A disputed Polymarket contract on whether Strategy sold Bitcoin by May 31 resolved to “No” after two dispute rounds, despite Strategy later disclosing that it sold 32 BTC during the market’s covered window.

UMA Optimistic Oracle (UMA) token holders voted to settle the market in “no” following a second resolution cycle that closed at 12:34 am UTC on Thursday, blockchain data shows. An overwhelming 98.6% of the 607 participants voted for the market to resolve in “no,” while only 1.4% voted “yes,” data from Betmoar shows.

Polymarket said that no information, onchain data or credible reporting confirmed a Strategy sale within the market’s timeframe, adding that confirmation achieved “outside of the market’s time frame does not qualify.”

Strategy sold 32 BTC between May 26 and May 31, but disclosed the sale in a Monday filing, after the market’s deadline.

The resolution adds to concerns about Polymarket’s token-weighted dispute resolution system, where the wallets with the largest UMA token holdings have proportionally more voting power. 

Multiple users cried foul, arguing that the market should have resolved based on when the sale occurred rather than when it was confirmed. One unfortunate trader reported a $500,000 loss tied to their event contract. Over $80 million had been wagered on whether Strategy would sell Bitcoin by May 31, Cointelegraph reported on Tuesday.

Polymarket dispute on Strategy selling Bitcoin by May 31. Source: Betmoar

“Prediction markets should price what happens, not how the oracle will reinterpret rules after the fact,” as resolution integrity “trumps any single outcome,” said Galaxy Research in a Wednesday X post, adding:

“We outline clear fixes: lock criteria at listing, deterministic resolution for verifiable events, and structural changes ahead of CFTC regulation.”

Galaxy also disclosed a financial interest in the market, adding that it bought “yes” shares as part of its strategy to routinely hedge prediction market positions.

Related: Polymarket team says user funds safe as exploit losses climb above $600K

Polymarket’s dispute resolution system raises concerns

The largest vote in the dispute came from blockchain wallet borntoolate.eth, which held 3.11 million UMA tokens, followed by Kevin Chan with wallet “0xd2a,” who held 1.53 million tokens.

Dispute resolution can be profitable for large token holders. Wallet borntoolate.eth netted over $299,000 from voting on event contract disputes, while the Kevin Chan-tagged wallet bagged over $370,000.

UMA token holders who voted on the disputed Strategy market. Source: Betmoar

Critics also pointed to earlier disputed Polymarket resolutions as evidence of broader concerns with UMA’s token-weighted voting model.

An event contract on whether Ukraine agrees to US President Donald Trump’s mineral deal before April 2025 was resolved as “yes” in March, following two rounds of disputes, despite the agreement being signed only on April 30.

Multiple users called it a “governance attack and whale manipulation but Polymarket did nothing with it,” commented Polymarket trader fr1ko.eth in a Tuesday X post.

The developments come a day after nine Democratic Party lawmakers in the US House of Representatives called on the US Federal Trade Commission to investigate how prediction markets advertise to customers and how they present themselves to regulators.

Magazine: The legal battle over who can claim DeFi’s stolen millions 

Pi Network price has fallen to a fresh all-time low after heavy token unlock pressure and weak market liquidity triggered another wave of selling across the ecosystem.

According to data from crypto.news, Pi Network (PI) price traded near $0.130 on June 5 after plunging to a new record low of approximately $0.126. The token has now lost more than 30% over the past month, extending a downtrend that has persisted since its March rally faded.

A major source of pressure continues to come from the network’s token release schedule. Data from PiScan shows that more than 159 million PI tokens are still scheduled to enter circulation this month, with daily unlocks averaging over 5 million tokens. The largest single-day unlock is expected on June 11, when nearly 16 million PI will become available for trading.

The additional supply arrives at a time when market liquidity remains thin. Daily trading volume has slipped below $20 million across major exchanges, leaving the token vulnerable to large sell orders from early miners and long-term holders who recently completed KYC verification and mainnet migration.

Outside the Pi ecosystem, sentiment across digital assets has deteriorated sharply. Bitcoin (BTC) briefly fell to an intraday low near $61,550 on June 4, while Ethereum (ETH) dropped below $1,800. 

CoinGlass data shows the selloff triggered more than $1.6 billion in liquidations across leveraged crypto positions, reducing appetite for speculative altcoins and adding further pressure to Pi Network’s price.

Network activity has offered a mixed picture. CiDi Games recently launched a Developer Center alongside four new games designed to attract builders and users into the Pi ecosystem.

Whale activity has also attracted attention in recent weeks, although those developments have so far failed to offset concerns surrounding rising token supply.

A recent X post from Whale Hunter highlighted the sharp rebound that followed PI’s previous drop to $0.128.

The analyst added that buyers had started returning to the market and argued that a break above $0.20 could trigger renewed momentum.

Falling wedge breakdown opens the door to lower prices

As crypto.news previously reported, Pi Network price was nearing a critical test of falling wedge support on the daily chart. Buyers failed to defend that level, allowing sellers to force a breakdown that eventually pushed the token to a new record low around $0.126.

The decline also took PI below the psychological $0.13 support zone, a level that had repeatedly attracted buying interest in recent months. Although the token managed to recover part of the loss, the breakdown has left the market focused on whether the next wave of June unlocks could trigger another move lower.

Technical indicators remain heavily tilted toward the downside. PI continues to trade below its Supertrend resistance at approximately $0.151, while price action remains well beneath its major short- and medium-term moving averages. The chart has also produced a sequence of lower highs and lower lows since March.

Meanwhile, the MACD remains in bearish territory, with the MACD line still positioned below the signal line. Although histogram bars have started to contract, buyers have yet to generate enough momentum to reverse the prevailing trend.

June token unlocks keep $0.10 level in focus

The most important support now sits near the recent low between $0.126 and $0.13. A decisive break below that zone would place PI in new price-discovery territory and expose the psychologically important $0.10 level.

Token unlocks remain the primary risk factor throughout the month. Fresh supply entering circulation could increase exchange inflows and intensify selling pressure, particularly if crypto market sentiment remains weak.

On the upside, bulls would first need to reclaim the former breakdown area near $0.14 before attempting a move toward the Supertrend resistance around $0.15. Above that, the next notable resistance zone sits between $0.18 and $0.20, where multiple recovery attempts failed during May.

Until buyers absorb the upcoming unlocks and reclaim key resistance levels, the chart structure continues to favor sellers, with the $0.10 threshold emerging as the market’s next major downside target.

Cryptocurrency exchange Coinbase will allow qualified borrowers to pledge digital assets to fund Fannie Mae-backed mortgage apartments beginning this summer.

In a Thursday notice, Coinbase and its partner, Better Home & Finance, said the mortgage structure plan launching “by summer 2026” will allow borrowers to initially use Bitcoin (BTC) or USDC (USDC) as collateral for loans to fund down payments for homes. The initiative, first announced in March, represented a significant shift in companies allowing digital assets to be used for financing houses. 

Source: Pavel Danilyuk on Pexels

“We’re excited to expand access to all qualified borrowers to fix an ongoing issue: buyers who qualify on every measure that matters but cannot clear the down payment hurdle because their wealth isn’t where the system expects to find it,” said Better founder and CEO Vishal Garg.

Garg said in a March post on X:

“This isn’t a niche thing. It’s what everyone is going to do once most financial assets are tokenized. It’s just a better way to buy a house.”

The move by Coinbase and Better followed US regulatory agencies under the Trump administration being friendlier to crypto companies and more accepting of digital assets integrated with traditional finance. In June 2025, the US Federal Housing Finance Agency (FHFA) directed Fannie Mae and Freddie Mac to consider crypto as an asset in mortgage risk assessments without requiring a conversion into fiat.

Related: Crypto mortgages in US face valuation risks, regulatory uncertainty

Other mortgage lenders have made similar moves since the FHFA order. In February, Newrez began allowing borrowers to use their cryptocurrency holdings to qualify for a mortgage application.

Source: Bill Pulte

Volatile crypto-backed mortgages scrutinized for political motivations

Although the price volatility of cryptocurrencies like Bitcoin may present challenges to the mortgage plan, some US lawmakers have accused FHFA head Bill Pulte of being “unduly influenced” by President Donald Trump in supporting such policies.

“Expanding underwriting criteria to include the consideration of unconverted cryptocurrency assets could pose risks to the stability of the housing market and the financial system,” said five US senators in a July 2025 letter to Pulte following the FHFA order.

Republican lawmakers, including crypto proponent Cynthia Lummis, have proposed codifying the FHFA order into law. She introduced the 21st Century Mortgage Act in July 2025, saying government agencies “must evolve to meet the needs of a modern, forward-thinking generation.”

Magazine: Bitcoin miners are pivoting to AI, so why is the hashrate near ATHs?

TLDR:

• • Bitcoin open interest dropped 25% to $23.2B, hitting its lowest level since early April in just four days.
  • Ethereum open interest fell 13% to $9.8B, reaching levels not recorded since March amid the selloff.
  • Forced liquidations of leveraged longs added extra selling pressure, accelerating the market’s rapid price decline.
  • Declining open interest at multi-month lows reduces the immediate risk of further cascading selloffs in crypto markets

Bitcoin open interest fell sharply over four days, dropping 25% to $23.2 billion. This marked its lowest point since early April. Ethereum also recorded a 13% decline, reaching $9.8 billion.

The selloff at the end of May and early June triggered widespread liquidations. Leveraged traders were forced out of positions as prices declined rapidly. These numbers reflect how quickly market conditions can shift.

Liquidations Clear Excess Leverage From Bitcoin and Ethereum Markets

The late May and early June crypto selloff created a wave of forced closures across futures markets. When leveraged long positions are liquidated, exchanges automatically close them to recover losses. This process generates additional selling pressure, which can push prices even lower.

According to Santiment Intelligence, Bitcoin’s open interest dropped to levels not seen since early April. Ethereum’s open interest similarly fell to its lowest since March. Both declines happened within the same four-day window, pointing to coordinated market stress.

The forced exits removed a large portion of speculative capital from derivatives markets. Traders who held overleveraged positions had no room to absorb the price movement. As a result, the market experienced a rapid and broad reduction in open positions.

Declining Open Interest May Reduce the Risk of Further Selloffs

Elevated open interest is often a warning sign in crypto markets. It suggests that too much speculative capital is concentrated in leveraged bets. When prices reverse, those positions unwind quickly and amplify the downward move.

Santiment noted that the recent liquidation event brought both Bitcoin and Ethereum open interest back toward multi-month lows.

Historically, this kind of reset has helped stabilize markets after sharp corrections. Fewer open leveraged positions mean fewer forced closures if prices fall again.

This pattern has appeared multiple times across past market cycles. After major liquidation events, the reduced leverage environment tends to create a calmer trading backdrop. Traders who survived the flush often approach the market more cautiously in the weeks that follow.

While the pain of liquidations is real for affected traders, the broader market may benefit from the clearing effect. The reset removes the overcrowded positioning that makes markets fragile.

With open interest now at multi-month lows, the immediate risk of cascading selloffs has likely decreased for now.

TLDR:

• The pre-IPO token market has recorded $1.25B in cumulative trading volume with over 20,000 active holders on-chain.
• SPV-backed protocols like PreStocks and Paimon Finance lead adoption by offering real share-backed token exposure via DEXes.
• Synthetic contracts carry no underlying share claims, introducing basis risk between oracle prices and actual private valuations.
• Closed-end fund structures offer SEC-registered exposure but limit redemptions and charge annual fees as high as 3.6%.

The pre-IPO tokenized equity sector has grown sharply on-chain, with platforms recording $1.25 billion in cumulative trading volume.

Over 3.5 million transactions have been processed across these protocols. More than 20,000 holders now participate in the space.

The combined market capitalization of tokenized pre-IPO stocks sits near $130 million, while Solana-based tokenized equity volumes continue reaching new weekly highs.

SPV-Backed and Synthetic Protocols Lead Market Adoption

Analyst Tanaka recently outlined the three main structures operating in the pre-IPO token space. SPV-backed protocols issue tokens tied to special purpose vehicles that hold actual company shares.

Synthetic contracts rely on oracles for pricing but carry no real share backing. Closed-end funds offer equity exposure inside regulated vehicles with net asset value pricing.

SPV-backed protocols currently lead in both adoption and secondary market liquidity. PreStocks operates on Solana, offering instant DEX trading, no investment minimums, and Regulation S compliance.

It lists names including SpaceX, OpenAI, Anthropic, Anduril, and Neuralink. Paimon Finance follows a similar model across BNB and HashKey chains, covering SpaceX, xAI, and Stripe, among others.

Both PreStocks and Paimon Finance anchor prices through internal pricing engines. They also rely on bid-ask spreads within their respective liquidity pools. This structure gives retail participants access to private company exposure without traditional barriers.

Synthetic protocols such as Ventuals and TradeXYZ price assets using real-time oracle feeds. Exits happen at market price, with funding rates serving as the primary cost.

However, these instruments carry no underlying share claims and introduce basis risk between contract prices and actual private valuations.

Closed-End Funds Prioritize Regulation Over Liquidity

Closed-end fund structures take a different approach, placing regulatory compliance at the center. Protocols like USVC and Fundrise VCX register with the SEC or equivalent regulators.

They price holdings to net asset value and restrict redemptions, often to quarterly windows following an IPO event.

Annual management fees on some of these products reach as high as 3.6%. While the regulatory structure provides investor protections, overall liquidity remains lower than what SPV secondary markets offer. This trade-off suits participants who prioritize compliance over trading flexibility.

Tanaka noted in the post that several companies have declared certain SPV token transfers void under their corporate bylaws.

This has triggered price volatility for affected tokens. Premiums over last known private valuations also remain elevated across most listings.

The timing of upcoming IPOs and public market capacity to absorb multiple large listings in 2026 also remain uncertain.

Tanaka disclosed no current positions in these instruments at present premium levels. The broader real-world asset infrastructure layer, nonetheless, continues to develop.

Russia has sanctioned a 17-year-old British schoolboy after he published a report exposing the country’s sanctions evasion which was partially enabled by Kyrgyzstani firms.

Reuters reported yesterday that Alexander Browder was sanctioned and barred, alongside four other British nationals, from entering Russia.

Russia’s foreign ministry claimed the sanction was warranted due to the “provocative anti-Russian rhetoric of British officials, ​the spread of insinuations about Russia, and ​London’s practical steps to supply the Kyiv regime with weapons.”

Roughly three months prior, Browder submitted a 46-page report to the Henry Jackson Society think tank detailing the scale of cryptocurrency money laundering within Russia.  

His report was based on the findings of his own Global Cryptocurrency Laundering Database, a trove of data that reveals how cryptocurrency has been used to launder $350 billion in illicit funds across 164 cases between 2005 and 2025. 

Browder discovered he had been sanctioned while at school. 

He told the BBC, “No one said anything to me,” adding “I was sat in my economics class and I saw my name on the front page of Reuters saying that I was sanctioned.” 

Read more: UK sanctions HTX for alleged Russian sanctions violations

He said, “For Russia [crypto laundering] is one of the key ways that they’re generating revenue to sustain their war of aggression, and so I’ve spent the last year and a half taking it down.”

Browder’s work covers Russia’s reliance on the Kyrgyzstan-based stablecoin A7A5, how four of the five major ransomware groups are based in the country, and the entire network moving money crypto to Russia’s benefit. 

The report has been influential enough to spur 26 UK politicians to call for the country’s foreign secretary to sanction various Kyrgyzstani enablers of the network.

One month later, the UK implemented a series of UK sanctions against Russia that targeted the A7A5 network. 

This included the sanctioning of Justin Sun’s Huobi Global, a crypto exchange that later rebranded to HTX, for its alleged interactions with the Russian crypto exchange Garantex.  

Key Highlights

• Bybit integrates USDPT stablecoin with fiat conversion services for Latin American users
• Western Union’s digital dollar debuts on a leading cryptocurrency exchange platform
• USDPT combines Solana blockchain infrastructure with traditional fiat currency gateways
• Partnership aims to accelerate cross-border transactions using stablecoin technology
• USDPT transitions from payment-only utility to full trading and fiat integration

Cryptocurrency exchange Bybit has integrated Western Union’s USDPT stablecoin into its fiat gateway services, marking a significant milestone for stablecoin adoption in Latin America. This collaboration represents the first time Western Union’s digital currency appears on a prominent crypto trading platform, bridging regulated stablecoin infrastructure with local currency exchange services.

Bybit Enables USDPT Access via Fiat Gateway

Bybit has rolled out support for USDPT purchases and sales through its One-Click Buy feature. Qualified users can now transact with the token provided their accounts meet eligibility requirements. This integration establishes an immediate fiat-to-stablecoin pathway within Western Union’s digital currency ecosystem.

Built on Solana’s blockchain infrastructure, USDPT maintains a direct 1:1 peg to the United States dollar. The stablecoin is issued by Anchorage Digital Bank, N.A., which also maintains the reserve assets supporting each token. This arrangement provides the digital asset with established regulatory oversight and institutional-grade custody solutions.

Through this partnership, Bybit contributes its trading infrastructure, fiat liquidity pools, and extensive customer network. Meanwhile, Western Union supplies its established payment channels, regulatory compliance framework, and decades of settlement expertise. The collaboration seeks to minimize transaction delays and eliminate inefficiencies in international money transfers.

Western Union Advances Digital Asset Initiatives

Western Union unveiled USDPT in May as a cornerstone of its evolving digital asset roadmap. The financial services giant developed this stablecoin specifically to facilitate practical payment applications and transaction settlement. Additionally, the platform enables continuous operation independent of conventional banking schedules.

The Bybit partnership extends USDPT’s utility beyond simple payment channels into comprehensive cryptocurrency trading ecosystems. Market participants in eligible regions can acquire tokens using their national currencies and subsequently exchange them back. This functionality positions the stablecoin as a practical tool for remittance services and digital dollar accessibility.

With over 140 years of experience in global money transfer services, Western Union’s entrance into stablecoin territory signals broader payment sector momentum toward blockchain settlement solutions. Furthermore, this initiative responds to escalating consumer demand for more efficient and economical international payment options.

Payment Industry Embraces Stablecoin Technology

Dollar-backed stablecoins have become a dominant force within digital asset markets. According to DeFiLlama analytics, the combined market capitalization of USD-pegged stablecoins approaches $320 billion. As a result, established payment companies increasingly explore regulated token solutions for settlement operations and fund transfers.

MoneyGram recently unveiled MGUSD on the Stellar network to power blockchain-enabled payment infrastructure. Similarly, Mastercard has broadened its integration of USDC, PYUSD, and RLUSD across specific settlement workflows. Western Union’s USDPT introduction now adds another recognized payment industry leader to this growing landscape.

The Bybit-Western Union alliance positions USDPT as a connector between cryptocurrency trading platforms and traditional financial systems. The stablecoin enables round-the-clock settlement while maintaining connections to regulated banking reserves. This strategic launch represents a concentrated effort to accelerate stablecoin adoption throughout Latin American markets.

Apex Group is guiding the fund administration for a tokenized real estate fund whose shares are issued on Goldman Sachs’ Digital Asset Platform (GS DAP). The collaboration brings together Goldman Sachs, digital asset exchange Archax, real estate manager LRC Group and interoperability provider Ownera, according to Apex.

“Tokenization at institutional scale depends on trusted, regulated infrastructure,” said Agnes Mazurek, Apex Group’s global head of digital assets, underscoring the growing demand from fund managers and investors for blockchain-native solutions that fit existing governance and oversight frameworks. The effort signals a broader industry push by banks, fund administrators and regulated digital-asset firms to bring real-world asset funds onto the blockchain while preserving familiar investor servicing and regulatory guardrails.

Tokenized units issued via GS DAP

The fund’s shares are issued as digital tokens on Goldman Sachs’ Digital Asset Platform (GS DAP), a blockchain-based framework designed to support issuance, settlement, custody and transfer of digital assets. GS DAP, which debuted in 2022, operates atop the Canton Network and uses Digital Asset’s smart contract language DAML to enable private, permissioned flows of data and value.

“Issuing blockchain-native fund units on GS DAP enables investment in real estate assets with precision while unlocking more seamless transferability in the future,” said Mathew McDermott, Goldman Sachs’ global head of digital assets and a Digital Asset board member. The arrangement positions tokenized real estate within a regulated structure, aiming to streamline ownership records and settlement processes while maintaining governance and investor protections.

In this collaboration, LRC Group, a pan-European real estate investment manager, will manage the fund, while Archax, described as a real-world assets (RWA) focused exchange, serves as custodian and the initial distribution partner. Ownera provides the interoperability layer that connects issuers, custodians and distribution channels, enabling the ecosystem to operate with greater connectivity across different platforms.

Cointelegraph requested additional details from Apex Group, but the firm did not provide further information by publication time.

Related industry coverage highlights the ongoing growth of real-world asset tokenization, including tokenized money-market funds, private funds and collateral networks. The broader market context shows institutional participants increasingly testing on-chain structures for traditional assets.

Apex Group’s involvement in tokenized real estate follows a previous move into tokenization in collaboration with Coinbase to launch a tokenized Bitcoin yield fund on the Base network earlier this year. The project underscored a trend where asset managers seek to combine blockchain-native issuance mechanisms with familiar fund governance and investor servicing standards.

Industry observers point to JPMorgan’s expansion of tokenization infrastructure through Kinexys, a platform focused on payments, collateral and asset tokenization, as part of a broader wave of Wall Street-backed experimentation with on-chain real assets. These efforts collectively illustrate a path toward more liquid, programmable access to real asset classes while aiming to preserve traditional risk controls and regulatory compliance.

Why this development matters for the market

Tokenizing real estate on GS DAP with a regulated, governance-oriented framework offers several potential benefits for investors and managers. First, on-chain units can improve settlement efficiency and reduce friction in cross-border transactions, potentially broadening the pool of eligible investors beyond typical fund structures. Second, the use of a centralized, regulated platform like GS DAP may help maintain consistent disclosure, compliance and investor servicing standards, even as assets move onto a blockchain-based issuance and transfer system. Third, the interoperability layer provided by Ownera could help align multiple distribution channels, custodians and issuers, reducing fragmentation in the tokenized-assets market.

What remains uncertain is how liquidity will evolve as tokenized real estate positions begin trading or transferring on chain. While GS DAP and Canton Network bring privacy and governance advantages to on-chain fund units, market liquidity for tokenized real estate remains a developing variable, contingent on regulatory clarity, custody reliability and the depth of secondary markets. Observers will also be watching how traditional asset managers balance compliance rigor with the speed and transparency promised by blockchain-native issuance.

Looking ahead: a continued push toward institutional tokenization

The Apex-led project reinforces a broader narrative: the financial industry is gradually moving real-world assets onto digital rails without sacrificing the controls and oversight investors expect. The integration of asset managers, custody partners and interoperability networks signals a more connected, standardized approach to tokenized funds—one that could accelerate the tokenization of real assets beyond private credit and real estate to include other asset classes as the ecosystem matures.

As tokenized funds gain traction, investors will want to monitor cadence from issuers about onboarding timelines, governance updates and liquidity options. Regulators, too, are likely to weigh in as more institutions pursue on-chain real asset offerings, looking to ensure that the benefits of tokenization are realized without compromising investor protections.

Readers should keep an eye on how this initiative unfolds across the GS DAP ecosystem, including any refinements to custody arrangements, distribution partnerships and cross-platform interoperability that could shape the pace and scope of institutional tokenization in the coming quarters.