing." Hill added: "We have been working for five years, especially in the House, to gain strong bipartisan support for stablecoin and market framework." "If you're worried about meme coins, whether they have value or their purpose in society, you need to help me pass a stablecoin bill and a market framework bill that will clearly outline the rules for how digital assets play a role in our economy."
▌New York City Comptroller Rejects Bitcoin Municipal Bond Plan
New York City Comptroller Brad Lander rejected the mayor Eric Adams' proposal to issue Bitcoin-backed municipal bonds. Lander stated: "The largest city in the United States will not issue Bitcoin-backed bonds during my term."
▌REX Shares Submits Solana and Ethereum Staking ETF Prospectus, Expected to List in US within Weeks
Bloomberg analyst James Seyffart stated on X platform that REX Shares has submitted the prospectus for Solana and Ethereum staking ETFs, expected to list in the US market within the next few weeks. These funds are products under the 1940 Act, using a C-corporation structure, rather than the traditional 19b-4 process. "This could be a way to get some level of SEC approval," Seyffart noted. The ETFs will gain SOL and ETH spot exposure through Cayman Islands subsidiaries, which he described as "a series of clever legal and regulatory circumvention strategies to list these products". Seyffart added: "Even if more efficient structures emerge in the future, this might be the first way to go online."
Blockchain Applications
▌Lunar Digital Assets Announces LitVM L2 Network, Introducing Smart Contracts to Litecoin
On May 31, Lunar Digital Assets announced the launch of LitVM, a zero-knowledge Layer-2 network for Litecoin's ecosystem, introducing smart contracts to the cryptocurrency born in 2011. The network is built on BitcoinOS and Polygon CDK, supported by the Litecoin Foundation. LitVM is an EVM-compatible zk rollup aimed at introducing smart contract functionality, cross-chain liquidity, and real-world asset (RWA) support. Lunar Digital Assets stated that LitVM will help Litecoin expand to DeFi and Web3 ecosystems, providing use cases such as stablecoin payments and programmable assets (Runes, Lordinals).
▌BitMEX Successfully Blocks Suspected Lazarus Attack, Discovers IP Address and Major Security Vulnerability
BitMEX announced in a Friday statement that its security team successfully blocked a social engineering attack initiated by the Lazarus Group, a hacker organization associated with North Korea. BitMEX stated: "Recently, an employee was contacted via LinkedIn about collaborating on an NFT market Web3 project, with the aim of inducing the victim to run project code containing malicious code." The employee promptly identified the risk and reported it, and the security team investigated, discovering that the attack attempted to reuse malicious code called "BeaverTail". BitMEX noted: "We found a 'operational security error' in the script that might expose the attacker's 'original IP address'." The team also stated that the organization seems to have split into multiple groups with varying technical levels. They have identified at least 10 accounts potentially used for testing or developing malicious software. BitMEX added: "This investigation shows a stark contrast between the organization's rudimentary phishing strategies and their advanced exploitation techniques."
▌Cetus Plans to Complete Full Recovery and Restart within Approximately One Week
Cetus stated on social platforms that the Sui community recently approved a proposal that will release approximately $162 million held during the Cetus vulnerability last week, allowing the DEX to repay users and resume full operations. The affected funds will be transferred to a multi-signature wallet and held until returned to users according to Cetus's plan. Accordingly, Cetus announced plans to complete full recovery and restart within approximately one week, including protocol upgrades, data recovery, restarting upgraded CLMM contracts, and fully restoring all suspended product functions (including LP functions).
Cryptocurrency
▌Coinbase to List Vaulta Perpetual Contracts
Coinbase will list Vaulta perpetual contracts on June 5, 2025.
▌Whale James Wynn's Bitcoin Long Position Already Floating Loss of $660,000, Liquidation Price at $103,340
According to on-chain data, the whale James Wynn's newly opened 40x Bitcoin long position has already floating loss of $660,000, with specific details: Position value: $54,897,376.12, Opening price: $105,554.5, Liquidation price: $103,410, Floating loss: $660,000.
▌Whale James Wynn Suffers Partial Liquidation Again, Lost $9.36 Million Today
According to lookonchain monitoring, whale James Wynn was liquidated again, with a cumulative loss of $9.36 million today. This time, his PEPE and BTC long positions were partially liquidated.
▌Unnamed Whale Transfers 20 Trillion PEPE to Binance, Approximately $24.82 Million
According to Onchain Lens monitoring, an unnamed whale transferred all 20 trillion PEPE (worth $24.82 million) to Binance after holding for a month, realizing a profit of $6.85 million.
▌Brazilian Fintech Méliuz Plans to Raise Up to Approximately $78.6 Million to Increase Bitcoin Holdings
Brazilian fintech company Méliuz (B3 stock code: CASH3) announced on May 31 the launch of a stock offering, planning to raise up to 450 million reais (approximately $78.6 million) to increase Bitcoin holdings. After the announcement, the company's stock price dropped 8% to 8.13 reais that day. Currently, Méliuz holds 320.25 BTC (worth approximately $33.55 million), with an average purchase cost of $101,575 per BTC. The new stock issuance will be priced on June 12 and start trading on June 16, with existing shareholders having priority subscription rights. Since transforming into a Bitcoin fund management institution in March 2025, the company's stock price has risen cumulatively by 217%.
▌Unnamed Whale Completes Full Profit-Taking on PEPE, Ultimately Gaining $6.86 Million
According to on-chain analyst Yu Jin's monitoring, whale 0x3c9's PEPE completed full profit-taking: 15 minutes ago, the last 49.75 billion PEPE (worth $580,000) was transferred to Binance. His final profit on PEPE was $6.86 million. He accumulated 20 trillion PEPE at a price of $0.00000895, valued at $17.9 million. Starting profit-taking from 5/9, he sold everything today at an average selling price of $0.0000124. The final profit was $6.86 million.
Important Economic Developments
▌JPMorgan Chase CEO: Federal Reserve's Wait-and-See Approach is Correct, Prepared for Interest Rates to Rise to 5%
JPMorgan Chase CEO Dimon stated that the Federal Reserve's current wait-and-see approach is correct, and we are fully prepared for interest rates to rise to 5%. The Federal Reserve can try to control long-term interest rates, but such control won't last long. Artificial intelligence may have a deflationary effect, but it won't occur next year.
▌US Stocks Decline, Nasdaq Falls Over 1%
US stocks' decline expanded, with the Nasdaq Composite Index falling over 1%.
▌JPMorgan Chase CEO Dimon: Bond Market Will Eventually Crack
JPMorgan Chase CEO Dimon warned that after the US government and Federal Reserve's "massive overspending" and quantitative easing, the bond market is "bound to crack". Dimon said: "I just don't know if a crisis will occur in 6 months or 6 years. I hope we can change the trajectory of debt and the ability of market makers." "Unfortunately, we may need it to wake us up." Dimon has expressed concerns about global deficit spending in recent years. On Friday, when asked if the so-called "Bond Vigilantes" are making a comeback, he said: "Yes."
▌Trump Says to Raise Steel Import Tariffs to 50% from June 4
On May 30, US President Trump stated at a rally in Pennsylvania that he will raise steel import tariffs from 25% to 50%. Subsequently, Trump posted on social media that the decision will take effect from June 4. The White House announced on social media that "to further protect the US steel industry from foreign and unfair competition, steel import tariffs will be raised from 25% to 50% starting next week."
Jinse Encyclopedia
▌What are Ethereum Futures ETFs and How Do They Work?
Ethereum Futures ETFs are investment funds that track Ethereum futures contracts rather than Ethereum itself.
Consider a contract promising to purchase Ethereum at a specific price at a future time. These derivative contracts are traded through Ethereum (ETH) Futures Exchange Traded Funds (ETFs), providing a regulated method to invest in Ethereum using a brokerage account.
Disclaimer: Jinse Finance, as a blockchain information platform, publishes articles for informational purposes only and does not provide actual investment advice. Please establish a correct investment concept and be sure to improve risk awareness.
