Anthropic has suspended access to its newly released Fable 5 and Mythos 5 AI models after receiving a U.S. government export control directive, citing national security concerns. The company disabled the models for all users immediately to comply with the order, while saying its other offerings—including Opus 4.8—remain available.

In a statement posted Friday, Anthropic said the directive arrived at 5:21 pm ET and instructed it to suspend “all access” to Fable 5 and Mythos 5 for any foreign national, whether inside or outside the United States. This restriction reportedly includes foreign national Anthropic employees, and the company said it took broad action to ensure compliance.

Key takeaways

• Anthropic suspended access to Fable 5 and Mythos 5 immediately after receiving a U.S. government export control directive.
• The order reportedly targets access by foreign nationals, including Anthropic employees who are foreign nationals.
• Other Anthropic models, such as Opus 4.8, are not affected according to the company.
• Anthropic said authorities raised concerns about a potential “jailbreak” method that could bypass safeguards on Fable 5.
• The firm described the government’s evidence as “verbal” and suggested the issue involves a narrow, non-universal jailbreak rather than a broad one.

Export control directive triggers immediate model shutdown

Anthropic’s action follows an abrupt interruption to access for the public. According to the company, it received the directive late Friday and was told to suspend access to Fable 5 and Mythos 5 by any foreign national. To meet the requirement without exception, Anthropic said it removed access for all users rather than attempting to segment access by nationality.

The company framed the move as a straightforward compliance step: it is “removing access to Fable 5 and Mythos 5 for all users” to comply with the government’s legal directive.

Why Anthropic says the concern is limited

While Anthropic did not provide specific details about the alleged threat, it said it believes the government is concerned about a possible jailbreak technique capable of bypassing safeguards built into Fable 5.

In its statement, Anthropic noted that, to date, the government has provided only verbal evidence of a potential “narrow, non-universal jailbreak.” The company described this as essentially asking the model to read a specific codebase and fix software flaws—an approach it argued is materially different from a “universal jailbreak,” which would broadly undermine protections across scenarios.

Anthropic also pushed back on the severity of the response implied by the order. The firm said it “disagree[s]” that a narrow potential jailbreak should lead to the recall of a commercial model deployed at large scale. It added that applying that standard across the industry would effectively stop new frontier model deployments for all providers.

Recent release raises questions for AI users and operators

Anthropic’s suspension comes only days after it released both Fable 5 and Mythos 5. The releases were notable not just for their capabilities, but for the underlying context around Mythos Preview, which Anthropic previously said had helped uncover thousands of vulnerabilities in critical software.

Earlier coverage around these releases highlighted the scale and intensity of the safety research and testing that can surround frontier model rollouts—particularly when models are capable of complex reasoning and code-related tasks. In that setting, the sudden reversal underscores how quickly external compliance actions can override product continuity.

Anthropic also indicated that it believes the government order is the result of a misunderstanding and that it is working to restore access for users “as soon as possible.” For model users—especially those outside the U.S.—the key near-term issue is whether access can return in a way that matches the directive’s scope without requiring a full shutdown.

What to watch next

Until Anthropic receives clearer guidance or the government narrows the directive’s implementation, users should expect continuing uncertainty around when Fable 5 and Mythos 5 will be available again and under what geographic or eligibility conditions. Investors and builders in the AI sector will likely watch closely for how regulators distinguish between narrow jailbreak techniques and broader safeguard failures—and whether the incident prompts tighter deployment controls across the industry.

Bybit is recognized in the first Fortune Crypto 100 for its role in the global digital asset ecosystem.

Bybit today announced its inclusion in the inaugural Fortune Crypto 100, a ranking recognizing the most influential companies and protocols shaping the future of the global digital asset ecosystem.

The Fortune Crypto 100 recognizes organizations driving innovation, building critical market infrastructure, and expanding the role of digital assets in the broader financial system. Bybit was recognized in the CeFi category, which includes crypto-first companies such as exchanges, lenders, and custodians that facilitate the trading, custody, and movement of digital assets. The ranking brings together both crypto-native leaders and established financial institutions, reflecting the growing role of digital assets within global finance and the increasing importance of blockchain-based infrastructure in capital markets.

According to Ben Zhou, Co-founder and CEO of Bybit, the recognition reflects the trust users place in the company and the dedication the team is putting into building crypto’s infrastructure, products, and standards.

The recognition comes as Bybit continues to expand its role beyond a cryptocurrency exchange. Over the past year, the company has advanced its vision of becoming The New Financial Platform, bringing together digital assets, traditional finance, payments, tokenized investments, AI-powered tools, and web3 services into a unified ecosystem.

Bybit has expanded its regulated presence across key markets, including securing the UAE Virtual Asset Platform Operator License, advancing its European operations under MiCAR, and working closely with regulators and policymakers globally to support the responsible development of the digital asset industry.

Bybit currently serves more than 80 million users worldwide and continues to expand access to financial opportunities through innovation. Recent initiatives include the growth of tokenized asset offerings, the launch of Bybit IPO Express, expanded access to tokenized equities through xStocks, AI-powered trading and research tools, and continued investments in institutional-grade infrastructure.

One person familiar with the matter told CoinDesk that xStocks and its distribution partners gathered more than $1 billion in customer orders. But when underwriters finalized allocations, many of those requests went unfilled.

Binance, Bybit and Bitget received no shares and canceled their offerings. Meanwhile, customers of Kraken and xStocks received only a fraction of the allocations they requested.

The shortfall wasn’t limited to crypto platforms, though. Data compiled by Access IPOs showed some retail investors at traditional brokerages received only a portion of the shares they had sought.

An xStocks spokesperson said “overwhelming demand” prevented all orders from being fulfilled and that funds tied to unfilled subscriptions had been returned.

The firm’s tokenized SpaceX stock, trading under the ticker SPCXx, still launched after the IPO. About $24 million worth of the tokenized shares were circulating onchain at publication time, according to Arkham data. Ondo Finance and Dinari, which did not offer pre-IPO access, also launched tokenized SpaceX products following the company’s market debut.

Lesson for tokenized asset

The episode underscores a key lesson for tokenized assets. Creating a token is easy; securing the real asset behind it is the crucial part.

“What appears to have gone wrong… is that demand significantly exceeded the available supply of underlying shares,” a spokesperson for tokenization platform Dinari said. “If the underlying stock cannot be sourced, allocated and held within the necessary regulatory framework, there is ultimately no asset to tokenize.”

io.net has launched a new token burn mechanism tied directly to network revenue and said the model could remove up to 12 million IO tokens from circulation over the next year, as the decentralized GPU provider reports rising enterprise demand and record AI inference activity.

According to a press release shared with crypto.news, the first burn was scheduled for June 11, coinciding with the network’s third anniversary, with future burns funded by revenue generated from customer usage rather than new token issuance.

io.net ties token burns to network revenue

Details released by io.net show that at least 50% of post-payout network revenue received in IO tokens will be permanently destroyed under what the company calls its Incentive Dynamic Engine, or IDE. Based on current earnings and its commercial pipeline, the company expects as many as 12 million tokens to be burned during the system’s first year.

The announcement comes as io.net reports its strongest commercial period to date. The company disclosed that it has signed an $8 million enterprise agreement, its largest contract so far, which it said contributes roughly $650,000 in monthly on-chain network earnings. Additional enterprise deals are currently progressing through advanced negotiation stages, according to the company.

Beyond enterprise adoption, io.net said it has become the largest decentralized physical infrastructure network, or DePIN, based inference provider on OpenRouter, an AI model routing platform used by developers to access multiple artificial intelligence models. Company figures show the network now processes more than 4 billion inference tokens each day while competing alongside centralized cloud computing providers.

Those developments arrive as demand for AI computing resources continues to climb. Citing industry spending trends, io.net noted that major technology companies have committed more than $500 billion toward AI infrastructure projects across 2025 and 2026. The company argued that access to high-performance graphics processing units remains limited by hyperscaler capacity constraints and pricing structures, creating opportunities for decentralized alternatives.

New model seeks to stabilize supplier earnings

Alongside the burn program, io.net said the IDE has been designed to address supplier retention challenges commonly faced by token-based infrastructure networks.

Under the framework, supplier payouts are linked to a stable U.S. dollar value rather than fluctuating token prices. According to the company, reserve mechanisms absorb market volatility, allowing providers to maintain predictable earnings even during periods of token price weakness.

CryptoEcon Lab, a tokenomics research firm that independently evaluated the system, tested the model under several stress scenarios. The firm found supplier returns remained stable during simulations that included a 55% drop in demand and a 50% decline in token price, according to results cited by io.net.

“Most token economies in our space are still built around the hope that prices go up. Ours is built around the certainty that people are paying to use the network. That’s a fundamentally different foundation,” said Gaurav Sharma, chief executive officer of io.net.

Looking beyond current operations, io.net said it is also developing capabilities that would allow AI agents to autonomously source and manage computing resources through its Agent Cloud platform. The company described the initiative as part of its effort to build a self-sustaining on-chain compute economy supported by decentralized infrastructure providers around the world.

BNB price has recovered from last week’s selloff, but a dense liquidation wall near $628 and persistent resistance across higher timeframes have kept traders divided over whether the rebound can extend further.

According to data from crypto.news, BNB (BNB) price was trading near $607 on June 12 after rebounding roughly 9% from its June 6 low around $556. The recovery followed a sharp decline from the late-May peak near $745, which wiped out more than 20% of the token’s value and pushed leveraged traders out of the market.

CoinGlass liquidation data shows part of the rebound was driven by a short squeeze after bearish positioning became crowded near local lows. The one-week liquidation heatmap highlights a large concentration of short liquidation liquidity between $615 and $620, with another notable cluster near $628.

As BNB rebounded from the $560 area, traders betting on further downside were forced to close positions, helping lift the token back above $600.

At the same time, sentiment across the BNB ecosystem remains mixed. While Binance continues expanding activity across BNB Chain and its AI-focused initiatives, speculative interest has yet to return to levels seen during the rally toward $745.

At press time, BNB price remains well below its recent high and continues trading inside a range that has dominated price action since February.

BNB faces major resistance between $628 and $700

The four-hour chart shows BNB recovering inside a rising channel after finding support near the 100% Fibonacci retracement level around $556. BNB has reclaimed the 0.786 retracement near $596, while RSI has climbed above 56 and MACD remains marginally positive, suggesting buyers retain short-term momentum.

However, several technical barriers remain overhead. The first major resistance sits near $628, which aligns with the 0.618 Fibonacci retracement and the upper boundary of the current ascending channel. A successful breakout could expose the 50% retracement near $650, followed by the 38.2% level around $673.

Liquidation data reinforces those levels. CoinGlass heatmaps show substantial leveraged positions concentrated around $620 to $628, creating a potential liquidity magnet for price. If BNB reaches that zone, forced liquidations could accelerate volatility in either direction.

Higher-timeframe charts remain less constructive. The weekly Murrey Math structure places BNB below the key 1/8 reversal level at $625, while the next major support remains near the 0/8 line around $500.

Analyst Umair Orakzai argued that resistance continues to outweigh support after months of consolidation, writing that “the easier path now is the downside.”

A similar view was shared by fellow analyst James Bull, who highlighted the long-term $500-$600 region as a major accumulation zone. 

​”Historically, massive corrections in this range have set the stage for explosive upward continuation.”

Macro risks could send BNB back toward $500

Macroeconomic conditions remain one of the largest obstacles for risk assets. Stronger-than-expected U.S. economic data in recent weeks has reduced expectations for aggressive Federal Reserve easing, keeping Treasury yields elevated and limiting capital flows into speculative assets such as cryptocurrencies.

Oil prices and geopolitical developments also remain important variables after recent volatility tied to Middle East tensions. Any renewed surge in energy markets or deterioration in global risk sentiment could pressure crypto markets and reduce demand for altcoins.

From a technical perspective, the bullish setup remains valid as long as BNB holds above the $556 support zone that triggered the latest rebound.

Losing that level would invalidate the current ascending-channel structure and shift attention back toward the long-term accumulation area between $500 and $520.

For now, traders are watching the battle around $628. A breakout above that level could open the path toward $650 and $673, while another rejection would leave BNB trapped inside its multi-month range with downside risks still firmly in play.

Sam Bankman-Fried has failed to overturn his fraud conviction in a federal appeals court, securing no relief from the 25-year prison sentence that followed the collapse of FTX. A unanimous three-judge panel of the US Court of Appeals for the Second Circuit rejected his bid, concluding that the government’s case was, in the court’s words, “conservatively stated, robust,” according to Reuters.

The ruling means Bankman-Fried remains bound to the sentence imposed in 2024, where the conviction stemmed from fraud and conspiracy charges related to the multibillion-dollar failure of FTX. The decision also arrives while he pursues an additional legal path: a request for a presidential pardon that was formally submitted to the US Department of Justice Office of the Pardon Attorney earlier this month.

Key takeaways

• Bankman-Fried’s appeal was rejected unanimously by the Second Circuit, leaving his 25-year prison sentence in place.
• The appeals court characterized the government’s evidence as “robust,” affirming that the conviction should stand.
• The decision does not end his efforts—Bankman-Fried is still pursuing clemency through the presidential pardon process.
• Public statements from President Donald Trump suggest clemency is unlikely, despite his history of granting at least one high-profile pardon.

Second Circuit rejects Bid for relief

In rejecting Bankman-Fried’s request for relief, the Second Circuit panel concluded that the trial and the government’s presentation of the case were sufficiently supported under the standards for overturning a criminal conviction. As reported by Reuters, the court’s unanimous ruling underscored that the prosecution’s case was strong and appropriately described.

Judge Barrington Parker’s written remarks, as quoted in the case reporting, emphasized the contrast between Bankman-Fried’s public reassurances and the conduct alleged in the prosecution. Parker wrote that while Bankman-Fried was publicly assuring customers, investors, and regulators that FTX customer funds were safe, he allegedly used FTX as “his own personal piggy bank,” spending customer funds on items including real estate, political contributions, and investments.

For observers who have followed FTX’s collapse and its aftermath, this appeal outcome matters beyond the individual defendant: it reinforces the judiciary’s willingness to treat the case as more than an industry failure, but as fraud and conspiracy serious enough to withstand appellate scrutiny.

A separate front: presidential pardon effort

Even with the appeals court setback, Bankman-Fried is continuing to challenge his situation through clemency. Cointelegraph reported earlier that he has formally applied for a presidential pardon from US President Donald Trump, with the request appearing on the US Department of Justice Office of the Pardon Attorney website in early June.

This pardon process represents a different type of review from an appeal. Where appellate courts evaluate legal errors and the strength of the record, clemency is discretionary and typically influenced by political and public considerations rather than courtroom standards.

Bankman-Fried has said in an interview with Fox Business that he is “absolutely” seeking a presidential pardon. However, the odds appear limited based on prior statements.

Trump’s prior comments and past pardons

According to reporting referenced in the article, Trump told The New York Times in January that he had no plans to pardon Bankman-Fried. A White House spokesperson, meanwhile, declined to comment on the clemency request, and Bloomberg pointed back to Trump’s earlier remarks in connection with the formal pardon application.

Still, the president has granted high-profile pardons before. The article notes Trump pardoned Ross Ulbricht, the founder of the darknet marketplace Silk Road, shortly after returning to office. Ulbricht had been serving two life sentences plus 40 years before the pardon in January 2025.

That example is often cited in discussions about whether clemency is politically plausible. But it also highlights an asymmetry: Bankman-Fried’s case is widely associated with mainstream financial fraud narratives in regulated markets, while Ulbricht’s case is commonly framed around the legality of the Silk Road marketplace and Bitcoin’s role as a payment method. Even when both outcomes involve pardons, the political calculus can differ markedly.

What the appeals ruling signals for the broader crypto legal landscape

The Second Circuit’s decision lands in a period when the crypto industry remains under intense regulatory and legal pressure following high-profile collapses. For market participants, the practical takeaway is that the legal system continues to treat major exchange failures and related conduct as potential criminal matters that can survive multiple layers of review.

Bankman-Fried’s appeal failure also suggests that arguments aimed at overturning convictions—at least in this instance—face a high bar once a conviction is supported by a trial record and withstands initial judicial scrutiny. While the outcome of a presidential pardon is not governed by appellate standards, the court’s affirmation narrows the room for incremental relief through the justice system itself.

In the near term, investors and builders are likely to focus less on legal “hopes” for reversal and more on the clemency track. Yet the public record around Trump’s earlier statements provides a caution flag: even where pardons are possible, expectations may be mismatched with political reality.

As the DOJ pardon process unfolds and the President’s stance remains the decisive variable, readers should watch two things closely: any movement on the clemency request and the continued stability of the criminal-legal outcome despite further attempts to seek relief.

Ether (ETH) has struggled to regain the $1,700 level over the past week, a sign that downside pressure is still outweighing demand from leveraged derivatives traders. The weakness in ETH has unfolded alongside broader market hesitation, but the details in futures positioning and on-chain activity point to a more specific problem: traders are less interested in adding bullish risk at current prices.

While ETH futures sentiment has turned clearly bearish, Ethereum’s staking backdrop remains firm. Network staking queues and ongoing accumulation by large holders suggest that at least part of the market is still positioning for long-term value, even if short-term trading appetite has cooled.

Key takeaways

• ETH failed to reclaim $1,700 this week, reflecting continued market-wide softness and lack of renewed bullish demand.
• According to Laevitas, ETH perpetual futures annualized funding flipped negative on June 5, with shorts paying to keep positions open.
• CoinGlass data shows total ETH futures exposure fell about 30% over a month to a 13-month low, indicating reduced institutional participation.
• Despite bearish derivatives, Ethereum staking demand remains strong: validator entry queue is about 50 days with a large staked base, while exit queue shows no wait time.
• On-chain activity has weakened, with Ethereum TVL down and DApp revenues falling—an imbalance that helps explain softer ETH utility and trader interest.

Derivatives positioning stays bearish as leveraged interest fades

The latest ETH price pullback is closely mirrored by deteriorating leveraged futures conditions. Traders monitoring perpetual funding rates saw a key inflection on June 5: ETH perpetual futures annualized funding moved into negative territory, a setup that typically signals persistent short-side pressure and discourages new longs from chasing upside with leverage.

Even though ETH has corrected roughly 30% over the past five weeks, bullish traders appear reluctant to “lean in” given the risk-reward profile implied by negative funding. This matters because funding is often treated as an early indicator of where the marginal demand for long exposure is coming from—or, in this case, where it is not.

Open interest has also declined. CoinGlass data cited in the report indicates that ETH futures aggregate open interest dropped sharply, pulling total futures exposure down about 30% in a month to a 13-month low. When open interest contracts alongside negative funding, it usually reflects less participation from larger players who tend to set the tone for institutional-style trades.

This shift is consistent with U.S.-listed Ether spot exchange-traded funds (ETFs). Over two weeks, those products recorded $323 million in net outflows, reinforcing the theme that institutional appetite has weakened even as staking-related demand appears to hold up.

Staking demand holds, but Ethereum usage looks softer

One of the most notable tensions in the current data is that staking metrics are supportive while broader on-chain indicators point lower. The report attributes the negative trading sentiment partly to declining Ethereum on-chain activity, which can translate into reduced fee generation and less perceived utility for ETH.

DefiLlama data shows Ethereum total value locked (TVL) fell 33% over two months to $37.5 billion. In parallel, decentralized application (DApp) revenues dropped 43% in May compared with the prior six-month period. For traders, sustained declines in TVL and DApp revenue often correlate with muted network activity expectations—making it harder for a price floor narrative to take hold quickly, even if staking remains attractive.

Yet staking is doing something different. The same period shows stronger demand for Ethereum staking exposure and continued accumulation by large holders. Although the spot ETF yield referenced in the report is modest at 2.7%, the direction of flows around staking-related positioning appears more constructive than what futures traders are reflecting.

Validator queues suggest long-term confidence despite short-term weakness

Staking “queue” data provides another window into how the market is thinking about Ethereum’s future. According to the report, the staking validator entry queue currently sits around 50 days, with more than 2.9 million ETH in the entry queue. Meanwhile, the exit queue shows zero wait time—meaning stakers are not currently facing delays to withdraw.

At the same time, the report notes that 39.5 million ETH are already staked. That combination—deep participation in staking alongside an exit queue with no wait—can be interpreted as confidence rather than panic. While staking does not guarantee investors will hold indefinitely, queue conditions are frequently treated as an indicator of how much demand exists to join validation right now.

Exchange deposits fall, pointing to accumulation even as derivatives shrink

The derivatives unwind is matched by behavior in spot supply indicators. Glassnode-based exchange balance figures cited in the report show ETH deposits on exchanges declined to 15.05 million from 16.15 million three months ago, suggesting a net movement away from exchanges that aligns with accumulation behavior.

Part of that accumulation is attributed to BitMine. CoinGecko data referenced in the report indicates BitMine added 337,078 ETH to its balance sheet over the past 30 days. The implication is that while traders may be stepping back from leveraged bullish positioning, at least some larger buyers are consolidating ETH off-exchange—often a supportive factor for longer-horizon price narratives.

Importantly, the report cautions against reading weak demand for bullish leverage as an automatic signal of rising downside risk. If staking metrics remain resilient and ETF outflows do not escalate into a more severe structural drain, the likelihood of an aggressive selloff appears lower than what bearish derivatives alone might imply. The same analysis argues that a crash toward $1,500 looks less likely under these conditions.

Still, investors should watch two things closely next: whether Ethereum’s on-chain activity continues to deteriorate (TVL and DApp revenue trends) and whether institutional flows in U.S. Ether spot ETFs keep moving decisively lower. If either of those turns worsens, it could pressure both staking enthusiasm and the tentative support implied by off-exchange accumulation.