Axelar has disabled its Secret Network bridge connections after a security incident resulted in the loss of roughly $4.7 million worth of bridged assets.

According to Axelar, the exploit affected assets transferred from the Axelar chain to Secret Network through the Cosmos Inter-Blockchain Communication framework.

Early findings from the investigation indicate the issue is linked to the Secret-side ICS-20 smart contract used in the IBC connection between the two networks rather than Axelar’s core infrastructure.

As part of its immediate response, Axelar said its emergency committee shut down the Secret and Secret-SNIP connections to prevent further losses. The interoperability protocol also stated that it had contacted relevant exchanges and law enforcement agencies while its investigation remains ongoing.

Secret Network operates as a privacy-focused blockchain that encrypts transaction data while allowing smart contract code to remain verifiable on-chain.

Through its integration with Axelar, developers have been able to support private cross-chain applications, including confidential decentralized finance activity, private NFT transactions, and anonymous governance functions.

Exploit appears limited to a single bridge connection

Details shared by Axelar indicate that the incident is confined to assets on the Secret Network that were bridged from Axelar. The company said no evidence currently suggests that other IBC connections, Secret-native assets, or additional Axelar integrations were affected.

At the same time, Axelar emphasized that its core protocol remained operational throughout the incident. The team said the suspected vulnerability was isolated to the Secret-side contract involved in processing transfers from Axelar into the Secret ecosystem.

A full post-mortem is expected once the investigation is completed. Until then, the affected bridge routes will remain disabled as engineers continue reviewing the attack path and assessing the extent of the losses.

The incident adds to a growing list of security breaches that have disrupted crypto infrastructure projects in recent weeks. Earlier this month, Humanity Protocol disclosed recovery measures after a June 8 exploit that forced the project to retire its original H token across Ethereum, BNB Chain, and Humanity Mainnet.

According to Humanity Protocol, affected users will receive replacement H tokens through an airdrop tied to a newly deployed audited ERC-20 contract on Ethereum. The project stated that the breach resulted from stolen credentials rather than vulnerabilities in its token contracts, bridge infrastructure, or Safe setup.

Recent exploits continue to pressure crypto projects

Security incidents have also had consequences beyond immediate token losses. Earlier this week, crypto payments platform Pyra announced plans to wind down operations after determining it could not recover from the financial and user impact of the Drift exploit.

Against that backdrop, Axelar’s response has focused on containing the Secret Network incident while investigators determine how the exploit occurred. The company said it will provide additional details once its review is complete and has maintained that no other parts of the Axelar network appear to be affected based on current findings.

As crypto.news reported earlier, Binance Research estimated that DeFi exploits in April alone contributed to roughly $13 billion in total value locked outflows across decentralized finance protocols, reducing available liquidity throughout the sector. The research arm also found that the on-chain leverage ratio climbed to around 38%, a level last seen in 2021, as TVL declined faster than borrowing activity.

U.S. Representative Bryan Steil, chair of the House subcommittee on digital assets, has introduced legislation aimed at preventing members of Congress—and certain family members—from profiting through prediction markets tied to public-policy decisions and “political outcomes.” The proposal, described in a Thursday notice from Steil’s office, would create a narrowly tailored restriction focused on event contracts that reference government action rather than all forms of political or market participation.

The bill reflects ongoing legislative efforts to address concerns that prediction markets could be used to translate privileged information into financial gain. It also adds a new compliance layer for platforms operating in the United States, particularly those marketing policy-relevant event contracts to U.S. users and institutions.

Key takeaways

• Steil’s proposed “Stop Lawmakers from Predicting Act” would bar members of Congress, along with spouses and dependent children, from placing bets on policy-aligned event contracts.
• The restriction targets wagers tied to specific government policies, government actions, and “political outcomes,” with no blanket ban on all prediction-market activity.
• Violations would trigger a financial penalty of either a $2,000 fee or 10% of the prohibited bet’s value, depending on the bill’s enforcement mechanism.
• The legislation would not explicitly extend to White House officials; the proposal instead focuses on elected members of Congress.
• The move comes amid an active regulatory jurisdiction dispute in which the CFTC has sought federal control over prediction market oversight.

What the Stop Lawmakers from Predicting Act would change

According to Steil’s announcement, the Stop Lawmakers from Predicting Act is designed to prevent public officials from “wagering on public policy issues and political outcomes.” The bill’s stated focus is not on whether lawmakers may use prediction markets as participants broadly, but on whether they may place event-contract bets that map directly onto governmental policies, specific actions by the government, and political developments.

The proposal specifically contemplates restrictions for “members of Congress, their spouses, and dependent children.” It would prohibit those individuals from using prediction market platforms—such as Kalshi and Polymarket—for contracts that are aligned with government policy or political results.

Steil’s office outlined a penalty framework for violations. Under the bill, prohibited participants would be subject to either a $2,000 fee or a penalty equal to 10% of the value of the affected bets, depending on the application of the statute. If Congress passes the act and the president signs it, the proposal would reportedly take effect 180 days after enactment.

Why it matters for compliance and institutional oversight

In practice, the bill would require prediction market operators to consider how to identify and restrict access by covered persons. Unlike broad trading prohibitions that target entire classes of market activity, this proposal aims at a defined subset: contracts tied to government actions and policy outcomes.

For compliance teams, that distinction matters. Platforms would need to define contract categories with sufficient specificity to determine which events are “policy-aligned” or concern “political outcomes,” and then implement controls that can flag when a covered person attempts to place a wager. The requirement also creates a compliance question for affiliates, payment processors, and customer due diligence processes: who must be screened, what documentation is necessary, and how sanctions and penalties would be monitored.

For institutional observers, the bill also functions as a legislative attempt to address reputational and governance concerns around the fairness of markets whose payoffs depend on political events. Even when a prediction market is structurally legal, policymakers and regulators frequently assess the risk of insider access, information asymmetry, and conflicts of interest—issues that are closely connected to broader AML/KYC and ethics compliance frameworks.

Limited scope: Congress-focused, not White House officials

Steil’s draft does not specifically establish a blanket prohibition on U.S. lawmakers using prediction market platforms, and it likewise does not broadly outlaw wagers on sporting events. Instead, it targets contracts tied to government policies, government actions, and political outcomes—categories that would likely require platform-specific classification and careful legal interpretation.

The proposed restriction is also notable for who is not included. The legislation does not explicitly bar White House officials, including the president and vice president. Coverage of the issue has also pointed to the involvement of Donald Trump Jr., who has been described as a strategic adviser to Kalshi, and to Polymarket, which has been referenced as having a sponsorship connection to a White House event.

Cointelegraph reported that Steil’s office was contacted for comment but did not receive an immediate response. That incomplete public record underscores an unresolved compliance gap: while Congress-focused restrictions could be implemented relatively directly, questions about broader conflicts of interest and political influence may persist if other officials remain outside the bill’s defined scope.

The broader fight over prediction market jurisdiction

Steil’s proposal arrives during an active federal regulatory dispute over prediction markets. Under the Trump administration, the Commodity Futures Trading Commission (CFTC) and its chair, Michael Selig, have argued that the agency has “exclusive jurisdiction” over regulation and enforcement for prediction market activity.

Cointelegraph has previously reported that the CFTC filed multiple lawsuits against state-level authorities that sought to restrict or ban prediction market platforms. The CFTC’s argument rests on the view that certain event contracts can be regulated as “swaps” under the Commodity Exchange Act—rather than ordinary bets—placing them within federal oversight.

Some legal experts have suggested that the ongoing jurisdiction battle could escalate further, potentially reaching the U.S. Supreme Court. If courts determine that the CFTC’s characterization is controlling, it could reshape the compliance landscape for platforms by centralizing federal enforcement rather than leaving states to impose varying restrictions.

That jurisdictional context is important to the new bill because it highlights a split between two overlapping regulatory aims: (1) enforcing insider-conflict and ethics concerns through legislation aimed at specific public officials, and (2) establishing which regulator has authority over the underlying trading instrument and platform activity. A bill that restricts participation by covered individuals does not automatically resolve instrument classification disputes; similarly, federal jurisdiction rulings do not determine how conflict-of-interest rules apply to lawmakers.

As enforcement frameworks develop, prediction market operators may face multi-layer compliance expectations: platform-level controls for participant eligibility and event-type categorization, alongside ongoing monitoring for activities that regulators might characterize as covered derivatives under federal law.

Closing perspective

While the Stop Lawmakers from Predicting Act targets a specific conflict-of-interest risk tied to policy and political event contracts, its prospects depend on congressional action and how it is operationalized by exchanges and market operators. The parallel CFTC jurisdiction litigation will likely remain a key driver of regulatory certainty, and the legal outcome may influence how quickly platforms can standardize compliance across states and federal enforcement positions.

Crypto exchange WhiteBIT has obtained authorization under the European Union’s Markets in Crypto-Assets Regulation (MiCA) from Austria’s Financial Market Authority, allowing the company to offer regulated crypto services across the European Economic Area through a single license.

Under MiCA, crypto companies authorized in one European Union member state can passport their services across the European Economic Area without obtaining separate licenses in each jurisdiction. WhiteBIT said the authorization will support the launch of a dedicated European platform, whitebit.eu.

WhiteBIT said W Group, its parent company, serves more than 35 million customers globally. Founded in 2018, the exchange has partnerships with Visa, FACEIT, FC Barcelona, Juventus and Ukraine’s national football team.

Austria did not extend grandfathering provisions for virtual asset service providers beyond Dec. 31, 2025, making it one of the first European Union jurisdictions to fully transition to the MiCA framework. 

According to comments previously provided to Cointelegraph by Austria’s Financial Market Authority, the regulator has licensed nine crypto-asset service providers under MiCA and described application volume as “significant.”

Related: Polish president vetoes crypto bill for third time ahead of MiCA deadline

MiCA deadline approaches for crypto firms

WhiteBIT’s approval comes less than two weeks before the European Union’s MiCA transition period expires on July 1. After that date, crypto companies operating under legacy national registrations must either hold a MiCA license or stop serving clients in the bloc.

The approaching deadline has increased scrutiny on exchanges that have yet to secure authorization. Earlier this week, Reuters reported that Greece’s market regulator was preparing to reject Binance’s MiCA application, while The Big Whale said France may be the exchange’s last remaining path to a MiCA license before the deadline.

Data shared with Cointelegraph by OKX Europe suggests the MiCA transition could affect a meaningful share of Europe’s crypto market. The company found that roughly 7.6 million of the 18.5 million crypto app downloads recorded in Europe between May 2025 and May 2026 were linked to exchanges that were not listed on public MiCA authorization registers.

Statement on the end of transitional periods. Source: ESMA

The European Securities and Markets Authority has said companies that remain unauthorized after July 1 should implement wind-down and client migration plans rather than continue operating while applications remain under review.

Magazine: The end of anon? AI could unmask crypto’s hidden identities

Key Takeaways

• Advanced Micro Devices delivered $7.4 billion in Q1 2026 revenue, marking a 36% year-over-year increase powered by exceptional data center performance
• The Data Center division at AMD reached an all-time high of $3.7 billion, representing 57% growth driven by EPYC CPUs and Instinct accelerators
• Intel generated $13.6 billion in Q1 2026 revenue with only 7% growth, while posting a GAAP loss of $0.73 per share
• Analysts assign AMD a Moderate Buy rating with an average target of $430.68, compared to Intel’s Hold consensus around $83.35
• Intel’s Q2 guidance projects revenue between $13.8 and $14.8 billion, indicating stabilization without meaningful expansion

The semiconductor sector’s two biggest names—AMD and Intel—are experiencing dramatically different trajectories as we move through 2026.

While AMD continues its ascent as a growth powerhouse, Intel remains mired in proving its turnaround strategy can deliver tangible results.

AMD Demonstrates Powerful Momentum

Advanced Micro Devices announced first-quarter 2026 revenue of $7.4 billion, representing a robust 36% increase compared to the prior-year period.

Advanced Micro Devices, Inc., AMD

The company achieved GAAP net income of $709 million. The headline achievement came from the Data Center business, which posted unprecedented revenue of $3.7 billion—a 57% year-over-year jump.

This impressive performance was fueled by escalating demand for EPYC server chips and Instinct GPU solutions. Meanwhile, the Client division also delivered impressive results, climbing 68% to reach $2.3 billion.

These financial results demonstrate that AMD has successfully transformed from a traditional processor manufacturer into a major force in data center infrastructure and artificial intelligence hardware.

Analyst community response has been overwhelmingly positive. MarketBeat data reveals 44 analysts tracking AMD, with consensus landing at Moderate Buy—comprising 30 Buy recommendations, 12 Hold ratings, and only 1 Sell. The average price target over the next 12 months stands at $430.68.

Intel Continues Its Turnaround Journey

Intel reported Q1 2026 revenue of $13.6 billion, reflecting modest 7% year-over-year growth. However, the company recorded a GAAP loss of $0.73 per share.

Intel Corporation, INTC

Adjusted for non-GAAP items, the company posted earnings of $0.29 per share. For the second quarter, management provided guidance of $13.8 billion to $14.8 billion, suggesting the business is stabilizing but not experiencing meaningful growth.

Intel maintains significant advantages including substantial scale, an extensive customer base spanning personal computers, servers, and manufacturing operations. Yet the company hasn’t demonstrated the operational momentum visible at AMD.

The company’s recovery hinges on improved processor competitiveness, advancement in its foundry operations, and development of competitive AI solutions. These critical improvements haven’t yet materialized in financial performance.

Analyst opinion mirrors this cautious outlook. According to MarketBeat, Intel carries a Hold consensus from 41 analysts, with 10 Buy ratings, 26 Hold recommendations, and 4 Sell ratings. The average 12-month price target hovers around $83.35.

Investment Implications

The choice between these semiconductor giants ultimately depends on growth visibility. AMD demonstrates undeniable traction in data centers and AI infrastructure, supported by strong profitability.

Intel presents potential upside if its restructuring succeeds. However, that opportunity remains contingent on execution improvements that haven’t yet materialized.

AMD represents the proven growth play. Intel represents the speculative turnaround opportunity. Your choice depends on your risk tolerance and patience for uncertainty.

Charles Schwab has entered the prediction markets business through a partnership with Cboe Global Markets, introducing new contracts tied to the performance of the S&P 500.

According to a Wall Street Journal report, the brokerage firm is working with Cboe to launch all-or-nothing options contracts that allow investors to take positions on where the benchmark U.S. stock index will finish. The product places Schwab alongside firms such as CME Group and Interactive Brokers, which have already expanded into prediction-style trading products.

People familiar with the matter told the Journal that the contracts are expected to become available to Schwab customers in the coming months. Unlike platforms such as Kalshi and Polymarket, which primarily offer futures-based event contracts, Schwab’s product will be structured as options.

The launch comes as competition intensifies among firms seeking to capitalize on growing demand for event-driven trading products. Recent activity has pushed prediction markets beyond political and sports outcomes into financial markets, where traders increasingly use contracts tied to economic and market events.

Schwab is focusing on stock market outcomes

Details reported by the Wall Street Journal indicate that Schwab’s initial offering will concentrate on measurable financial outcomes rather than the wider range of events available on platforms such as Kalshi and Polymarket. Discussions between Schwab and Cboe have also included the possibility of introducing contracts linked to other market indexes.

In addition to the all-or-nothing contracts, the Journal reported that Schwab plans to introduce an options product designed to provide partial payouts when traders come close to predicting an index’s closing level. The feature would use a Cboe mechanism known as the “plus zone,” allowing participants to receive some compensation even when their forecast is not exact.

Institutional interest in prediction markets has accelerated in recent months. Kalshi recently disclosed that institutional trading volume increased 800% over a six-month period as the company expanded its Wall Street presence and product lineup.

Meanwhile, data from DefiLlama shows Polymarket generated approximately $1.5 million in fees over the previous 24 hours and around $10 million during the last seven days, highlighting continued activity across crypto-native prediction platforms.

Crypto expansion continues alongside new market products

Schwab’s move into prediction-style contracts arrives as the firm continues building out its digital asset business.

As reported by crypto.news earlier in June, Schwab revealed plans to extend direct crypto services from retail investors to registered financial advisors. The company is targeting 2027 for spot cryptocurrency trading, transfers, and custody capabilities on its advisor platform, bringing crypto-related account management and asset servicing into its wealth management operations.

The advisor initiative follows the rollout of Schwab Crypto, the company’s spot Bitcoin and Ethereum trading service for retail customers. Schwab previously confirmed a phased launch of direct access to Bitcoin and Ethereum, with select U.S. clients already gaining access this year.

Taken together, the firm’s expansion into prediction-style contracts and cryptocurrency services adds new trading and investment products as established brokerages compete for a larger share of retail and advisor activity.

Charles Schwab is working with Cboe Global Markets to launch a new type of options contract that would allow customers to make yes-or-no wagers on the performance of the S&P 500, marking the brokerage’s first move into prediction markets, according to a Wall Street Journal report.

The feature is expected to roll out to Schwab customers in the coming months, the Journal reported, citing people familiar with the matter.

Unlike traditional prediction market platforms such as Polymarket and Kalshi, which typically offer futures-style contracts tied to the outcome of events, Schwab’s product would function more like a binary option, in which the contract would pay a fixed cash amount or expire worthless depending on whether the S&P 500 closes above or below a specified target price.

Schwab and Cboe are also in talks to offer a similar product tied to a Cboe feature known as the “Plus Zone,” which would allow traders to receive a partial payout when their prediction is close to the final outcome, even if the index does not finish exactly at the target level.

Bitcoin has climbed back above $63,000 after reports of an Israel-Hezbollah ceasefire have renewed expectations that stalled diplomatic talks between the United States and Iran could resume before the end of June.

According to Reuters, Israel and Hezbollah have agreed to a ceasefire that is set to take effect on Friday, citing a senior U.S. official. The development comes days after Israeli strikes in Lebanon raised tensions across the region and disrupted plans for U.S.-Iran discussions that had been scheduled to take place in Switzerland.

According to data from crypto.news, Bitcoin (BTC) briefly climbed above $63,000 and reached an intraday high of $63,300 on June 19 after reports of an Israel-Hezbollah ceasefire boosted market sentiment. The cryptocurrency later pared some gains and settled at $63,000 at press time.

The ceasefire carries significance beyond Lebanon because it reduces pressure on a U.S.-Iran peace framework signed earlier this week. Reports surrounding the agreement had helped support risk assets, while concerns over renewed regional conflict weighed on sentiment after talks between Washington and Tehran were postponed.

Earlier reports cited by crypto.news indicated that Iran had threatened retaliatory action against Israel following the strikes in Lebanon and warned that escalating tensions could affect shipping through the Strait of Hormuz.

With the ceasefire now in place, the memorandum of understanding between the U.S. and Iran remains active, removing one source of uncertainty that had emerged in recent days.

Traders continue pricing in a diplomatic meeting

Prediction market data suggests traders still expect negotiations between the U.S. and Iran to take place before the end of the month despite the disruption.

According to Polymarket data, the single most likely outcome is that no meeting takes place before June 30, with traders assigning that scenario a 38.6% probability. A meeting in Switzerland remains the second-most likely outcome at 31.4%.

Market participants have closely tracked developments surrounding the peace process because the conflict has influenced energy prices and inflation expectations since fighting began earlier this year. Any progress toward a diplomatic resolution could reduce concerns about supply disruptions and additional economic pressure.

Technical and on-chain signals remain cautious

Even as geopolitical tensions eased, Bitcoin continued to face headwinds from U.S. monetary policy.

Following this week’s Federal Open Market Committee meeting, the Federal Reserve kept interest rates steady at 3.50%–3.75% and signaled that additional rate hikes could still be considered later this year. The central bank’s hawkish stance has continued to pressure risk assets, with Bitcoin remaining below levels seen before the recent selloff.

Commenting on Bitcoin’s market structure, analyst Ted Pillows argued that the cryptocurrency has not yet established a bottom. He suggested that another lower high could form before the market reaches a capitulation phase.

“IMO, this lower high could be around the $74,000 level, which has been a key level since Q1 2024. After that, Bitcoin will have its final dump.”

On-chain activity has also pointed to continued stress among some investors. Blockchain tracking platform Lookonchain reported that a whale identified as wallet sold 800 BTC worth about $50.24 million after holding the position for seven months.