Justin Sun’s made-up micronation Liberland has fired its secretary of technology after he allegedly blocked President Vít Jedlička from voting and centralised control of the country’s blockchain. 

That’s according to a “congress resolution” published by Liberland today.

As part of the resolution, Dorian Stern Vukotić was removed from the country’s blockchain-based congress and accused of “gross misconduct, abuse of power, and breach of trust.”

Specifically, it claims that in November 2024, Vukotić removed multisig protections from the Sudo account, which grants administrative powers, and in turn “unlawfully centralized control of the Liberland Blockchain.”

In October 2025, he allegedly tried to take over Liberland’s web domain Liberland.org, and when this failed, pushed for a fraudulent liberland.io site. 

A previous warning also links Vukotić to an unauthorized token launch connected to the Liberland name.

Read more: The jailed $6B bitcoin fraudster who wanted to be Liberland’s queen

During that same month, he also allegedly received funds from Liberland’s Ministry of Finance, made up of BNB and Liberland’s own Liberland Merit (LLM) token, to help create a trading pair for the two tokens. 

Advertisement

Liberland claims the funds still haven’t been deployed and that “Mr. Vukotić refuses to honor the request of the Ministry of Finance and Congress to return these funds.”

Vukotić also allegedly tweaked “critical governance parameters,” increasing the congressional voting period from four to 75 days while blocking Jedlička’s voting powers.

Liberland wants its liquidity pools back

Liberland has demanded that Vukotić return the funds and hand over control of all the liquidity pools to the Ministry of Finance.

It said, “Should Mr. Vukotić fail to comply within seven days, Congress shall treat his continued actions as defiance and misappropriation and shall take all appropriate measures, including public censure.”

Advertisement

Public censure essentially involves a government body publicly scorning an individual for their actions. 

As a result of Vukotić’s alleged transgressions, Liberland has announced some changes: 

• The congressional voting period will be reverted to four days.
• Jedlička’s voting powers will be restored.
• The Sudo account will be transferred to Senate members before plans are made to remove the account altogether.
• LLM held within the Sudo account, will be moved to the Senate. Newly minted tokens will be distributed to Congress. 
• The introduction of a “three-judge system” with a 2-of-3 multisig wallet arrangement.

Who is Vukotić?

In his pitch for the 2026 March congressional election, Vukotić claims he’s been involved in the Liberland project since 2021 and that he’s lived in the micronation for over a year. 

He notes that he met his girlfriend there, and that they “have a kid who was also kinda made in Liberland.”

Vukotić’s congressional pitch complains that Liberland is suffering from “disorganization and lack of direction.” 

Advertisement

He claimed that the micronation wasn’t transparent about the money it received and where it was being spent, and he promised to overhaul Liberland’s budgeting and planning.

Read more: Justin Sun’s Forbes article prompts geography lesson from Liberland

Some of his more drastic proposals include establishing a “Ministry of Propaganda” that would feed Croatians, Serbs, and Hungarians “good Liberland vibes,” and an Intelligence agency called “The Invisible Hand.”

In his proposed final “attack” phase for Liberland, he hypothesizes, “Maybe with a large enough bribe, we can straight up buy the land. Maybe we will need a D-Day style landing operation with 10 ships and 1000 people.”

He added, “Maybe some dumbf**kistan somewhere sees how great we are and sells us the land somewhere else entirely.”

Advertisement

Liberland comprises 7km² of disputed land between Serbia and Croatia. The micronation isn’t officially recognised by any other country and continues to maintain a balancing act of complex entry and off-site camps to avoid upsetting Croatian and Serbian authorities.  

Read more: Justin Sun is now prime minister of Liberland, an entirely made-up country

The congressional election that elected Vukotić — albeit in a test election — has voted Tron billionaire Justin Sun as its prime minister seven times. Protos is confident Sun has never set foot in Liberland.

Advertisement

Protos has reached out to Vukotić for comment and will update this piece should we hear anything back. 

Got a tip? Send us an email securely via Protos Leaks. For more informed news and investigations, follow us on X, Bluesky, and Google News, or subscribe to our YouTube channel.

The last real shot FTX founder Sam Bankman-Fried had at undoing his fraud conviction just collapsed. A three-judge panel of the powerful, Second US Circuit Court of Appeals in Manhattan upheld his conviction and 25-year prison sentence on Friday.

The panel flatly rejected his claim that he never got a fair trial.

The evidence against him, the judges wrote in a 42-page opinion, was “conservatively stated” and “robust.”

Bankman-Fried’s only remaining possibility to escape prison before the 2040s has narrowed to a presidential pardon.

Judges Barrington Parker, Eunice Lee, and Maria Araújo Kahn heard oral arguments in November 2025. Bankman-Fried’s appellate lawyer, Alexandra Shapiro, argued that US District Judge Lewis Kaplan hamstrung Bankman-Fried’s defense.

The appeal failed to convince the panel.

Bankman-Fried’s convictions and prison sentence sustained

In November 2023, a Manhattan jury convicted Bankman-Fried on two counts of fraud and five counts of conspiracy.

Kaplan duly sentenced him to prison in March 2024, delivering a 25-year sentence and ordering an $11 billion forfeiture.

Poland’s President Karol Nawrocki has vetoed a crypto regulation bill for the third time, despite the measure’s stated goal of bringing the country in line with the European Union’s Markets in Crypto-Assets (MiCA) framework.

Nawrocki said he supports regulating cryptocurrencies, but argued that the government adopted only one of 16 amendments proposed by his office. He added that the latest text was nearly identical to the two previous drafts he rejected, prolonging a regulatory gap as the EU approaches its next major deadline for MiCA compliance.

Key takeaways

• President Karol Nawrocki vetoed Poland’s MiCA implementation bill for the third time.
• The veto delays Poland’s alignment with MiCA just weeks before the EU transitional period ends on July 1.
• After July 1, crypto asset service providers without a MiCA license may lose the legal basis to serve EU clients.
• Poland remains the only EU member state without domestic MiCA implementation, intensifying legal uncertainty for local firms.
• The political dispute has also coincided with heightened enforcement attention, including a prosecutor probe into Zondacrypto.

A third veto threatens MiCA readiness

The latest rejection pushes Poland further away from adopting MiCA at the national level. MiCA’s transitional phase is due to end on July 1, after which crypto asset service providers operating in the EU will generally need to hold a MiCA license or risk losing the ability to service EU customers.

Poland is currently the only EU country without domestic legislation implementing MiCA, a position that can make firms based in Warsaw, Kraków, and other Polish cities especially exposed to compliance and continuity risks. If providers cannot rely on a domestic legal framework for MiCA-related operations, they may face uncertainty over licensing pathways and their ongoing ability to offer services to EU users.

Nawrocki’s stance centers on amendments. He said he supports regulating the crypto market but objected because his office’s proposed changes were not fully incorporated. In his remarks Thursday, he claimed the bill submitted to his desk was nearly the same as earlier drafts that he vetoed.

Earlier, Polish politics had already stalled on the issue. The veto arrives with only limited time for parliament to respond in a way that can still meet the EU schedule, raising questions about how quickly the domestic process can restart and whether lawmakers can achieve a version that satisfies the presidency.

Parliament and the presidency fail to break the deadlock

This third veto deepens a broader institutional standoff over crypto oversight. It follows a period of legislative gridlock in which Poland’s parliament attempted to undo the second veto but fell short.

According to earlier coverage, lawmakers did not reach the 263 votes needed to override Nawrocki’s second veto in an April vote. The bill is backed by Prime Minister Donald Tusk’s government and is designed to align Poland with MiCA.

Nawrocki has previously defended his opposition by citing concerns that the bill would impose excessive regulation, offer limited transparency, and place a burden on small businesses. Supporters of the measure, however, have warned that delays leave the market exposed—both for consumers and businesses—potentially increasing the risk of fraud and abuse.

On Thursday, Tusk publicly criticized the president’s move in a post on X, writing: “It sounds unbelievable, but the president has vetoed the cryptocurrency bill again. He seems more entangled in it than everyone thought.”

Regulatory delays come as enforcement attention grows

While the political process has remained stuck, scrutiny of Poland’s crypto sector appears to be increasing. Prosecutors are investigating one of the country’s largest crypto exchanges, Zondacrypto, over suspected fraud and money laundering allegedly involving 2,000 customers with alleged links to Russian organized crime, according to earlier Cointelegraph reporting.

Zondacrypto CEO Przemysław Kral has denied accusations that funds were misappropriated.

For market participants, the juxtaposition is stark: instead of clarifying the domestic regulatory environment through MiCA implementation, Poland’s legislative uncertainty continues alongside high-profile legal inquiries. That combination can complicate compliance decisions for exchanges and other service providers—especially when firms must simultaneously respond to enforcement risk and prepare for EU licensing standards.

What changes after July 1—and what remains uncertain

The operational consequence of MiCA’s end of transitional period is straightforward: crypto asset service providers will need a MiCA license to continue servicing EU clients under the framework’s rules. Because Poland has not yet adopted domestic MiCA legislation, the timing amplifies the risk that Polish-based firms without the relevant licensing posture could face interruptions or require restructuring to keep serving EU users.

However, the precise impact for each operator depends on its current status—how it provides services, which customer base it serves, and whether it can obtain the required license in time. What readers should watch next is whether Poland’s lawmakers can craft and pass a revised bill that the president is willing to sign, and whether enforcement developments like the Zondacrypto case accelerate calls for faster compliance.

Hyperliquid price has climbed above $60 after futures open interest reached $2.56 billion, with growing SpaceX speculation supporting a falling wedge breakout toward the $75 region.

According to data from CoinGlass, Hyperliquid (HYPE) price was trading near $60 on June 12 after gaining more than 7% over the past 24 hours, while futures open interest rose 6.3% over the previous 24 hours to $2.56 billion. The increase pushed HYPE ahead of XRP, whose open interest stood at $2.48 billion after a smaller 2% daily increase.

The move comes as Hyperliquid captures a growing share of trading activity tied to SpaceX’s public market debut. Through its synthetic SPCX perpetual market, traders have been using the platform to gain exposure to SpaceX before trading begins on traditional exchanges.

Data from Hyperliquid markets showed implied valuations rising well above the company’s IPO pricing, drawing substantial speculative interest and helping drive trading volumes higher.

Earlier this week, crypto.news reported that Hyperliquid overtook XRP in futures open interest after Kalshi launched CFTC-regulated HYPE perpetual contracts. The development added another avenue for traders seeking exposure to the token and coincided with a double-digit gain in HYPE price.

Market participants have also positioned for increased activity surrounding the IPO. Commenting on the setup, analyst Altcoin Sherpa said he was long HYPE ahead of SpaceX’s public debut, noting that the event could bring “a ton of volume” and attract more attention to Hyperliquid’s markets.

Fee-driven buybacks continue supporting demand

Beyond speculation surrounding SpaceX, Hyperliquid’s tokenomics have continued to attract investor attention. Trading activity across perpetual futures, spot markets, HIP-3 builder markets, and HLP vault operations generates protocol revenue that supports demand for HYPE. 

Through the protocol’s Assistance Fund, a portion of that revenue is used to purchase HYPE on the open market, while staking the token unlocks trading fee discounts that increase with stake size, giving traders another incentive to hold the asset.

Recent developments involving Circle’s USDC have added to that narrative. Following an integration between Hyperliquid, Coinbase, and Circle, USDC became the primary aligned quote asset across the network’s markets. The arrangement routes at least 90% of the yield generated from USDC deployed on Hyperliquid toward HYPE buybacks, creating an additional source of demand as activity on the platform expands.

These dynamics have become more visible as trading volumes continue to climb. Hyperliquid processed roughly $10.4 billion in 24-hour perpetual futures volume, while increased activity across the platform strengthened the revenue streams that support HYPE buybacks.

Falling wedge breakout point toward a retest of ATH

Chart data shows HYPE attempting to break out from a multi-week falling wedge that formed after the token reached its all-time high near $75.5 in early June.

On the four-hour chart, the breakout occurred near the upper boundary of the wedge after price established support around the $54-$55 region. The pattern’s measured move projects roughly 20% upside from the breakout zone, placing a potential target near $77.8, slightly above the previous record high.

Momentum indicators have also improved. The four-hour MACD has produced a bullish crossover while the RSI has recovered above the neutral 50 level, suggesting buying pressure has strengthened following the recent correction.

The daily chart shows another key battle unfolding near the 0.618 Fibonacci retracement level at $61.39. A successful move above that area could expose the next resistance at $67.69, while the all-time high near $75.7 remains the primary bullish target.

The Supertrend indicator, however, continues to sit higher near $74.3, indicating that the longer-term trend has not yet fully turned bullish.

Liquidation data from CoinGlass adds support to the recovery case. The latest three-day HYPE liquidation heatmap shows a concentration of short liquidations clustered between $61.5 and $63, with another notable liquidity pocket near $63.

Analysts often view such zones as potential magnets for price action, particularly when momentum and open interest are rising simultaneously.

A move through those levels could strengthen the case for a retest of the $75 region, while a failure to hold above $57-$58 may shift attention back toward support around $54-$55.

Key Highlights

• More than a dozen preliminary data center lease agreements secured by Anthropic, exceeding 1 gigawatt total capacity
• Google reportedly negotiating to serve as financial guarantor for lease obligations
• Private credit arrangement includes Apollo Global Management and Blackstone participation
• Confidential IPO filing submitted earlier this month in the United States
• Latest funding round established $965 billion valuation, surpassing OpenAI’s market position

Anthropic is taking significant steps toward establishing its own data center infrastructure across the United States. The artificial intelligence company has executed preliminary lease agreements for more than twelve facilities, representing a total power capacity exceeding 1 gigawatt.

According to The Information, which broke the story based on insider sources familiar with the negotiations, the scale of this infrastructure expansion marks a major shift in Anthropic’s operational strategy.

To secure financing for these substantial lease commitments, Anthropic has entered discussions with Google regarding a financial guarantee arrangement. The broader credit structure reportedly involves participation from Apollo Global Management and Blackstone as well.

When contacted for comment, neither Google nor Anthropic provided specific details. Google stated to Reuters that it maintains a policy against commenting on speculative reports.

Tech Giant Supports Its Own Rival

This potential guarantee agreement underscores the complex dynamic between Google and Anthropic. Google has pledged investment commitments reaching $40 billion to Anthropic and collaborates on custom chip development for deployment in these planned facilities.

Yet Google’s Gemini AI platform directly challenges Anthropic’s Claude models in virtual assistants, developer tools, and business applications.

A financial guarantee would deepen this paradoxical partnership considerably. Under such an arrangement, Google would assume responsibility for lease payments should Anthropic face payment difficulties.

Previously, Anthropic has depended on third-party cloud infrastructure providers, including Google Cloud, for computational resources. Transitioning to proprietary data centers would grant the company greater financial oversight and diminish reliance on external vendors.

Public Offering Preparations Advance

Earlier this month, Anthropic submitted a confidential filing for a U.S. initial public offering. The company has not revealed the anticipated size or specific terms of the proposed offering.

The most recent financing round, which concluded in late May, generated $65 billion in capital. This fundraising established a post-money valuation of $965 billion, positioning Anthropic’s implied market value above OpenAI’s.

Robust market demand for Anthropic’s Claude AI model suite is fueling the infrastructure expansion initiative.

Interestingly, Anthropic allocates $1.25 billion monthly for AI computational services from SpaceX‘s xAI division — another competitive entity — illustrating the interconnected nature of today’s AI ecosystem.

The simultaneous scaling of computational infrastructure while navigating IPO preparations demands rapid access to substantial capital resources.

Google’s participation in the data center financing arrangement reveals the search giant’s significant stake in Anthropic’s market success. A thriving Anthropic serves as a counterweight to OpenAI’s influence in enterprise AI markets.

Despite competing for identical customer segments, both organizations maintain mutual financial incentives for each other’s continued growth.

TRM Labs warned that crypto scammers are targeting FIFA World Cup fans through fake ticketing sites, fixed-match betting schemes and event-themed crypto promotions. 

The blockchain intelligence company said it identified several World Cup-related scam operations, including two fake-ticketing sites and one fixed-match betting pitch tied to four crypto addresses.

“Criminals always look to exploit major events and cultural moments and they don’t wait until kickoff,” Ari Redbord, global head of policy at TRM Labs, told Cointelegraph. “Scammers build and position their infrastructure weeks in advance, then scale it the moment public attention peaks.”

Redbord told Cointelegraph that the onchain nature of crypto payments allows investigators and compliance teams to act before losses grow.

The 2026 World Cup opened on Thursday, with FIFA expecting attendance of about 6.5 million fans throughout the tournament and about $40.9 billion in global gross domestic product impact, creating a large pool of ticketing, travel and betting demand for scammers to target.

Impact propagation of the World Cup 2026. Source: FIFA

FIFA and FBI warn World Cup fans of fake ticket scams

The World Cup is being held in Canada, Mexico and the US and is expected to drive a surge in ticketing, travel and betting activity.

That concentration of demand has already drawn warnings from authorities. In May, the Federal Bureau of Investigation (FBI) said threat actors were spoofing FIFA websites ahead of the tournament to collect personal information, sell fake tickets and products and potentially carry out other malicious activity.

FBI warns of fake domains spoofing the official FIFA website. Source: FBI

FIFA has also warned fans that tickets purchased outside the official website may expose buyers to fraud. FIFA said tickets obtained through unofficial channels may be deemed invalid and subject to cancellation without notice.

Related: International sting shuts down $390M crypto money-laundering ring

World Cup organizers face a more complicated ticketing environment. The Council on Foreign Relations reported that several opening matches in the US and Canada were not sold out on FIFA’s platform as of Monday, while the Financial Times reported on Tuesday that official resale portals still had 176,000 unsold tickets across the group stages of the tournament.

Magazine: Korea’s first memecoin rug-pull case, China’s crypto rules review: Asia Express

PRYPCO Mint adds gold trading to its tokenized real estate app

PRYPCO Mint, the Dubai-based tokenized real estate platform, will add a digital gold product on June 19, enabling users to buy and sell PAX Gold (PAXG)-backed units through the company’s VARA-regulated app. The move makes PRYPCO Mint one of the first platforms in the region to offer both tokenized property interests and a digitally native, gold-backed asset within the same regulated environment.

Product details and mechanics

According to PRYPCO, the gold product will be available 24/7 via its mobile app with a low entry threshold of AED 100 and no transaction fees. Each digital unit is said to be backed by physical gold and is issued using the PAXG standard, a widely traded token that represents ownership of allocated gold held in custody by Paxos.

PRYPCO also highlighted a portfolio linkage feature: investors who hold tokenized real estate on the platform will be able to reinvest rental income directly into the gold product. The company expects the offering to appeal to both UAE residents and international investors, with eligibility for global users to be expanded over time.

Why this matters for the regional RWA market

The addition of a gold product to a tokenized real estate marketplace signals a further blending of traditional stores of value and blockchain-based real-world assets, a trend gaining traction in financial hubs across the Middle East. By combining property tokens with a liquid, commodity-backed token, PRYPCO is aiming to provide investors with instant diversification options without moving funds across multiple platforms.

For the UAE ecosystem, the launch reinforces regulatory developments that have supported real-world asset tokenization. PRYPCO’s reference to VARA, the Dubai regulator for virtual assets, points to an evolving compliance framework that market participants cite as important for institutional adoption of tokenized offerings.

Market implications and potential benefits

From a product perspective, the package addresses multiple investor frictions commonly associated with direct ownership of physical gold: high minimums, storage logistics and limited intraday liquidity. Offering a gold-backed token with small-ticket access may broaden participation among retail investors who want exposure to gold alongside property holdings.

For real estate tokenization specifically, enabling rental income to flow into another tokenized asset class could increase internal liquidity and client retention on PRYPCO’s platform. It may also serve as an onboarding route for international investors: gold can act as an entry asset while investors meet local eligibility criteria for direct real estate participation.

Risks, limitations and investor considerations

While the product promises digital convenience and regulatory oversight, investors should be mindful of several considerations. Tokenized gold exposure entails market risk similar to physical gold prices, and custody arrangements underpinning tokenized products carry counterparty and operational risks. Details on custody providers, audit and redemption mechanics are crucial but were not fully disclosed in the initial announcement.

Regulatory eligibility and investor protections can vary by jurisdiction. Although the platform operates under VARA’s framework in Dubai, access and rights for international users depend on local regulations and on PRYPCO’s compliance controls. Prospective users should review the platform’s terms, custody disclosures and redemption processes before allocating capital.

Outlook

The launch comes as regional interest in real-world assets and commodity-backed tokens grows. PRYPCO’s integration of PAXG into a tokenized property ecosystem highlights how platforms are experimenting with cross-asset services to deepen engagement and expand product suites. Whether the offering materially shifts investor behaviour will depend on transparency around custody, liquidity in secondary markets and how regulators and financial institutions respond to combined RWA marketplaces.

PRYPCO has opened a waitlist for the gold product ahead of the June 19 rollout. The platform’s next steps and user uptake will be watched by market participants tracking tokenized real estate and the broader conversion of traditional assets into digital form.

Disclosure: This article is based on PRYPCO’s June 2026 product announcement and publicly available information. Readers should consult the issuer’s documentation and regulatory filings for full details before making investment decisions.

SpaceX’s IPO is already spilling into crypto markets, where one whale has opened a $22.3 million leveraged long on SPCX, a synthetic pre-IPO perpetual contract tied to Elon Musk’s aerospace company.

Key takeaways:

• The whale is already sitting on more than $1.15 million in unrealized profit.
• Synthetic SPCX is trading near $175, roughly 30% above SpaceX’s $135 IPO price.

Whale’s paper profits are over $1.15 million already

The whale’s position, visible on data resource Hypurrscan, shows the trader holding a 2x isolated long on “xyz:SPCX” worth about $22.29 million.

Address 0x9cc1… open perpetual positions as of Friday. Source: Hypurrscan

The whale entered near $168, while SPCX recently traded around $175, leaving the position with roughly $1.15 million in unrealized profit. It had spent just over $500 in funding fees.

Synthetic SPCX trades at 30% premium ahead of IPO

SpaceX has priced its IPO at $135 per share to raise $75 billion by selling about 555.6 million shares, bringing the company’s valuation to around $1.77 trillion. The stock is expected to trade under the ticker SPCX on Nasdaq.

At around $175, the synthetic SPCX market is trading about 30% above the IPO price. In other words, crypto traders are already pricing in a strong first-day rally before regular equity markets fully absorb the listing.

SPCX/USDC hourly chart. Source: Hyperliquid

Other secondary markets are pointing in the same direction. For instance, IG International derivatives implied a SpaceX valuation of about $2.4 trillion, more than 35% above the valuation set by the IPO price.

Polymarket traders put 56% odds on SpaceX closing its first trading day in the $2 trillion–2.5 trillion market cap range.

SpaceX IPO closing market cap. Source: Polymarket

History of IPOs warns of a strong SPCX correction after debut

The 30% SPCX premium points to strong opening demand, but IPO history argues against chasing the first trade.

US IPOs from 2020 to 2025 averaged roughly 30% first-day gains, according to Jay Ritter’s IPO database. However, that upside mostly benefits investors who receive shares at the offer price.

US IPO average first-day returns. Source: Jay Ritter/IPO Statistics

Buyers who enter after the opening print often face a weaker setup, particularly after the initial euphoria fades.

Ritter’s long-run IPO data show that companies with positive first-day returns averaged a 29.6% debut gain from 2001 to 2024, but then underperformed the market by 8.5 percentage points over the next three years.

Related: SpaceX IPO nears 4 times oversubscribed, squeezing crypto and tech

High-valuation IPOs have performed even worse. Among IPOs with trailing sales above $100 million and price-to-sales ratios above 40, buyers at the first close saw an average three-year return of -44.8%.

Long-run IPO returns by price-to-sales ratio. Source: Jay Ritter

SpaceX is going public at nearly 94 times the trailing sales, making it one of the most oversubscribed IPOs ever.

Recent listings showed the same risk. Nasdaq-listed Cerebras (CBRS), a semiconductor company, priced its IPO at $185, opened at $350 and closed its first day near $311, but later fell to around $197, a roughly 50% drop from its first-day peak.

CBRS daily chart. Source: TradingView

Rivian (RIVN) and Uber (UBER) also struggled after strong early attention, with lockup expirations adding pressure as insiders and early investors became free to sell.

SpaceX is overvalued

Several prominent voices have warned that SPCX could fall after the debut.

Morningstar’s Nicholas Owens valued the company at just $780 billion, roughly 55% below the IPO price, calling it significantly overvalued and advising investors to wait for the stock to settle.

NYU professor Aswath Damodaran put the fair value around $1.25–1.3 trillion and described the $135 offer price as “rich.”

In a Wednesday post, analyst The Fundamental Investor said the stock is very likely to drop below the IPO price, potentially leaving early retail buyers underwater for years.

Source: X

The whale’s liquidation level sits near $93.27. The position could incur an estimated loss of about $9.4 million if SPCX falls to that level.