Connect with us
DAPA Banner
DAPA Coin
DAPA
COIN PAYMENT ASSET
PRIVACY · BLOCKDAG · HOMOMORPHIC ENCRYPTION · RUST
ElGamal Encrypted MINE DAPA
🚫 GENESIS SOLD OUT
DAPAPAY COMING

Crypto World

How Polymarket Reportedly Used Fake Winning Bets to Drive Viral Growth

Published

on

Recent findings by The Wall Street Journal (WSJ) have revealed shocking details about the promotional content of the prediction platform, Polymarket. As reported, the majority of the winning bets that drove the platform’s viral growth were staged on copycat versions of its website.

According to a report from WSJ, Polymarket paid college-age creators to stage up to $1.9 million in fake bets. The investigation team assembled by WSJ reviewed at least 1,105 videos posted by these creators and found none of them to be real; they had no blockchain trace and could not be verified by any digital ledger.

Fake Bets, Fake Winnings

At the core of the Polymarket business campaign is the claim that all trades are settled in USD Coin (USDC) on the Polygon blockchain. These trades are public and can be verified by anyone. While the prediction platform has led its campaigns with this claim, the company’s promotional content suggests otherwise.

Polymarket has been paying creators $2,000 to $3,000 a month to post videos of bets seemingly placed and won on its website. However, in reality, those trades were placed on dummy sites like poiymarket.com, created to mirror the real platform.

Advertisement

Out of more than 1,000 betting videos from 10 creators promoted between December 2025 and mid-May 2026, none were real. While marketing firms pushed the videos to get more views, the creators were told to refrain from disclosing that they received payments for the clips. As part of the scheme, the creators often altered headlines and used outdated footage to imply they won the bets, even when the winnings were fake.

Polymarket Back in the U.S.

Interestingly, the same bets that won millions in the promotional clips incurred losses for traders in reality. About 118 clips reviewed by WSJ showed creators celebrating roughly $900,000 in wins; however, in reality, the same bets would have incurred over $166,000 in losses.

Furthermore, a creator claimed they won $100,000 after U.S. President Donald Trump said the word “McDonald’s” in January. As discovered during the investigation, Trump never said the word publicly that month, and the clip used to justify the winning was older. Unfortunately, at least 50 accounts that actually placed that bet on Polymarket all lost.

As concerns about the promotional content arise and investigations intensify, many of those creators have removed the fake bet-winning videos from their social media accounts. Additionally, Polymarket has taken down the dummy website, poiymarket.com.

Advertisement

These accusations come as Polymarket re-enters the United States after securing a greenlight from regulators. The platform intends to audit its promotional content following the revelations.

The post How Polymarket Reportedly Used Fake Winning Bets to Drive Viral Growth appeared first on CryptoPotato.

Source link

Advertisement
Continue Reading
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Crypto World

a16z-Backed Goldfinch Finance Winds Down After Originating $100M in Loans

Published

on

a16z-Backed Goldfinch Finance Winds Down After Originating $100M in Loans


Goldfinch Finance, the a16z- and Coinbase Ventures-backed DeFi lending protocol, is formally winding down after a governance proposal posted by its core developer confirmed the protocol cannot recover from widespread borrower defaults that have stranded depositors for nearly three years. Warbler… Read the full story at The Defiant

Source link

Continue Reading

Crypto World

3 Meme Coins to Watch in the Fourth Week of June 2026

Published

on

TRUMP Positioning Overview

Three meme coins are looking at a unique setup in the last week of June 2026.  Each shows a gap between on-chain positioning and price. 

Smart money and the biggest wallets are making moves, but the charts don’t always confirm them.

Official Trump (TRUMP)

Official Trump (TRUMP) opens the week as one of the most volatile names to watch. The token jumped more than 5% in 24 hours, yet its setup pulls in two directions at once.

Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.

Advertisement

On-chain positioning leans bullish. Smart money holds a net long of $627,000 in Hyperliquid perps, a sign of an imminent price rise.

Spot exchanges saw $681,000 in outflows, a sign of accumulation. The funding rate, the recurring fee between long and short traders, sits at a negative near 24% annualized. That means shorts are paying longs.

Fresh wallet inflows of $559,000 point to new buyers stepping in. Since smart money is already long, the funding pays the bulls to keep holding, reinforcing the tilt.

TRUMP Positioning Overview
TRUMP Positioning Overview: Nansen Data

The chart, however, tells a different story. TRUMP, the Solana-specific meme coin, has traded inside a falling channel since mid-March, a steadily lower price range.

It tried to break $2.20 on June 13 and failed. Volume spiked into that attempt, then faded, leaving no sustained buyers. The same burst-and-fade is repeating now. So the bullish positioning clashes with a bearish structure, a classic sentiment trap.

Advertisement
TRUMP Price Analysis
TRUMP Price Analysis: TradingView

That tension is exactly why TRUMP is one of the top meme coins to watch this week. A reclaim of $2.20 would require a 16.46% surge and flip the trend.

Until then, smart money support may fuel short rebound legs inside the channel. A failure there opens the door to $1.48, especially if Trump-linked tensions with Iran flare again.

SPX6900 (SPX)

SPX6900 (SPX) makes the list because it still holds gains where most memes have bled. The token is up about 8% on the week, yet the biggest wallets are splitting in two directions. This split is what makes SPX an interesting meme coin to watch.

Since June 18, the two largest holder tiers have diverged. Wallets holding 1 million to 10 million SPX lifted their share from 33.98% to 34.69%.

The bigger 10 million to 100 million tier cut theirs from 28.56% to 27.79%. So the largest, sharpest money is trimming while smaller wallets add.

Advertisement
SPX Holder Distribution
SPX Holder Distribution: Santiment

Nansen confirms the split. Smart money sits net short by $115,000 on perps. Positive funding backs them, with longs now paying shorts. That lines up with the bigger whales selling.

Fresh wallet inflows of $439,000 show smaller buyers taking the other side, which aligns with smaller whale optimism.

SPX Positioning Overview
SPX Positioning Overview: Nansen Data

The chart explains the caution. SPX printed a double top at $0.49, a bearish pattern where the price fails twice at one ceiling. It was rejected there on May 11 and again on June 17. Smart money possibly shorted into that wall. A break of $0.26 would open a 45% slide.

SPX Price Analysis
SPX Price Analysis: TradingView

So the levels decide it. The first hurdle is $0.38, then $0.40 and $0.44. A real bull turn needs a reclaim of $0.49. A drop under $0.35 exposes $0.31, then $0.26.

Degen (DEGEN)

Degen (DEGEN) earns a spot among the few memes still climbing. The token is up about 8% on the day and more than 25% on the week. That strength stands out while peers stall.

But the chart structure looks shaky beneath the gains. DEGEN has traded within a rising channel since May 30, a pattern in which the price climbs between two parallel trend lines.

It is pushing toward the upper line again. Volume, though, has fallen since June 4 to some of its lowest readings. So the rally may lack the legs to break higher.

Advertisement

Nansen agrees with that warning. DEGEN has no perpetual market, so there is no leveraged short to read here.

On spot, though, sellers outnumber buyers by a 24-hour ratio, and the largest holder dumped 185 million tokens this week. Smart money sits on the sidelines with no real bid. Exchange outflows of $251,000 and fresh wallets are the bullish counter, yet conviction is thin.

Degen Positioning Overview
Degen Positioning Overview: Nansen Data

So the weak volume and the soft flow line up. Both say the climb lacks strong backing.

Degen Price Analysis
Degen Price Analysis: TradingView

The key level is $0.0020. A clean break there exposes the upper trend line. Fading volume, though, may cap the move first. That leaves $0.0017 as the floor. A break below opens $0.0015, then $0.0014.

For now, a supposed sentimental price surge clashes with a bearish chart, making Degen one of the key meme coins to watch this week.

The post 3 Meme Coins to Watch in the Fourth Week of June 2026 appeared first on BeInCrypto.

Advertisement

Source link

Continue Reading

Crypto World

These XRP Price Charts Hint at a 25% Relief Rally by July

Published

on

These XRP Price Charts Hint at a 25% Relief Rally by July

Multiple XRP (XRP) indicators have hinted at a potential 25% relief rally in the coming weeks.

Key takeaways:

  • XRP price looks poised to print a rare death cross with a rebound setup toward $1.40.
  • XRP may also be forming a broader bottom, eyeing a larger rally toward $8 in the coming months.

XRP’s mean-reversion setup may send price toward $1.40

As of Monday, XRP’s 20-week exponential moving average (20-week EMA, green) near $1.40 was on the verge of crossing below its 200-week EMA (blue) near $1.39.

A confirmed weekly close below the longer-term average would mark a rare death cross between the two trend gauges.

XRP/USD weekly chart. Source: TradingView

In the past, XRP’s previous 20-week/200-week EMA crosses were followed by relief rebounds back toward the 200-week EMA. That includes a roughly 20% recovery in 2019 and a larger 82.7% rebound in 2022.

Advertisement

A similar mean-reversion move this time would put the $1.39–$1.40 area in focus, implying roughly 23%–25% upside by July from XRP’s current price near $1.13.

XRP’s weekly relative strength index, or RSI, was also hovering just above the oversold threshold of 30 on Monday.

The RSI measures whether an asset is becoming overheated or overly sold. Readings near 30 typically suggest that sellers may be running out of momentum, raising the odds of a short-term rebound even if the broader trend remains weak.

XRP shorts create $1.40 price magnet

Binance XRP/USDT liquidation heatmap data further supports the relief-rally setup.

Advertisement

The chart shows a heavier concentration of short liquidation liquidity above the current price than long liquidation liquidity below it. The largest upside cluster, of around $236.5 million, appears around the $1.37–$1.40 zone, according to CoinGlass data.

XRP/USDT one-month liquidation heatmap. Source: CoinGlass

Liquidation heatmaps often highlight where prices may move to flush out crowded leveraged positions.

Short sellers positioned above the spot price could be forced to buy back their exposure if XRP starts rebounding from the current $1.13 price levels, adding fuel to a move toward the $1.39–$1.40 area.

XRP may rebound toward $8: Analyst

A separate long-term chart from analyst Cryptollica suggests that XRP’s next rebound could be part of a broader bottoming setup.

Advertisement

The chart shows XRP’s 10-day RSI hovering near the low-30s, close to the level that has historically appeared around major accumulation phases.

XRP/USD 10-day chart. Source: TradingView

“In 13 years, XRP has only been this washed out 3 times,” Cryptollica said in a Sunday post, adding:

“The first 2 times, the crowd laughed, ignored it, and only understood the setup after price had already left.”

Cryptollica’s chart also shows XRP trading above the lower boundary of a giant ascending channel, a long-term support line that has connected multiple macro lows since 2017.

Related: XRP whale wallet withdrawals top 720M as risk-adjusted return data points to opportunity

Advertisement

That trend line currently sits near $0.75, meaning XRP could still see one more downside sweep before a larger recovery begins. In previous cycles, tests of this support area preceded major upside expansions.

XRP could first retest the channel support before entering a broader bull-market phase, with the channel’s upper boundary putting a long-term target near $8 in focus if the pattern plays out again.

Source link

Advertisement
Continue Reading

Crypto World

Oracle (ORCL) Stock Drops 4.61% as Baystate Health Partnership Expands

Published

on

Brian Armstrong's Bold Prediction: AI Agents Will Soon Dominate Global Financial

Key Highlights

  • ORCL shares declined 4.61% even as Baystate Health expanded its technology partnership.

  • Baystate Health will deploy Oracle Health solutions across its Massachusetts care facilities.

  • The partnership includes Oracle Health EHR and Clinical AI Agent technology.

  • A unified digital platform will connect patients, providers, and administrative systems.

  • The expanded agreement will facilitate Baystate’s upcoming Mercy Medical Center affiliation.

Shares of Oracle Corporation (ORCL) declined 4.61% to close at $175.79 on Wednesday, even after announcing a significant healthcare technology partnership with Baystate Health. The stock retreated from an early session peak near $184 before attempting a modest recovery late in trading. Baystate Health revealed intentions to broaden its use of Oracle technology throughout its extensive care delivery network.

Oracle Corporation, ORCL

ORCL Shares Experience Session-Long Pressure

Oracle stock encountered persistent selling pressure throughout Wednesday’s trading session, finishing $8.48 lower than the prior day’s close. The shares began the day near $182 but couldn’t sustain early gains. Downward momentum intensified during the afternoon, pushing the stock toward $175.

A brief rally materialized in the final trading hour, yet proved insufficient to reverse the day’s losses. Oracle concluded the session close to its intraday low despite announcing the expanded Baystate Health agreement. The price action indicated that positive healthcare news couldn’t offset broader selling interest in the stock.

Advertisement

Oracle delivers cloud-based software solutions, database management systems, infrastructure services, and healthcare technologies to a global customer base. The technology giant entered the healthcare sector significantly after completing its approximately $28.3 billion acquisition of Cerner in 2022. Oracle now integrates electronic health records, cloud computing infrastructure, data analytics, and workflow automation throughout its healthcare division.

Baystate Health Broadens Oracle Health Deployment

Baystate Health announced plans to significantly expand its Oracle Health technology implementation across hospitals, ambulatory clinics, and insurance operations. The Massachusetts-based integrated health system provides care to more than 800,000 individuals through five hospital facilities and over 80 outpatient medical practices. The organization also manages Health New England insurance, home healthcare services, and hospice care programs.

The healthcare system will implement Oracle Health EHR to centralize clinical documentation and enhance patient information accessibility. Additionally, Baystate will integrate Oracle Health Clinical AI Agent to automate documentation workflows and minimize administrative burden. The organization anticipates these systems will facilitate better data exchange among clinicians, hospital systems, outpatient practices, and insurance plan administrators.

Baystate will implement Oracle Health Patient Accounting to modernize billing operations and enhance financial process management. The solution leverages automation technology to streamline operational tasks and deliver improved visibility into financial performance across the health system. Oracle Health AI Data Platform will integrate clinical, financial, and insurance information within a unified data infrastructure.

Advertisement

Integrated System Facilitates Care Network Growth

Baystate Health will also launch Oracle Health Patient Portal as its centralized digital engagement platform. The portal will enable patients to access medical records, schedule appointments, and interact directly with healthcare providers. Patients will gain improved visibility into treatment protocols and additional healthcare services.

The broadened technology agreement will facilitate Baystate’s anticipated affiliation with Mercy Medical Center located in Springfield, Massachusetts. Baystate projects the corporate merger will become effective November 1, 2026, pending regulatory clearance. A consolidated Oracle platform will integrate Mercy Medical Center into Baystate’s broader healthcare delivery network.

Baystate employs approximately 13,000 healthcare professionals across its hospital facilities, medical practices, insurance division, and community health programs. The organization anticipates Oracle systems will decrease administrative burden for staff members and accelerate training processes in outpatient environments. Nevertheless, Oracle shares concluded Wednesday’s session with substantial losses despite the expanded healthcare technology collaboration.

Advertisement

Source link

Continue Reading

Crypto World

Tom Lee and Joe Lubin Push New Ethereum Initiative for Enhanced Institutional Use

Published

on

Tom Lee, Joe Lubin Back Ethlabs as Ethereum’s Institutional Push Gains Momentum

Ethlabs launched Monday as an independent nonprofit research lab created to prepare Ethereum (ETH) for large-scale institutional use, with funding led by BitMine chairman Tom Lee, SharpLink, and Ethereum co-founder Joe Lubin.

The lab gives five former senior Ethereum Foundation researchers a permanent home with stable funding. It arrives days after the foundation lost a second co-executive director this year.

Why Ethlabs Arrives Now

The five co-founders helped build Ethereum’s finality, scaling, data availability, and protocol economics during their years at the foundation.

Ansgar Dietrichs will serve as executive director, with the team translating real-world demand into protocol upgrades.

Advertisement

The launch lands during visible strain at the Ethereum Foundation. Hsiao-Wei Wang stepped down as co-executive director this month, part of a broader leadership exodus that has removed at least eight senior figures in five months.

The foundation has signaled a shift toward a multi-node model, with several independent groups now advancing the network in parallel.

Former foundation contributor Trent Van Epps recently warned of a roughly $30 million annual funding gap for core development teams.

Tom Lee earlier dismissed talk of an Ethereum funding crisis, arguing profit-seeking stakers and private backers would step in.

Advertisement

Follow us on X to get the latest news as it happens

Backers Bet on an Institutional Supercycle

Funding comes from BitMine Immersion Technologies, SharpLink, Lubin, and other backers including Anchorage, Octant, and SNZ.

Tom Lee, Joe Lubin Back Ethlabs as Ethereum’s Institutional Push Gains Momentum
Tom Lee, Joe Lubin Back Ethlabs as Ethereum’s Institutional Push Gains Momentum

BitMine, the largest corporate ETH holder, is staking toward 5% of supply and shares Tom Lee’s long-term Ethereum bet.

The structure is built to keep research independent. Contributions pass through an outside grants administrator, with quarterly reports and an annual audit.

Advertisement

Funders receive no say over the research agenda, which stays with Ethlabs leadership.

Ethlabs said early work will target faster settlement, cross-chain interoperability, more mainnet capacity, and research into ETH’s monetary properties.

SharpLink chief executive Joseph Chalom tied the effort to rising demand for Ethereum tokenization infrastructure.

“We are at the beginning of an institutional supercycle on Ethereum, and the researchers behind this organization are the people who will make the network ready to carry it,” Joseph Chalom, SharpLink CEO, in the launch announcement.

The model echoes what Lubin describes as a network of steward nodes sharing Ethereum’s stewardship beyond the foundation.

Advertisement

How far outside money can sustain that work may decide the pace of Ethereum’s institutional momentum in the months ahead.

The post Tom Lee and Joe Lubin Push New Ethereum Initiative for Enhanced Institutional Use appeared first on BeInCrypto.

Source link

Advertisement
Continue Reading

Crypto World

Strategy Boosts USD Reserves by $300M, Adds 520 BTC

Published

on

Crypto Breaking News

Strategy, the best-known corporate Bitcoin holder, has continued adding to its Treasury and bolstering its liquidity at the same time. According to a Monday 8‑K filing with the U.S. Securities and Exchange Commission, the company purchased an additional 520 Bitcoin for $34.9 million between June 15 and Sunday, bringing its total holdings to 847,363 BTC.

The same filing also points to a larger funding goal beyond the Bitcoin purchase: Strategy said it added $300 million to its U.S. dollar reserve, bringing that buffer to $1.4 billion. Investors have been watching both moves closely because Strategy’s capital-raising approach—especially its use of equity sales—has become a reference point for other Bitcoin treasury companies.

Key takeaways

  • Strategy bought 520 BTC for $34.9 million at an average price of $67,068 per Bitcoin, lifting total holdings to 847,363 BTC.
  • Cumulative Bitcoin purchases now total $64.1 billion, implying an average acquisition cost of $75,651 per BTC.
  • The company increased its U.S. dollar reserve by $300 million to $1.4 billion, with the balance including expected proceeds from unsettled ATM share sales.
  • Strategy’s latest funding came from sales of its Class A common stock via its at-the-market (ATM) program, with $335.5 million raised during the reporting period.
  • Strategy’s perpetual preferred stock (STRC), designed to trade around $100, slipped below $90 last week and remained volatile alongside MSTR shares.

New Bitcoin buy and updated treasury math

Strategy’s latest disclosed purchase appears as part of its ongoing Bitcoin accumulation program. In the 8‑K filing, the company states that it bought 520 BTC for $34.9 million during the period from June 15 through Sunday. The average price works out to $67,068 per Bitcoin.

That addition expands Strategy’s Bitcoin treasury to 847,363 BTC. Strategy also provided updated aggregate figures: its cumulative purchases total $64.1 billion, resulting in an average acquisition cost of $75,651 per Bitcoin. Those averages matter because they shape how investors think about the downside resilience of the company’s balance sheet and how efficiently Strategy is acquiring Bitcoin relative to prevailing market levels.

Beyond the immediate purchase, the filing underscores that Strategy continues to pair accumulation with liquidity management—an approach that can be as important as the Bitcoin number itself when corporate financing conditions or market volatility change.

Advertisement

Liquidity build: $300 million to the USD reserve

Alongside the Bitcoin purchase, Strategy said it added $300 million to its U.S. dollar reserve, raising the total to $1.4 billion. The company’s statement on X aligns with the 8‑K details, which specify that the USD reserve figure includes expected cash proceeds from its at-the-market (ATM) share sales that had not yet settled.

Strategy characterizes the reserve as a tool to support credit-related obligations, including dividend payments and debt coverage. In the 8‑K, the company said it plans to keep replenishing the USD reserve over time based on market conditions, with the objective of supporting the credit quality of its Digital Credit securities.

For holders and traders, this matters because reserve levels can influence how comfortable markets feel about Strategy’s ability to meet obligations during periods when equity funding becomes more expensive or when crypto prices swing sharply.

ATM share sales supply the cash for both goals

Strategy’s latest funding mechanics, as described in the filing, rely on its Class A common stock sales through an ATM equity program. The company raised $335.5 million during the reporting period, and the proceeds were split between the Bitcoin purchase and reserve build.

Advertisement

Of the $335.5 million, Strategy used $34.9 million to buy 520 BTC and allocated $300 million to the USD reserve. This structure keeps Strategy’s treasury growth closely tied to equity-market access, rather than depending solely on direct crypto-related financing.

Strategy’s financing decisions tend to draw attention precisely because it is one of the most active corporate buyers of Bitcoin and the largest listed corporate Bitcoin holder. As the firm has scaled its approach, it has effectively created a playbook for other Bitcoin treasury companies that want to combine crypto exposure with a tradable equity base.

STRC and MSTR volatility returns to focus

While Strategy’s filings provide the fundamentals, market pricing has also been part of the narrative. Ongoing volatility in Strategy’s share complex has remained in focus, particularly after the company’s perpetual preferred stock STRC—intended to trade near $100—fell below $90 last week.

Market data cited in the report shows MSTR shares down 3.46% to $112.53 at Thursday’s close, ahead of Friday’s market holiday, based on Yahoo Finance data. STRC declined 0.46% to $88.59 at Thursday’s close, and it traded at $90.59 during Monday’s premarket session.

Advertisement

Bitcoin advocate Samson Mow commented on X that STRC has a “self-repairing mechanism” that activates when the security trades below its $100 reference level. He said the process includes a stop in issuing new shares through the ATM program when the price falls under that threshold, effectively limiting new supply. Mow also argued that lower prices can increase the relative yield for buyers versus their entry price, which may encourage demand and help move STRC back toward $100.

The substance investors are likely watching is whether the structure’s incentives translate into sustained stabilization as market conditions evolve. If STRC pricing continues to deviate materially from the intended reference zone, traders may focus less on the theoretical mechanism and more on how quickly the market absorbs limited supply and whether equity-market conditions remain supportive.

Why this funding package matters to Bitcoin markets

Strategy’s combination of new Bitcoin purchases and reserve replenishment is more than an internal balance-sheet update. For the wider market, it signals ongoing corporate appetite for Bitcoin, even as equity prices and preferred-share pricing swing. At the same time, the company’s reliance on ATM equity sales highlights a key dependency: continued BTC accumulation is increasingly tied to how quickly and cheaply Strategy can access public markets.

That linkage becomes especially relevant when the company’s own share-linked instruments—like MSTR and STRC—show volatility. The latest disclosures and market moves together reinforce a central theme for corporate Bitcoin: treasury strategies can be durable, but their execution depends on liquidity and funding channels that may fluctuate with sentiment and broader market conditions.

Advertisement

Next, readers should watch whether Strategy’s reserve build translates into steadier market confidence around its Digital Credit-related objectives, and whether STRC’s “self-repairing” incentives prove effective as its trading price interacts with the $100 reference level.

Risk & affiliate notice: Crypto assets are volatile and capital is at risk. This article may contain affiliate links. Read full disclosure

Source link

Advertisement
Continue Reading

Crypto World

Main Street’s msUSD collapses as Altura winds down vault

Published

on

Latest DeFi yield vault drama wipes out $69M of msUSD and AVLT market cap

Main Street Finance’s stablecoin msUSD has depegged to $0.27, sparked by a post addressing the “shutdown of [its] third-party proof-of-reserves dashboard.”

The following day, the firm behind the dashboard in question, Accountable, announced it was terminating its asset verification services with msUSD’s issuer.

In classic DeFi fashion, the fallout appears to have led to a bank run on Altura’s USDT vault, leading to the firm deciding to close down the vault.

At least $8.5 million was withdrawn ahead of the announcement and before a sell-off of the AVLT vault token led to an 11% depeg.

Advertisement

The weekend’s depegs come on the back of ongoing troubles for DeFi stablecoins apxUSD and sUSDat, which are backed by Strategy’s struggling STRC.

Read more: Saylor distances himself from STRC-backed DeFi after stablecoin wobble

Main Street Finance: ‘Institutional-grade yield’

Late on Saturday, Main Street Finance published a long post to X reassuring users that it “remains fully backed,” calling the loss of its dashboard a “reporting issue, not a solvency issue.”

By the time of the post, the price of msUSD had already collapsed. It sat at around $0.12 after losing its $1 peg around six hours previously but has since rebounded to around $0.27 from a low of $0.06 in the early hours of Sunday morning (UTC).

Advertisement
CoinGecko’s seven-day msUSD price chart. Main Street Finance’s tweet came after msUSD crashed to $0.12.

The advance reaction led some to believe that “insiders… got the memo that they should take the available liquidity to get out.”

Then, on Sunday, RWA accounting firm Accountable announced that, following Main Street Finance’s failure to provide adequate proof of reserves, it was terminating its contract with the firm.

Others questioned Accountable’s lack of prior action, given that doubts over Main Street’s transparency were publicly raised back in April.

Accountable’s post positions it as “neutral verification infrastructure,” however it also claims it “did not retain an ongoing, source-level view of [Main Street’s] reserves,” raising concerns over the reliability of its data on other clients.

Read more: DeFi projects under fire for inflated TVL and murky lending loops

Advertisement

Given Accountable’s entire business case, the post also drew ridicule, with one user comparing it to May 2022’s infamous Three Arrows Capital AUM statement.

In addition to the depeg of msUSD, Main Street’s yield token, msY, which it promises “turns box spreads into market-neutral” 12% yield also collapsed in price.

Blockchain auditor Peckshield highlighted the Morpho msY/USDC market hitting 100% utilization, trapping $18 million of AlphaPing assets.

Read more: Resolv hack shows DeFi learned nothing from last contagion

Advertisement

Altura: “the yield engine”

Altura runs a HyperEVM-based USDT yield vault, currently offering almost 30% yield.

In a post on Sunday, Altura distanced itself from the msUSD depeg, stressing it “never had any exposure to Mainstreet or any of its underlying investment strategies.”

It also assured users that it had successfully redeemed over $5 million during the previous 24 hours.

Rather than reassuring depositors, however, it appears the post had the opposite effect.

Advertisement

Twelve hours later, Altura co-founder and CEO Ranveer Arora revealed that, due to “sustained withdrawal demand and current market sentiment” the firm would proceed with “an orderly wind-down of the Altura vault.”

Redemptions had now climbed to $8.5 million.

The rush for the exits was reflected in the price of the vault’s yield-bearing AVLT token. Over the past 24 hours it has dropped 14%, from $1.09 to $0.93 at the time of writing. 

Between redemptions and price action, AVLT’s market cap dropped from $39 million to a low of $26 million over the weekend.

Advertisement

In a later update, Altura stated that “a maturity mismatch between our onchain and off-chain positions” forced it to pause withdrawals. It promised market making strategies would be closed within 72 hours but “RWA positions will take more time due to their inherent nature.”

On top of the $18 million exposed to the msY/USDC market, AlphaPing also has over $10 million of exposure to AVLT, according to its Morpho curator dashboard.

Read more: High yields to haircuts: Has DeFi learned anything from yield vault collapse?

DeFi’s risk curator “daisy chain”

Despite its premise as transparent, open finance, the DeFi sector has faced a number of shocks in recent months due to murky “daisy chains” and recursive lending.

Advertisement

In late October, concerns began to circulate over the stability of a number of high yield vaults. These tokens often used looped leverage against one another, inflating TVL far above the legitimate stablecoin backing.

The space exploded days later when one of the main offenders, Stream Finance, revealed it had lost $93 million. Its stablecoin, xUSD, immediately collapsed 75%.

Read more: Four months on, MEV Capital falls victim to $4B DeFi daisy chain implosion

Later, in March, a $23 million hack of Resolv’s USR due to a private key compromise wrought havoc across multiple yield vaults as opportunistic traders bought depegged USR and used it to drain liquidity in markets with hardcoded oracles.

Advertisement

So-called risk curators even continued to provide liquidity to the vulnerable markets via Morpho’s Public Allocator automation feature.

Such episodes go to show that rather than a novel financial system which operates autonomously and permissionlessly, DeFi is all too often forced to recur to the blame game when things go awry.

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

Advertisement

Source link

Continue Reading

Crypto World

Elon Musk Backs NVIDIA As AI’s Biggest Environmental Criticism Takes a Hit

Published

on

Elon Musk Backs NVIDIA As AI’s Biggest Environmental Criticism Takes a Hit

Elon Musk has backed NVIDIA’s claim that data center water use is far smaller than critics suggest.

Data centers face growing scrutiny over how much water and electricity they consume. NVIDIA says its latest cooling systems can nearly erase the water that older facilities lose to evaporation.

What NVIDIA Claims About Data Center Water Use

NVIDIA’s post cited a March 2026 estimate from the Manhattan Institute that data centers use roughly 0.2% of U.S. freshwater, most of it indirectly through power generation.

The company said its 45-degree Celsius liquid cooling lets AI factories in cool climates run on dry coolers rather than evaporative towers.

That shift can cut facility cooling water from about 2.6 million gallons per megawatt each year to near zero.

NVIDIA made the same case in 2025, claiming its Blackwell systems were 300 times more water efficient than air cooling.

Because cooling can reach 40% of a data center’s electricity, the design also trims power costs. Similar trade-offs now shape the global AI data center race.

Advertisement

Why Elon Musk’s Endorsement Matters

Musk, who runs large NVIDIA-powered clusters through xAI, has repeatedly praised NVIDIA’s latest chips as the backbone of his AI projects.

His endorsement supports NVIDIA’s push against the view that AI growth drains local water supplies. The company describes its system as a closed loop that recirculates coolant instead of consuming fresh water.

“The NVIDIA DSX reference design for AI factories has zero water consumption … we have eliminated massive amounts of power usage and pretty much all water usage,” Ali Heydari, director of data center cooling and infrastructure at NVIDIA

Follow us on X to get the latest news as it happens

The Case for Caution

The national figure hides the detail. NVIDIA’s near-zero claim covers direct cooling, the smaller part of the footprint.

Advertisement

U.S. data centers used about 17.4 billion gallons of water directly in 2023, a Berkeley Lab report found, plus another 211 billion gallons indirectly through the electricity they drew.

That indirect share climbs as AI scales, and direct use alone is projected to reach 38 to 73 billion gallons by 2028.

Dry coolers also depend on climate, working best in cool regions and less well in hot, dry states.

The strain is visible at Musk’s own xAI. Its Memphis Colossus site has drawn roughly 1.3 million gallons of drinking water a day from the local aquifer and ran dozens of gas turbines before securing permits, prompting a data center pollution lawsuit and community appeals.

Advertisement

How regulators and water-stressed regions respond may decide whether efficiency gains keep pace with the industry’s expansion and the wider contest for AI capital.

The post Elon Musk Backs NVIDIA As AI’s Biggest Environmental Criticism Takes a Hit appeared first on BeInCrypto.

Source link

Advertisement
Continue Reading

Crypto World

Strive snaps up 759 BTC in move that eclipses Strategy

Published

on

Top 10 public Bitcoin treasury companies ranked by BTC holdings, with Strategy leading at 847,363 BTC and Strive holding 19,864 BTC in seventh place.

Strive has purchased 759 Bitcoin for roughly $50 million, recording its largest weekly acquisition in months and surpassing Strategy’s latest BTC purchase.

Summary

  • Strive bought 759 BTC for roughly $50 million, increasing its holdings to 19,864 Bitcoin.
  • The weekly purchase exceeded Strategy’s 520 BTC acquisition, a rare lead over the largest corporate holder.
  • Backed by its SATA preferred stock program, Strive continues expanding its Bitcoin treasury toward a planned $4.2 billion deployment.

According to a June 22 Form 8-K filed with the U.S. Securities and Exchange Commission, the Dallas-based Bitcoin treasury company acquired the coins between June 15 and June 21 at an average price of about $65,850 per Bitcoin, including fees and expenses. The transaction lifted Strive’s total holdings to 19,864 BTC.

At the reported purchase price, the acquisition was worth approximately $50 million. The buying spree represented a sharp increase from the company’s previous two weekly disclosures, which showed purchases of just 32 BTC and 73 BTC, respectively, totaling around $6.8 million.

Advertisement

While Strategy remains the world’s largest corporate Bitcoin holder, Strive accumulated more BTC during the latest reporting week. Strategy disclosed the purchase of 520 Bitcoin over a similar period, making this one of the few occasions when a smaller treasury company added more Bitcoin than its larger rival.

Strive has accelerated Bitcoin accumulation again

Fresh SEC filings also showed that Strive’s cash and cash equivalents increased from $141.4 million to $144.5 million during the reporting period. At the same time, the company’s Class A common stock count expanded by roughly 1.9 million shares to 71.8 million, indicating continued capital raising activity through its at-the-market equity program.

Elsewhere on the balance sheet, Strive maintained its position of 505,000 shares in Strategy’s Variable Rate Series A Perpetual Stretch Preferred Stock, known as STRC. According to the filing, the fair value of those holdings edged lower to approximately $44.7 million.

Advertisement

The latest purchase extends a rapid expansion that began after Strive entered the public Bitcoin treasury sector through its January 2026 merger with Semler Scientific. The transaction added 5,048 BTC to the company’s balance sheet at closing and provided the foundation for its current accumulation strategy.

Since then, Strive has steadily increased its Bitcoin reserves. The company crossed the 15,000 BTC threshold in early May and later disclosed a roughly $185 million deployment in early June that added about 2,500 Bitcoin in a single week, one of the largest acquisitions since becoming a public company.

SATA funding model continues to support purchases

A significant portion of Strive’s buying activity has been funded through its Variable Rate Series A Perpetual Preferred Stock program, known as SATA. The preferred shares currently offer a Bitcoin-linked dividend structured at an annualized rate of 13%, calculated daily.

According to company disclosures, capital raised through SATA and other at-the-market programs is directed toward additional Bitcoin purchases. Strive Management has previously described Bitcoin as the benchmark against which it evaluates capital allocation decisions rather than simply a reserve asset held on the balance sheet.

Advertisement

Based on Bitcoin (BTC) prices near $64,000, Strive’s treasury of 19,864 BTC is currently valued at roughly $1.27 billion. Company filings indicate that its average acquisition cost remains above prevailing market prices, a position it shares with Strategy, which holds 847,363 BTC and remains the largest corporate Bitcoin holder globally.

Top 10 public Bitcoin treasury companies ranked by BTC holdings, with Strategy leading at 847,363 BTC and Strive holding 19,864 BTC in seventh place.
Source: Bitcoin Treasuries

With a previously announced $4.2 billion capital deployment plan still in place, recent filings suggest Strive continues to expand its Bitcoin position as the second half of 2026 approaches.

Source link

Advertisement
Continue Reading

Crypto World

CFTC Opens Comment on 24/7 Energy Futures and Perpetual Oil Contracts

Published

on

CFTC Opens Comment on 24/7 Energy Futures and Perpetual Oil Contracts


The CFTC asked the public to weigh in on running standard futures around the clock and on listing perpetual contracts tied to physically delivered energy commodities such as crude oil. The request opens the door to importing the crypto-native perpetual design into the oil and gas derivatives… Read the full story at The Defiant

Source link

Continue Reading

Trending

Copyright © 2025