Crypto World
Delaware, New Jersey Advance Bills to Ban Crypto ATMs
Delaware and New Jersey are moving to ban cryptocurrency ATMs, joining a widening set of U.S. states that have moved to curb kiosks amid concerns they are predominantly used for scams. The legislative pushes come as regulators increasingly scrutinize consumer protections, money-laundering risks, and the legitimacy of crypto service points beyond traditional exchanges.
The Delaware House Economic Committee on Tuesday advanced House Bill 441 to the full chamber, which would prohibit ownership, installation, or operation of a cryptocurrency kiosk within the state. In neighboring New Jersey, the Senate Commerce Committee voted unanimously to send its bill banning crypto ATMs to the full Senate floor, reflecting a bipartisan concern over the security and integrity of such devices.
Beyond Delaware and New Jersey, several states have already enacted total bans on crypto ATMs. Indiana was the first to do so in March, followed by Tennessee in April and Minnesota in May, as lawmakers cite a rising incidence of scams linked to the kiosks. The regulatory trend underscores a broader pattern of state-level risk mitigation around unregulated crypto access points.
The push to curb crypto kiosks is also supported by troubling enforcement data. The FBI’s IC3 center reported nearly 13,500 complaints related to crypto ATMs in 2025, totaling more than $388 million in losses—a 23% rise in complaints and a 58% increase in losses versus 2024. The demographic profile of victims has drawn particular concern, with more than half of the losses attributed to individuals aged over 50, underscoring protection gaps for older investors.
Delaware’s proponents frame the proposed restrictions as a consumer-protection measure. Representative Cyndie Romer, a sponsor of the bill, characterized crypto ATMs as a platform that “reduces digital currency to a predatory cash grab.” She argued that high transaction costs—regularly cited as well above typical exchange fees—create incentives for misuse and siphon funds from vulnerable populations. By design, she contends, such kiosks complicate oversight and enable predatory activity that online venues rarely justify through normal market structure.
The Delaware bill would extend beyond bans on kiosks to prohibit fiat-to-crypto sales that replicate or substitute ATM-like functionality through point-of-sale systems or similar cash-register mechanisms. It would also require the removal of any crypto ATMs from the state within 90 days after enactment. Penalties for violations could reach $10,000, and if a kiosk continues operating after an enforcement action, fee refunds to users must be issued or funds directed to a consumer-protection mechanism if users cannot be located.
New Jersey’s measure mirrors the objective of Delaware’s approach—prohibiting ownership, control, installation, management, and sale or offering to sell a crypto ATM due to a rise in related scams. The proposed penalties start at $10,000 for a first offense and escalate to $20,000 for subsequent offenses, signaling a tough regulatory stance aimed at deterrence and compliance clarity for operators.
Key takeaways
- Delaware’s HB 441 would ban owning, installing, or operating cryptocurrency kiosks and would bar fiat-to-crypto sales that function like ATMs, with a 90-day compliance window once enacted.
- New Jersey’s bill would prohibit the ownership, control, installation, management, or sale of crypto ATMs, introducing penalties of up to $10,000 for a first offense and up to $20,000 for later offenses.
- The moves reflect a broader U.S. regulatory wave, with Indiana, Tennessee, and Minnesota already enacting total bans on crypto ATMs, and discussional momentum in other cities and states.
- Federal enforcement data indicate a significant scale of crypto ATM–related scams and losses, with 2025 seeing substantial year-over-year increases in both complaints and dollar losses, highlighting consumer-protection imperatives for policymakers.
- Industry operators argue the kiosks are not inherently culpable for scams and point to on-screen warnings and safeguards, while some operators have faced financial restructurings amid regulatory pressure.
Regulatory trajectory in Delaware and New Jersey
Delaware’s proposal targets the core functions of crypto kiosks: ownership, installation, and operation. By banishing fiat-to-crypto flows that imitate ATM activity and mandating rapid removal of kiosks, the bill seeks to close what its sponsors view as a consumer-exposure gap. The 90-day removal period provides a defined transition window for businesses to unwind existing deployments, while the penalties are designed to deter noncompliance. The scope of the bill suggests a comprehensive approach to kiosk-based crypto access that regulators fear could be exploited for illicit activity or to target susceptible populations.
New Jersey’s bill adopts a parallel rationale, anchoring the ban in a stated concern over “a significant rise in scams associated with their use.” The escalating penalties reflect an intent to push operators toward discontinuation or relocation of services, with limited tolerance for repeated violations. The public policy question centers on balancing consumer protection with innovation in financial services and whether alternative, regulated channels could provide safer access to digital assets.
Both state proposals emphasize enforcement mechanisms and consumer redress: in Delaware, violations could trigger fines up to $10,000, and there is an explicit provision for refunding user fees or contributing to a consumer-protection fund if user identification is not feasible. These elements illustrate a broader regulatory pattern that prioritizes restitution and deterrence as part of crypto-related consumer protections.
Federal and state enforcement context
The FBI’s IC3 reporting underscores the regulatory urgency behind these measures. In 2025, the agency documented roughly 13,500 crypto ATM–related complaints and more than $388 million in losses, marking a notable rise in both activity and impact. The data also show a disproportionate impact on older adults, reinforcing concerns that targeted protections are warranted for vulnerable consumer groups. The FBI’s findings contribute to an evidentiary basis for state lawmakers arguing that existing oversight is insufficient to prevent scams and protect retail investors.
State-level responses vary, with Indiana, Tennessee, and Minnesota having enacted outright bans as a response to the scam prevalence. Some municipalities have explored or implemented ordinances, while others have placed caps on transaction sizes in certain jurisdictions. This mosaic of approaches highlights a regulatory divergence in the United States—one that regulators and industry participants are likely to monitor closely as KYC/AML expectations evolve and as banks and payment rails grapple with crypto-related compliance requirements.
Industry voices have framed the bans as an overreach or a misattribution of responsibility. Bitcoin Depot, previously the largest operator with more than 9,000 kiosks, cited regulatory pressure as a major factor in its bankruptcy filing last month. Operators have historically argued that they are not responsible for the actions of third-party scammers, pointing to on-screen warnings, transaction-limits, and other safeguards as part of a layered defense. The tension between consumer protection objectives and the operational viability of crypto kiosks remains a central policy question as the regulatory framework hardens.
The landscape is further shaped by cross-border considerations and broader regulatory dialogue. While U.S. states pursue prohibitions or restrictions on on-site kiosks, other jurisdictions—such as Canada—have considered bans in response to scams and money-laundering concerns. The divergent regulatory approaches reflect a global pattern where policymakers weigh access and innovation against risk mitigation and market integrity. For market participants and compliance teams, the key question is how to align product design, KYC/AML controls, consumer disclosures, and incident response with a shifting patchwork of state and national rules.
An additional facet of the debate concerns the responsibility of kiosk operators in a digital-asset economy that increasingly relies on regulated, banked rails. Proponents of bans argue that unregulated access points complicate enforcement and increase consumer exposure to loss. Opponents contend that effective regulation—rather than outright bans—could preserve consumer access while imposing robust anti-fraud controls. The ongoing policy debate will influence licensing requirements, oversight mechanisms, and the integration of stablecoins and other crypto products within mainstream financial systems.
As regulators weigh the next steps, the Delaware and New Jersey measures illustrate a disciplined approach to consumer protection and market integrity. The focus on clear prohibitions, defined timelines for compliance, and structured penalties signals a trend toward more predictable regulatory norms for crypto kiosks and similar access points across the United States.
Bitcoin and digital-asset firms, exchanges, and financial institutions will closely monitor the legislative developments, enforcement data, and operator responses to gauge risk, compliance costs, and potential shifts in consumer behavior. The evolving policy framework will likely influence future licensing regimes, AML/KYC standards, and cross-border coordination as policymakers seek to balance innovation with robust guardrails.
Looking ahead, observers should watch how these bills fare in their respective chambers, how regulators assess the effectiveness of existing safeguards, and whether alternative regulatory models—such as licensing, disclosure requirements, or transaction-limits—emerge as viable middle-ground options. The interplay between state-level bans and federal enforcement priorities will shape the regulatory trajectory for crypto access points in the United States over the coming years.
Closing perspective: As states refine their approaches to crypto kiosks, the core questions revolve around protection, accountability, and the operational viability of compliant access to digital assets. Regulatory clarity in the near term will be critical for assessing the future role of crypto ATMs within a governed financial ecosystem.
Crypto World
Solana Foundation Launches Frontier Traders, an Institutional Program for $500M+ Volume Firms
The Solana Foundation launched Frontier Traders Thursday afternoon, a formal institutional program for elite trading firms, with the first qualifying campaign opening on SpaceX tokenized equity Friday. The entry bar sits at $500 million in trailing 30-day onchain DEX volume combined with $16… Read the full story at The Defiant
The Fidelity Digital Dollar reportedly deployed liquidity to both Curve Finance and Uniswap in a single Ethereum block Thursday evening, with an on-chain watcher flagging the move as the Fidelity-branded stablecoin's first foray onto permissionless DeFi rails. LytninCrypto, an on-chain data… Read the full story at The Defiant
South Korean police are investigating Bithumb CEO Lee Jae-won over bribery allegations linked to hiring people connected to independent lawmaker Kim Byung-ki.
According to Yonhap News, the Seoul Metropolitan Police Agency’s Public Crime Investigation Unit is examining claims that Lee approved the hiring of Kim’s second son after receiving a direct employment request from the lawmaker.
Political Hiring Scandal
The case stems from statements provided by a former aide to Kim, who had previously raised other allegations against the lawmaker. The aide told police that Kim met Lee for drinks at a restaurant in Seoul’s Mapo district in November 2024 and asked him to hire his son.
Police suspect the alleged hiring may have been linked to Kim’s activities while serving on the National Assembly’s Political Affairs Committee. Investigators believe Kim concentrated his legislative efforts on criticizing alleged monopoly practices involving Dunamu, the operator of rival crypto exchange Upbit, in return for his son being employed at Bithumb.
Earlier this month, police listed Lee as a bribery suspect in a second search warrant targeting Bithumb’s headquarters in Seoul’s Gangnam district and several related locations. During an earlier raid carried out in February, investigators had already named Kim as a suspect in connection with alleged preferential hiring tied to his son’s recruitment, while Bithumb was listed as a witness in the case.
Police are now reviewing materials seized during the searches and are expected to question certain individuals regarding the hiring process and whether they were aware of any job solicitation efforts.
Troubles Pile Up
Beyond the hiring controversy, Bithumb has recently been entangled in several separate legal and compliance-related disputes. In May, a South Korean court temporarily blocked a six-month partial business suspension imposed on the crypto exchange by the Financial Intelligence Unit (FIU).
The court’s decision paused the sanctions until a final ruling is made in Bithumb’s legal challenge against the regulator. The FIU had accused the exchange of around 6.65 million violations of financial rules, including failures in customer identity checks and transaction monitoring. Regulators also fined Bithumb 36.8 billion won and warned several company officials.
Earlier in April, Bithumb took legal action to freeze 7 BTC that remained missing after a major payout mistake during a promotional event. Due to a system input error, the exchange accidentally distributed Bitcoin instead of Korean won to users. Although most of the funds were recovered quickly, some recipients allegedly refused to return the remaining assets, which forced Bithumb to pursue a provisional seizure.
The post Bithumb CEO Booked in South Korea Bribery Probe Over Lawmaker’s Son Hiring appeared first on CryptoPotato.
Crypto World
Crypto News, June 11: Bitcoin Price Unfazed by Trump and His Threat to Flatten Tehran, Chainlink and Kraken Power FIFA World Cup
Crypto markets open with Bitcoin price showing surprising strength despite Trump threats on Iran. Chainlink and World Cup partnership shows growing mainstream ties, offering a bright spot amid volatility from geopolitics and ETF outflows.
Trump hinted at an Iran deal days away after proportional strikes yesterday. Today, he told Fox News that without an agreement, the U.S. will “bomb the sh*t out of them” tonight. He also revealed that the U.S. is taking millions of barrels of oil out of Iran every night while Hormuz stays closed. Trump added that when it ends, oil will drop back to prior levels.
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Bitcoin Price Holds Firm Amid Trump Escalation
Bitcoin price faces selling pressure from heavy U.S. spot Bitcoin ETF outflows as the streak continued into this week. It’s a prolonged outflow since May, with hundreds of millions exiting daily, led by BlackRock’s IBIT. Right now, the multi-week totals have reached billions withdrawn, yet Bitcoin price has held with even some bounces.
Yesterday, soft-core inflation data unexpectedly supported risk assets, including crypto. Although hotter energy components add caution for us watching rate-cut odds. Geopolitical noise from Trump has not derailed resilience yet.
A fresh story from hours ago shows corporate buyers still competing hard. Strive CEO Matt Cole threw a joke to Michael Saylor that last week they bought 32 Bitcoin. Michael Saylor replied that he wants those 32 Bitcoin back. Strategy sold exactly 32 BTC in late May but maintains net buying overall, battling the fixed 21 million supply race.
— Coin Bureau (@coinbureau) June 11, 2026
SAYLOR WANTS HIS BITCOIN BACK
Strive CEO Matt Cole joked, “Last week, we bought 32 Bitcoin. If you know, you know.”
Michael Saylor quickly replied: “I’m gonna want that 32 Bitcoin back.” 
pic.twitter.com/Ehce9NeJ4t
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Chainlink and Kraken Power FIFA World Cup
Chainlink is now named to power official FIFA World Cup prediction markets, ADI Predictstreet, the tournament’s official partner. The deal will involve Myriad adopting Chainlink oracles for accurate, instant settlements across all 104 matches serving billions of fans. This marks a major real-world utility for Chainlink data feeds.
6 billion fans. 200 countries. 1 prediction market oracle. — Chainlink (@chainlink) June 9, 2026
Chainlink is exclusively powering the official 2026 FIFA World Cup
prediction market partner, @Predictstreet.
Chainlink 
@FIFAWorldCup pic.twitter.com/V5JruV2c7Z
Chainlink follows Kraken, as a day earlier, it was named the Official Crypto Exchange Supporter of the World Cup. The partnership targets North America and Europe with fan activations, education, and giveaways.
Moving to Artificial Intelligence, after it singlehandedly eliminated millions of human jobs, Tether placed a $1.4 billion bet on autonomous machine economies and AI. The focus is on paying robots via stablecoins as part of bigger institutional moves into real-world AI and crypto integration. This follows MetaMask’s AI wallet launch and XRPL’s similar payment pushes yesterday.
Questions linger after setbacks like Humanity Protocol issues, yet momentum for practical applications grows.
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Institutional Conviction and Real Utility Point Higher
Adoption headlines around Chainlink and the World Cup show crypto moving beyond speculation into everyday use cases. Billions of fans will interact with prediction markets settled instantly, proving Chainlink’s value at scale while Kraken brings new users through the World Cup platform.
Corporate accumulation continues despite ETF outflows. The recent Saylor exchange with Strive shows how big players view the fixed supply as increasingly scarce. Institutional players like Tether committing billions to AI-stablecoin systems signal long-term bets on utility that outlast short-term volatility.
Bitcoin price has likely absorbed Trump, Iran, geopolitics, and outflow pressure without breaking key levels.
When the Iran situation resolves and oil normalizes, macro tailwinds could return quickly. Also, not to forget the Ukraine war, which could get a surprise peace deal. All, combined with real-world traction and AI-crypto experiments, the setup favors holders.
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The post Crypto News, June 11: Bitcoin Price Unfazed by Trump and His Threat to Flatten Tehran, Chainlink and Kraken Power FIFA World Cup appeared first on Cryptonews.
Crypto prediction markets crossed $2 billion in World Cup winner bets as the tournament opened in Mexico City today, and millions of traders still can’t agree on who will lift the trophy. Spain and France share the lead at around 16%, while defending champion Argentina sits at just 9%.
The combined total across Polymarket ($1.9 billion) and Kalshi ($132 million) makes this the largest single prediction market event in crypto history. Polymarket runs 328 live World Cup markets and saw $66 million traded in the last 24 hours, with the pool of funds behind those bets sitting at $352.7 million.
The $2 Billion World Cup Betting Record
Polymarket opened the World Cup winner market in July 2025, giving traders nearly a year to weigh in before the opening whistle.
Volume accelerated as the tournament approached, with $66 million changing hands in a single 24-hour window. The combined Polymarket and Kalshi total sets a new record for the largest single prediction market event in crypto history.
Prediction markets have become a staple at every major 2025 event, from the US presidential race to the Super Bowl. The World Cup now represents the biggest test of crypto betting infrastructure yet.
Spain, France, and the Defending Champion
Spain’s 16.5% and France’s 16.1% sit close enough that the market effectively rates them equal co-favourites. England and Portugal each sit at around 11%, with Brazil at 8%.
Defending champion Argentina sits at just 9%, lower than both European sides in the second tier.
The market is not saying Argentina cannot win, but two years on from their Qatar 2022 triumph, crypto bettors no longer rate Argentina as the team to beat. Every result in the group stage will shift that reading fast.
FIFA Goes On-Chain
This tournament also marks FIFA’s first official on-chain prediction infrastructure. ADI Predictstreet, an official FIFA partner powered by Chainlink, runs a separate market alongside Polymarket and Kalshi.
The governing body of world football now operates in the same prediction market space that crypto traders have built.
The tournament has 38 days and 104 matches to settle what $2 billion in collective wisdom couldn’t. The market will not stay deadlocked.
The post Crypto Just Put $2 Billion on the World Cup Winner, and It’s a Draw appeared first on BeInCrypto.
Citigroup is launching a blockchain-based marketplace for private company shares, looking to give wealthy and institutional investors a new way to gain exposure to pre-IPO firms as Wall Street pushes deeper into tokenized finance.
According to The Wall Street Journal, the platform will use tokenized depositary receipts issued by Citi, which represent ownership interests in private companies. The offering will initially be initially available to foreign investors, with US access planned at a later date.
The initiative allows investors to invest in private company shares “right next to their Apple stock, Citi digital asset executive Artem Korenyuk told the Journal.
Major banks are increasingly adopting tokenization to modernize traditional financial markets. Citi argues that structuring private investments through tokenized depositary receipts offers a more transparent alternative to special-purpose vehicles (SPVs), which have become a common, but often opaque, way for investors to access private companies.
That distinction is notable as interest in pre-IPO investing surges. Several fintech platforms, including Robinhood, have explored offering tokenized exposure to private companies such as OpenAI, though those products generally provide indirect economic exposure rather than legal ownership of the underlying shares. OpenAI last year cautioned investors that these so-called tokenized stocks do not represent equity in the company.
OpenAI’s warning to investors on buying tokenized shares. Source: OpenAI Newsroom
The underlying infrastructure of the venture’s blockchain will be operated by SIX Digital Exchange, a subsidiary of Switzerland’s stock exchange operator, SIX Group. Citi said it is already in discussions with several large private companies about making their shares available on the platform.
Related: Crypto Biz: Crypto infrastructure spending rises as ETF appetite cools
Private markets tend to outperform over time
Growing interest in pre-IPO investing reflects a broader shift toward private markets, where companies are staying private for longer and generating more of their value before reaching public exchanges.
Last December, the American Investment Council published a report citing PitchBook data showing that private equity outperformed the S&P 500 index across five-, 10-, 15- and 20-year investment horizons. This was seen despite the index delivering stronger returns over shorter time periods.
Private equity has outperformed the broader market over longer time horizons. Source: American Investment Council
At the time, American Investment Council President and CEO Will Dunham argued that private equity’s long-term outperformance strengthened the case for expanding retail access through investment vehicles such as 401(k) plans.
The sector’s strong returns, coupled with the trend of companies staying private for longer, have fueled investor interest in pre-IPO opportunities and heightened anticipation for major public listings.
The frenzy surrounding SpaceX’s IPO underscores the trend, with Bloomberg reporting that retail investors alone have placed more than $70 billion in orders for Friday’s offering as of Thursday. Elon Musk’s rocket and AI company is targeting a valuation of $1.8 trillion after its public debut.
Related: Kraken’s xStocks tops $25B in volume with more than 80K onchain holders
TLDR
- SPCX represents tokenized SpaceX shares issued through Backpack Securities.
- Token can be redeemed for underlying equity via regulated brokerage access.
- Sunrise provides infrastructure for issuance and Solana integration.
- SPCX trades on Solana with self-custody wallet support.
- Launch aligns with SpaceX’s Nasdaq listing day for dual-market access.
SpaceX shares will begin trading on Solana alongside Nasdaq listing via tokenization. Backpack Securities and Sunrise will launch SPCX representing SpaceX equity onchain. The token enables trading, redemption, and self-custody across Solana venues.
SpaceX Stock Token Launches on Solana Network
Backpack issues SPCX as a tokenized claim on SpaceX shares. Eligible users can redeem tokens for underlying shares through brokerage. The firms link brokerage accounts with blockchain settlement systems.
Sunrise provides infrastructure supporting the issuance and distribution of SPCX tokens. The token targets Solana for fast settlement and continuous trading access. Holders may transfer SPCX within supported wallets and platforms.
Backpack states SPCX can move between the token and equity forms. The structure allows redemption and re-tokenization through verified accounts. Trading will operate outside normal market hours on Solana.
Solana Trading Expansion for Tokenized Equities
The launch places SpaceX exposure onchain on listing day. Solana supports continuous trading beyond traditional exchange hours. Backpack integrates custody tools with regulated brokerage services.
SPCX can be stored in self-custody wallets securely. Users can trade tokens across supported Solana venues globally. The system mirrors traditional equity ownership through blockchain records.
Backpack CEO Armani Ferrante described portability across financial systems. “It is making underlying securities portable across financial systems.” The statement highlights integration between brokerage and blockchain rails.
Tokenized equities continue expanding across crypto markets this year. Firms experiment with blockchain rails for traditional asset exposure. SPCX enters this trend with regulated brokerage backing.
Solana supports high-speed settlement for tokenized trading systems. Developers build infrastructure for continuous financial market access. Backpack uses this network for SPCX distribution and trading.
Sunrise coordinates the issuance process with regulated brokerage partners. Token structure links shares with redeemable blockchain units. Users access SPCX through approved wallets and platforms.
Nasdaq listing proceeds separately from onchain SPCX trading. Both markets operate simultaneously for SpaceX exposure access. This dual structure enables parallel price discovery mechanisms.
Backpack ensures compliance through brokerage custody arrangements. Redemption requests convert tokens into underlying equity shares. Verification processes govern eligible participant access.
Solana venues support peer-to-peer SPCX transfers. Self-custody options give users direct asset control. Trading remains active beyond conventional market schedules.
The product aligns tokenized finance with traditional equity markets. Backpack integrates brokerage systems with blockchain infrastructure layers. Sunrise manages technical issuance workflows for token distribution.
SPCX availability begins with the SpaceX Nasdaq listing day. Trading access expands through Solana-based applications and wallets. Backpack continues rollout across supported jurisdictions and partners.
New data from on-chain analytics firm Santiment shows that trading activity across crypto’s largest non-stablecoin assets has fallen to levels not seen since 2024.
According to the company, the slowdown is pointing to a market where traders have largely stepped back, a condition that has often appeared before relief rallies when confidence eventually comes back.
Crypto Traders Retreat as Volumes Dry Up
Santiment’s analysis, shared on X on June 11, noted that top-cap assets are seeing two-year low trading volumes and framed that as a potential capitulation signal rather than the start of another leg down.
“Traders appear reluctant to aggressively buy or sell as macro uncertainty, geopolitical tensions, and recent liquidations keep participants on the sidelines,” wrote the firm.
While low activity can appear bearish, Santiment noted that periods of weak participation have historically come just before some of crypto’s strongest recoveries. The firm said markets rarely reverse higher when investors are actively chasing prices and that turning points often emerge when traders become disengaged and expect little movement.
Data from CoinGecko supported Santiment’s take on trading flow, whereby the 24-hour trading volume of Bitcoin amounted to about $30 billion, dropping by almost 20% when compared to that of the previous day. Ethereum’s, though, was a much more modest 1.40%, while Tron (TRX) and BNB saw activity dip by 4% and 10%, respectively.
Still, some altcoins registered upticks, with Solana (SOL), for instance, seeing a 23% jump in its 24-hour trading volume while that of Ripple’s XRP went up 11%.
Santiment says that this type of market situation, where capital is sitting idly despite continued development and institutional involvement in the industry, is becoming more like one looking for a new reason to make a move.
“If confidence begins returning, just a small amount of inflows could be enough to spark a much needed relief rally as sidelined capital re-enters the sector,” was their verdict.
On-Chain Signals Are Not Helping
The lack of participation from crypto investors isn’t happening in a vacuum, given that the on-chain backdrop has grown more difficult recently.
For example, data published earlier this week by CryptoQuant contributor Axel Adler Jr. showed that BTC’s Realized Cap 30-day change had fallen to -1.1%, the deepest level of capital outflows since mid-March, with around $12 billion leaving the network since a high point in May.
Meanwhile, Bitcoin’s adjusted SOPR, which measures whether coins are being sold at a profit or loss, has stayed below 1.0 for 13 straight days. That reading means that the BTC moved on-chain is being sold at an average loss, which Adler associated with weaker holders leaving the market.
The post Crypto Trading Volumes Plunge to 2-Year Lows as Market Fatigue Sets In appeared first on CryptoPotato.
Exchange flows remain broadly normal, while stablecoin supply has seen little meaningful contraction. More speculative corners of the digital asset market also continue attracting capital. Products linked to higher-risk crypto assets are still gathering inflows, something Dori says would be unlikely if investors were abandoning the asset class altogether.
Perhaps the strongest argument against the IPO-rotation theory comes from derivatives markets.
Dori pointed to a decline in CME bitcoin futures open interest that has coincided with ETF redemptions. That relationship suggests a significant portion of the outflows may be linked to the unwinding of cash-and-carry arbitrage trades rather than investors reallocating toward equity offerings.
A cash-and-carry trade is a popular institutional arbitrage strategy that seeks to profit from the gap between bitcoin’s spot price and futures prices. Investors buy spot bitcoin, often through an ETF, while also selling bitcoin futures contracts. As long as futures trade at a premium to spot prices, the investor can earn a relatively low-risk yield when the contracts converge at expiry.
When that premium narrows, or funding conditions become less attractive, traders unwind the position by selling their spot exposure and closing their futures shorts. That process can generate ETF outflows even when investors are not turning bearish on bitcoin itself. Instead, the arbitrage opportunity has simply become less profitable.
Raydium, the Solana-based decentralized exchange, was drained of $1.34 million on June 10, 2026, when an attacker exploited five deprecated liquidity pools from its legacy AMM V3 program, a smart contract vulnerability that had sat dormant on-chain for five years.
The attacker, whose Solana address ends in ‘Bq33QVk,’ made off with approximately $900,000 in USDC, $357,000 in SOL, and $86,000 in RAY tokens.
— Solana Hub (@SolanaHub_) June 10, 2026
Raydium confirms $1.34M exploit on legacy AMM V3 pools. No current users affected; full compensation from treasury. pic.twitter.com/tqmKATA2tH
After draining the pools, the exploiter bridged all funds from Solana to Ethereum via a cross-chain bridge, then deposited them into Tornado Cash to obscure the trail, a standard cross-chain laundering sequence that leaves recovery prospects slim.
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The LP Mint Validation Flaw: How Fake Tokens Emptied Real Pools
The root cause was a smart contract vulnerability in Raydium’s legacy AMM V3 program, a DeFi exploit enabled by insufficient LP token validation. In any standard automated market maker, liquidity pool shares are represented by LP tokens that track a provider’s proportional stake. When funds are withdrawn, the contract verifies the LP tokens being burned match the pool’s legitimate mint.
Raydium’s deprecated AMM V3 program failed to perform that check. The attacker created a fake SPL token mint unrelated to any real Raydium liquidity pool, minted a single unit of that counterfeit LP token, then called the legacy withdraw function.
The old contract treated the attacker as a 100% LP shareholder and released the entire pool’s reserves.
The sequence was repeated across all five deprecated pools, Sollet USDT–RAY, Sollet ETH–RAY, SRM–RAY, USDC–RAY, and RAY–SOL, draining approximately 150,177 RAY, 5,603 SOL, and 893,700 USDC in total.
Pseudonymous Raydium contributor 0xInfra confirmed on X that the attack was caused by “a self-contained logic flaw” and explicitly ruled out any key compromise or authority-level issue, meaning no propagation risk exists to current Raydium programs.
The December 2022 Raydium hack, a roughly $4.4 million loss caused by a private key theft – had pushed the team to harden operational security and migrate to audited contracts.
The June 2026 incident is a structurally different failure: not an operational breach, but a legacy codebase left callable on-chain with real assets still sitting inside it.
Tornado Cash Exit: Funds Bridge to Ethereum, Trail Goes Cold
On-chain investigators flagged the exploit in real time as the attacker aggregated USDC, SOL, and RAY across the five drained pools before moving cross-chain.
The full balance was bridged from Solana to Ethereum, then routed through KuCoin and FixedFloat before landing in Tornado Cash, the privacy protocol that remains the exit ramp of choice for DeFi exploit proceeds.
Community analysts tracking the wallet ending in ‘Bq33QVk’ confirmed the complete cross-chain exit, noting the attacker did not attempt to liquidate funds through Solana-native venues.
Once inside Tornado Cash, transaction-level tracing breaks down. No funds are reported frozen or flagged by centralized exchanges at this time.
No Active Users Affected, Raydium Treasury to Cover Losses
The most important immediate fact for Raydium users: no active accounts or current pools were touched. “No current users of Raydium are affected by this exploit or would have been able to interact with these pools through the UI since their deprecation,” 0xInfra stated.
The deprecated AMM V3 pools were invisible in the front-end and inaccessible through normal user flows.
Raydium confirmed it will repay all stolen funds in full using its protocol treasury. Legacy AMM V3 program IDs are being formally retired to prevent further calls, and the team has launched a comprehensive security review of all mainnet and legacy code paths. The reimbursement timeline has not been specified publicly.
RAY token is up around 2% in the 24 hours following the incident, trading at $0.578. The token has shed 7% over the past week amid broader Solana ecosystem weakness and sits 96.6% below its all-time high of $16.83.
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The post Raydium Hit With $1.34M Exploit via Fake LP Tokens on Deprecated Solana Pools appeared first on Cryptonews.
Zebra Technologies Corporation (ZBRA) Presents at 46th Annual William Blair Growth Stock Conference – Slideshow
Solana Foundation Launches Frontier Traders, an Institutional Program for $500M+ Volume Firms
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