Decentralized liquidity protocol THORChain halted trading after blockchain investigator ZachXBT flagged a suspected exploit of more than $10 million.

A THORChain alerts Telegram channel showed all trading and signing halted, with a global node pause extended until block 26191149, or roughly 12 hours and 42 minutes. The halt came shortly after ZachXBT said the protocol had likely been exploited across Bitcoin, Ethereum, BNB Chain and Base.

A wallet labeled by Arkham as the THORChain exploiter showed $10.8 million in holdings, transferred across several smaller transactions in the 30 minutes before 10:11 am UTC.

The suspected exploit adds to the mounting security concerns around decentralized finance (DeFi) protocols, after hackers stole over $634 million during April, marking the highest monthly sum since the $1.46 billion in February 2025, when hackers staged the record $1.4 billion hack on Bybit exchange, DefiLlama data shows.

Cointelegraph reached out to THORChain for comment. The protocol had not publicly confirmed the exploit at the time of publication, though ZachXBT and PeckShield flagged suspicious activity, and THORChain alerts showed trading and signing had been halted.

Thorchain exploiter-tagged wallet. Source: Arkham

RUNE price falls 13% after suspected exploit 

THORChain’s RUNE token fell by around 13% following the suspected exploit and traded near $0.51 at the time of writing, according to CoinGecko data.

RUNE/USD, one-day chart. Source: CoinGecko

The latest correction adds additional pressure to the token’s price action, which is down 72% during the past year.

Related: Kelp DAO exploit prompts DeFi protocols to rethink oracle providers

As a non-custodial cross-chain protocol, THORChain has repeatedly been used by malicious actors to swap stolen funds, though it is not a cryptocurrency mixer like Tornado Cash.

Earlier in April, the attacker behind the $293 million Kelp DAO exploit swapped 75,700 Ether (ETH) through THORChain, generating about $910,000 in revenue for the protocol.

The majority of the $1.4 billion stolen during the Bybit hack, or about $1.2 billion, was also moved through THORChain by hackers, who swapped it from Ether to Bitcoin, according to Bybit co-founder and CEO Ben Zhou.

Bitcoin (BTC) risks starting its “next downtrend” as bulls fail to break beyond $82,000, the latest analysis warns.

Key points:

• Bitcoin traders are beginning to sway toward a support retest or even a new “downtrend” for BTC/USD.
• Current price behavior has retained overhead resistance, with bulls unable to push through $82,000.
• Rangebound crypto markets spark $330 million in liquidations over 24 hours.

Trader: BTC price will “likely break below” support

Bitcoin traders are increasingly split on where BTC/USD will go next, but calls for lower levels are growing.

“For now, price remains in range, within value, rotating just above the very key ‘range high,’” trading account JDK Analysis wrote in its latest updates on X.

BTC/USD one-hour chart. Source: JDK Analysis/X

As Cointelegraph reported, that rangebound construction, in place through most of May, is bordered by a CME futures gap and a key 200-day trend line to the upside.

With both staying in place for now, market participants are starting to assume that the bottom of the range will be retested instead.

“Now it’s important to watch how price reacts at the support zone we already bounced from once before. In my opinion, we will likely break below it this time,” CGT Trader said. 

BTC/USD one-hour chart. Source: CGT Trader/X

Trader BitBull went further, seeing the risk of a protracted period of downside BTC price pressure about to enter.

“$BTC failed to reclaim the $82,000 level again,” they told X followers on Friday. 

“It seems like the next downtrend could start soon.”

BTC/USDC one-day chart. Source: BitBull/X

Hopes for Bitcoin’s “massive catch-up” to stocks persist

Trading circles are not without their more optimistic takes. 

Related: Bitcoin price history suggests 77% odds of new all-time high within a year

Cryptic Trades predicts that BTC/USD will follow in the footsteps of US stock markets, which continue to post new all-time highs.

“$BTC is going to play a massive catch-up in the upcoming weeks,” it summarized.

Examining the Bollinger Bands volatility indicator, meanwhile, trader Cai Soren said that bulls “stepped in instantly” to defend support.

Earlier, Cointelegraph noted bullish signals from the bands, which even caused their creator, John Bollinger, to act.

“As long as support keeps holding, momentum still looks strong for continuation higher,” Soren forecast.

BTC/USDT four-hour chart with Bollings Bands data. Source: Cai Soren/X

Data from CoinGlass shows the impact of rangebound moves across crypto markets, with 24-hour liquidations roughly equal across both long and short positions.

These totaled around $330 million at the time of writing.

Crypto liquidation history (screenshot). Source: CoinGlass

May 15, 2026, Press release – BloFin, a prominent global cryptocurrency exchange, has officially opened registration for its highly anticipated trading competition, the WOW (War of Whales) 2026 Grand Prix. Returning bigger and bolder than ever, this year’s edition boasts an extraordinary total prize pool of up to $5,000,000 USDT, exclusive luxury giveaways, and a groundbreaking new twist — for the first time, human traders will go head-to-head against AI in a battle to claim the title of the ultimate whale.

Under the rallying cry “Squad Up. Beat AI.”, WOW 2026 is set to become one of the most dynamic and forward-looking trading events of the year, bringing together crypto traders, elite squads, and algorithmic challengers worldwide.

Four thrilling competition formats, one epic trading season

This year’s WOW Grand Prix offers participants multiple distinct ways to compete and win big. The formats include the Trading Competition (Futures), Treasure Box Prize Hunt, Lucky Spin Draw, and Grand Lotto Giveaway — alongside the brand-new Human vs AI Showdown, where traders are challenged to outperform BloFin’s AI-driven benchmarks for a share of bonus prize tiers.

Throughout the competition window, traders can engage in team battles, climb individual leaderboards, unlock random rewards, spin their way toward exclusive prizes, and prove that human intuition still has an edge over the machines — creating a truly immersive next-generation trading experience.

Scaling prize pool — up to $5,000,000 USDT

The prize pool for the WOW 2026 Grand Prix is designed to scale with total trading volume milestones, starting at a base reward tier and expanding to a massive $5,000,000 USDT as community trading volume grows. The more participants trade, the larger the total prize pool becomes for everyone.

The prize distribution is structured as follows:

• 40% — Team Competition (by Trading Volume)
• 20% — Team Competition (by PNL %)
• 25% — Individual Competition (by Trading Volume)
• 15% — Individual Competition (by PNL %)

Additional top-tier rewards include a marquee luxury grand prize for the top-performing team and premium giveaways for individual champions across the leaderboards.

Introducing the WOW 2026 PNL Card — Now AI-Enhanced

Building on last year’s success, BloFin is unveiling the next evolution of the WOW (War of Whales) 2026 PNL Card — a distinctive digital emblem crafted for elite competitors. Inspired by the cyber-themed aesthetic of the WOW Grand Prix and infused with this year’s AI-versus-human narrative, this limited-edition PNL Card serves as a personalized record of each trader’s performance throughout the competition.

Participants can proudly display their achievements, track their battle stats, showcase their Human vs AI scorecards, and share their milestones within the crypto trading community.

Registration now open

Registration for the WOW 2026 Grand Prix is now open. Team leaders can create squads, and users are encouraged to join early to maximize their competitive edge before the trading window begins.

About BloFin

BloFin is a top-tier cryptocurrency exchange that specializes in futures trading. The platform offers a wide range of trading options, including 550+ USDT-M perpetual pairs, Coin-Margined Perpetual Contracts, spot trading, copy trading, API access, unified account management, and advanced sub-account solutions. Committed to security and compliance, BloFin integrates Fireblocks and Chainalysis to ensure robust asset protection. By partnering with top affiliates, BloFin delivers scalable trading solutions, efficient fund management, and enhanced flexibility for professional traders. As a constant sponsor of TOKEN2049, BloFin continues to expand its global presence, reinforcing its position as the place “WHERE WHALES ARE MADE.”

Media contact:

A bipartisan push to fully staff the US Commodity Futures Trading Commission (CFTC) gained momentum this week as lawmakers warned that a major crypto market-structure bill could hinge on timely leadership at the regulator.

In a Friday letter to President Donald Trump, House Agriculture Committee Chair Glenn Thompson and ranking member Angie Craig urged the administration to nominate a complete panel of CFTC commissioners. They pointed to urgent regulatory issues facing the agency and a substantial rulemaking process anticipated if the Digital Asset Market Clarity Act (CLARITY) becomes law. “Ensuring the Commission is well-equipped as the leading derivatives markets regulator in the world is a bipartisan priority for the members of our Committee,” the lawmakers wrote, arguing a full commission would help the agency promote integrity, resilience, and vibrancy in US derivatives markets and reinforce US leadership.

Source for the letter: US House Agriculture Committee.

Meanwhile, Michael Selig remains the lone CFTC commissioner, having taken the helm after acting chair Caroline Pham resigned in December 2025. Under Selig, the commission has aligned with the administration on several fronts, including assertions of exclusive jurisdiction over prediction markets.

Earlier coverage noted the agency’s stance on rulemaking. In an April hearing with the House Agriculture Committee, Selig said he did not intend to slow down rulemaking despite the absence of four other commissioners. The CFTC also issued a memorandum of understanding with the US Securities and Exchange Commission in March to coordinate oversight of markets, including digital assets.

The CFTC under the CLARITY Act

On Thursday, the Senate Banking Committee voted to advance the CLARITY Act, setting the bill up for a potential floor vote. The measure would give the CFTC greater authority to oversee and regulate digital asset markets, a shift with wide implications for crypto users and market participants alike. As of Friday, no floor schedule had been announced.

The leadership gap at the CFTC has drawn attention from lawmakers considering crypto market structure. Democratic Senator Amy Klobuchar, who sits on the Senate Agriculture Committee, proposed an amendment in January requiring that CLARITY not take effect until at least four CFTC commissioners have been nominated and confirmed.

Trump has not publicly announced any CFTC commissioner picks as of Friday. Any nominations would need to clear Senate confirmation, a process that could take weeks or months depending on political dynamics and committee timelines.

Related coverage from Cointelegraph noted related developments in CFTC actions and interagency coordination efforts, including discussions around rulemaking and market oversight.

As policymakers weigh the competitive and regulatory implications of a more expansive CFTC mandate, investors, traders, and developers in the crypto space will be watching closely for the speed and clarity with which leadership can be restored at the agency. The CLARITY Act’s fate—and the CFTC’s ability to implement new rules—could shape how digital assets are treated within traditional derivatives markets and how promptly market participants must adapt to evolving oversight standards.

What remains uncertain is how quickly a full CFTC commission can be formed and how any new governance will interact with ongoing interagency coordination, especially given the already-noted memorandum with the SEC. If leadership timelines stretch longer, the industry might face continued regulatory ambiguity even as Congress signals a strong intent to expand the CFTC’s remit over digital assets.

Readers should monitor next steps in the confirmation process for nominees, the Senate’s agenda for CLARITY Act floor scheduling, and any new statements from the CFTC as rulemaking advances or adjusts to the post-clarity regulatory framework.

The US Senate Banking Committee passed the crypto framework CLARITY Act yesterday.

Now, the bill, for which the crypto industry has heavily lobbied since it was introduced in 2025, will head to the Senate floor for a broader debate. 

As Cointelegraph reported, over 100 amendments were proposed while lawmakers hashed out the exact language of the bill. These covered a wide range of issues, including ethics, AI sandboxes and stablecoin yields.

But many of these fell apart. While two Democrats joined with their Republican colleagues, the vote was mainly along party lines. 

The chances for the bill to pass look good, with nearly all Republicans and some Democrats supporting, but increasing partisan gridlock ahead of the elections could still delay passage. 

CLARITY gets out of committee on party lines

After yesterday’s session, Senator and committee chairman Tim Scott announced “a successful bipartisan markup” in advance of the bill proceeding to the Senate floor.

Scott speaks at the markup session. Source: US Senate

“After nearly a year of good-faith bipartisan negotiations, Senate Banking Committee Republicans and Democrats came together today,” he said.

While the tone of Scott’s announcement leaned on supposed bipartisanship, the actual vote was mostly split along party lines. All 13 Republican members of the committee voted to advance the bill. All but two Democrats voted against, save for Senators Ruben Gallego and Angela Alsobrooks.

Contrary to Scott’s message of bipartisanship, Senator Jack Reed stated that Republicans arbitrarily dismissed Democrats’ concerns about the bill, which ranged from how crypto could enable crime to the president’s use of crypto projects for personal enrichment. 

Indeed, the minority released a brief after the vote, outlining its concerns. They stated that the current version, as passed by the majority, fails to adopt global anti-money laundering standards, exempts DeFi protocols from financial standards and doesn’t close loopholes for crypto mixer services. 

Related: Who supports CLARITY on the US Senate Banking Committee?

While there are clearly some pro-crypto Democrats in Congress, whether the bill can progress depends on them crossing the aisle to vote against their own party. 

Currently, the Republicans hold a 53-seat majority in the 100-seat Senate. To pass CLARITY, they’ll need 60 votes, so at least seven Democrats willing to vote with them. 

Republicans (red) hold a 53-seat majority in the Senate.

At the Wyoming Blockchain Summit last year, Scott said that there were 12 Democrats open to the market structure bill, giving Republicans and the crypto lobby what they need to cross the line.

But that may not ring as true now as it did then. The Congressional Progressive Caucus announced opposition to any bill which could “allow the President and his family to enrich themselves, engage in corruption, and sell access to the White House through cryptocurrency.” Notably, CLARITY’s current draft does not contain any such provisions. 

Progressive groups have called on lawmakers to address these concerns. A group of organizations including Americans for Financial Reform, Demand Progress Action, Indivisible and Public Citizen wrote a letter on May 8.

“A bill without strong ethics provisions elevates the dangers of cheating consumers and investors, distorting and destabilizing financial markets, hindering competition, eroding longstanding investor protection laws, and making a mockery of regulatory enforcement,” they said.

Ryan Cooper, a senior editor at progressive politics publication The American Prospect, even suggested that Democrats who voted with the crypto industry ought to be primaried. “Allowing yourself to be bought by the crypto lobby is unforgivable,” he wrote. 

Ethics could represent a politically volatile and important sticking point as the bill is debated on the Senate floor. 

Industry still optimistic 

Despite the largely partisan vote and the lingering ethics concerns, the crypto industry was largely optimsitc about the May 14 markup session. 

Javier Martinez, CEO and former chief legal officer at crypto trading platform sFOX, said the vote represented a “major step toward resolving crypto’s regulatory identity crisis in the United States.”

Congress is “moving toward replacing regulatory ambiguity with a more defined legal framework. And markets respond to clarity,” he told Cointelegraph.

Ji Hun Kim of the Crypto Council for Innovation said the vote will make the US more competitive in the digital asset space. CLARITY will “ensure that our country leads when it comes to digital assets policy and innovation,” he said. 

Blockchain investors and Blockstreet chief operating officer Kyle Chasse said, “This is the biggest regulatory moment in crypto since spot ETFs.”

Notably, the bill was held up for months as the banking and crypto lobbies argued over whether stablecoins could bear yields. Banks claimed this could lead to a critical flight of deposits, endangering financial stability, while crypto accused banks of stifling competition.

The version that passed markup last night sided with the banks, but would still allow crypto platforms to offer other activity-based rewards.

Even then, pseudonymous crypto trader 10 Delta said, “The yield ‘ban’ is cosmetic & simply something for banks to tout as a victory.” 

“It bans stablecoins from paying you interest for just holding them: the way a savings account does. But it explicitly allows stablecoins to pay you rewards for using them: buying things, lending, providing liquidity, participating in any program.”

Ultimately, the focus is still on the market. Alexander Lorenzo, founder and chief investment officer of CoinPicks Capital, said, “The last crypto bill to clear this exact process was the GENIUS Act in July 2025. Bitcoin hit an all-time high of $123,000 within weeks.”

“CLARITY is bigger. It covers the entire crypto market, not just stablecoins.”

Magazine: eToro founder timed Bitcoin top perfectly due to belief in 4 year cycles

Market analysts say Ether (ETH) faces “downside risks” that could trigger another 20% downtrend toward $1,700, new analysis said.

Key takeaways:

• Rising Ether supply on exchanges and declining ETF inflows suggested a possible ETH price drop over the coming days.
• Ether’s rising wedge pattern projected a potential 22% drop to $1,725

ETH inflows to exchanges rise

Ether’s 40% recovery from multi-month lows below $1,800 was dampened by resistance from the $2,400 level. 

Analysts have outlined several reasons for Ether’s inability to break $2,400, including “significant” inflows into exchanges, according to CryptoQuant analyst BorisD. 

The chart below shows a sharp increase in ETH reserves held on Binance to 3.84 million from 3.36 million between May 5 and May 9. 

The analyst explained that as inflows accelerated, the “price action failed to show strong continuation to the upside,” dropping 7% to $2,260 from $2,390 over the same period.

“This suggests that liquidity was being both absorbed and distributed within the range,” BorisD said, adding:

“The broader structure still points toward downside risk remaining dominant for now.”

ETH exchange reserve on Binance. Source: CryptoQuant

While other analysts see potential for fresh upside in the coming days, “those moves may primarily serve distribution purposes rather than signal the start of a strong bullish trend,” the analyst added. 

Making the same observations, fellow analyst PelinayPA said any short-term rebound in ETH would be “followed by high volatility, and then a continuation of the broader downtrend,” adding:

“The large amount of ETH being moved onto exchanges continues to create significant resistance against upward price movements.”

This coincided with sharp exchange inflows, as the Ether net position change among exchanges rose to 585,000 ETH on May 13, marking the largest spike since December 2025, when ETH was trading at $3,000. This preceded a 42% drop to $1,750 in February.

ETH: Exchange net position change

Such inflows typically indicate distribution by large holders, who move tokens from cold storage or redeem ETH investment products.

Meanwhile, demand for spot Ethereum ETFs continues to decline, with these investment products recording outflows for four consecutive days, totalling $190 million. This points to a drop in demand from US investors, adding to Ether’s headwinds.

Spot ETH ETFs flows chart. Source: SoSoValue

Ether’s rising wedge targets $1,725

The daily chart shows ETH/USD validating a rising wedge breakdown, after the price breached the support provided by the lower trend line of the pattern at $2,280.

A daily candlestick close below this level will confirm the breakdown, clearing that path for Ether’s drop toward the wedge’s measured target at $1,725, representing 22% decline from the current price. This coincides with its previous macro low reached on Feb. 6. 

ETH/USD daily chart. Source: Cointelegraph/TradingView

Rising wedges are typically bearish reversal patterns, and Ether’s break below the pattern is “starting to become a concern,” analyst ShangoTrades said in a recent X post.

Zooming out, fellow analyst CryptoBullGod said ETH could drop to $1,280, which is the measured target of a bear flag, as shown on the weekly chart below.

ETH/USD weekly chart. Source: CryptoBullGod

The military government of Myanmar released the text of a bill aimed at combating online fraudsters, with several penalties related to cryptocurrencies and scam centers.

According to the text of the Anti-Online Fraud Bill, made public on Thursday, Myanmar’s parliament, the Pyidaungsu Hluttaw, proposed the law in response to online fraud in the country, which it said challenged its “sovereignty and stability.”

The law stated that anyone who was convicted of committing “digital currency fraud” or online fraud could face from ten years to life in prison, and possibly the death penalty.

In addition, the law set out conditions under which the death penalty would be imposed, including those related to the country’s scam centers. Anyone responsible for the death of an individual who had been coerced or exploited into committing online fraud would receive a sentence of death.

Source: Myanmar government

The proposed law and its potential penalties were some of the most severe imposed globally for digital currency fraudsters amid scam centers cropping up in areas of Southeast Asia. In January, China reportedly ordered the execution of 11 people linked to Myanmar scam centers that had been responsible for trafficking Chinese nationals.

Related: Scammers use Gmail dot alias trick to spoof Robinhood in phishing scam

International authorities have been working to combat human trafficking in scam centers that continue to con people globally through schemes like pig butchering, romance scams, fake investments and more. The US announced in April that they had worked with authorities in China and Dubai to arrest more than 200 people and shutter nine centers.

Myanmar’s military overthrew its civilian government in a 2021 coup d’état, resulting in its parliament not reconvening until March 2026 following elections the Council on Foreign Relations called “neither free nor fair.” According to a Wednesday notice, the government is scheduled to meet the first week of June and may consider the bill at that time.

Americans lost billions to crypto scams in 2025

According to an FBI report released in April, Americans’ losses from crypto-related scams were more than $11 billion in 2025 and more than $20 billion overall through online fraud. The agency cited a March executive order from US President Donald Trump, who authorized officials to work against “scam centers and cybercrime.”

“The [US Attorney’s Office in the District of Columbia] Scam Center Strike Force is investigating the worst scam compounds located in Southeast Asia,” said the FBI report. “Strike Force teams focus on identifying and pursuing key leaders—including Chinese organized crime affiliates operating in Cambodia, Laos, and Burma—to bring them to justice.”

Magazine: ETH stalls at $2.4K five times, SOL to rally to $120: Market Moves

Myanmar’s military published a draft bill on May 14 proposing life in prison for crypto scam operators.

The draft legislation, called the Anti-Online Scam Bill, states that anyone convicted of “digital currency fraud” or running an online scam center faces a sentence ranging from ten years to life in prison.

The bill permits capital punishment for operators who use “violence, torture, unlawful arrest and detention, or cruel treatment against another person for the purpose of forcing them to commit online scams.”

Military bill targets digital currency fraud with maximum sentences

Myanmar’s military-backed parliament, which analysts describe as a rubber-stamp legislature, is next scheduled to sit in the first week of June.

The bill is the first piece of legislation introduced by the new government led by coup leader Min Aung Hlaing, who assumed the civilian presidency last month.

Internet fraud compounds have become a major regional crisis. The FBI reported that cryptocurrency-related fraud losses in the United States reached $11.4 billion in its most recent crime report, with more than half of all internet crime losses tied to crypto schemes. Many of the networks behind those losses operate out of Southeast Asian compounds.

US authorities have escalated enforcement pressure. The DOJ froze $701 million in crypto tied to global scam networks in April 2026, naming Myanmar and Cambodia-based compounds that rely on trafficked or coerced workers to execute large-scale fraud.

The scale of Myanmar’s operations is well-documented. Chainalysis found that romance scammers operating from the KK Park compound in Myawaddy alone siphoned nearly $100 million in crypto from global victims between 2022 and 2024.

The bill is part of a broader regional shift. Cambodia adopted anti-fraud legislation in March 2026 with prison sentences up to 10 years for ringleaders. Singapore plans to launch a dedicated Cyber Command enforcement unit in July 2026.