A Swiss investor said KuCoin has yet to pay a Seychelles Supreme Court award of more than $2 million after the exchange declared his tokens “abandoned.”

In a Dec. 11, 2025, ruling, the Supreme Court of Seychelles declared that Didier Rabl is the “sole proprietor and owner” of approximately 21 million CoinPoker (CHP) tokens previously held for him on KuCoin. The court also ordered three Seychelles-incorporated KuCoin entities to pay him over 2 million USDt (USDT) plus $10,000 in moral damages, according to documents reviewed by Cointelegraph.

The ruling could have implications for how cryptocurrency exchanges handle delisted assets, with the court finding that KuCoin did not become the beneficial owner of Rabl’s tokens and remained obligated to safeguard the assets and honor lawful withdrawal requests.

KuCoin’s Seychelles entities did not appear or defend the case.

Copies of emails reviewed by Cointelegraph show that KuCoin sent Rabl a series of delisting notices in 2021, warning that withdrawals of CHP would close on July 28 of that year. The emails stated that any unwithdrawn funds would be deemed “abandoned” with “no rights to claim back.”

Court Order. Source: Seychelles Supreme Court

The court found that all the emails “remained unread and unanswered” and that KuCoin delisted CHP “without making any further attempt to notify the Plaintiff by post, telephone, or any alternative means.”

Seychelles FSA confirms receipt of KuCoin judgment

The court held that a unilateral delisting email with “deemed to have abandoned” wording was not sufficient to remove a customer’s rights to tokens already in their account when no such forfeiture term was in the original contract.

Related: Dubai regulator orders KuCoin entities to stop unlicensed operations

KuCoin’s terms of use at the time gave the platform broad powers to suspend or terminate accounts and to limit its liability, but did not explicitly state that unwithdrawn tokens after a delisting become KuCoin’s property.

A blockchain analysis report shared with Cointelegraph traced movements of the legacy Ethereum CHP token and identified an address labeled “KuCoin 6” on Etherscan that holds 21,000,000.0509 CHP, or about 5.9% of the total supply.

The Supreme Court directed its Registrar to serve the judgment on Seychelles’ Financial Services Authority (FSA).

In a written response to Cointelegraph, an FSA spokesperson confirmed it had received the judgment and said Mek Global Ltd, the KuCoin-linked company that applied for a virtual asset service provider (VASP) licence, had its application rejected on June 4, 2025, and was required to cease all business conducted in or from Seychelles.

The FSA also published a public statement noting that Peken Global Limited, one of the defendants in the case, opted to migrate its services outside Seychelles following the rejection of the application.

Under Seychelles’ Virtual Asset Service Providers Act, licensed exchanges are required to segregate client assets and maintain them at a 100% reserve, the spokesperson said.

Source: Seychelles Ministry of Finance

Legal expert highlights limits of ex parte judgment

Joshua Chu, co-chair of the Hong Kong Web3 Association, and a lawyer who has handled Seychelles-related arbitration, told Cointelegraph, “It should be noted from the outset that this judgment was decided entirely ex parte,” pointing out that KuCoin’s entities “never appeared, never defended, and never submitted to jurisdiction.” Justice N. Burian’s decision is “first instance only,” he said, with “no binding force outside Seychelles.”

Related: KuCoin fully rolls out KIA, a crypto-native AI built to simplify the crypto experience

Chu said the court proceeded on the basis that the exchange-customer relationship was “at minimum contractual, obliging the exchange to safeguard the assets and to honor lawful withdrawal instructions.”

In principle, a VASP’s unexplained failure to comply with a final Supreme Court order concerning customer assets would sit uneasily with standards of integrity, cooperation with courts and regulators, and respect for client property, Chu said. He added that “a defendant in future contested proceedings could argue that its factual assumptions are incomplete,” and that the consequences would depend on any appellate process.

Rabl told Cointelegraph he has not received any payment from the Seychelles entities named in the judgment and is preparing additional legal action in Seychelles aimed at enforcing the award and potentially seeking additional damages.

KuCoin did not respond to multiple requests for comment from Cointelegraph.

Asia Express: North Korea denies crypto hacks, Upbit’s bank tests Ripple

Velvet price has surged more than 1,400% over the past week as traders pile into the token ahead of SpaceX’s highly anticipated public debut, pushing the project into one of the strongest rallies in the crypto market.

According to data from CoinGecko, Velvet (VELVET) price surged more than 125% on June 12, reaching an intraday high of $1.83 and bringing its weekly advance to over 1,400%. The rally has pushed the token’s market capitalization to roughly $745 million even as the protocol holds less than $1 million in total value locked, a gap that points to speculation rather than underlying usage.

Behind the surge is growing interest in Velvet’s newly launched pre-IPO trading markets. In a June 11 X post, Velvet promoted synthetic exposure to SpaceX through its SPCX market, telling users they could trade the company before its expected stock market debut.

The platform also offers leveraged exposure to private companies including OpenAI and Anthropic, tapping into a theme that has attracted significant attention from both crypto traders and traditional market investors.

Pre-IPO markets have fueled speculative demand

Interest in the project accelerated after Velvet announced an integration with Trade.xyz on June 3. According to the company, the partnership allows users to access crypto, stocks, commodities, research tools, and trade execution through a single platform rather than separate applications.

The announcement coincided with VELVET’s breakout above a long-standing resistance zone near $0.20 and $0.22. Since then, traders have increasingly treated the token as a proxy bet on demand for tokenized market access and pre-IPO investing opportunities.

Velvet futures data points to leverage playing a major role in the rally. Open interest reportedly surged to nearly $94 million within days as speculative activity intensified. At the same time, trading volumes exceeded $108 million, while a wave of short liquidations added further buying pressure.

A liquidity squeeze was also seen developing across spot markets. With a relatively small circulating supply available on exchanges, aggressive buying activity collided with thin order books, helping propel the token higher as momentum traders entered the market.

Technical indicators keep the $2 target in focus

Velvet price action on the four-hour chart shows VELVET entering an overshoot zone after breaking above the Murrey Math 8/8 resistance level near $1.56.

The token recently reached the +1/8 overshoot level around $1.76 before pulling back slightly. Based on the same framework, the next major resistance sits near the +2/8 extreme overshoot level at $1.95, placing the psychological $2 mark within reach if buying pressure continues.

Momentum indicators remain supportive despite increasingly stretched conditions. The four-hour MACD remains in bullish territory, with the MACD line holding above the signal line and positive histogram readings indicating buyers still control the trend.

On the downside, the first key support sits near $1.56, while a deeper correction could expose the 7/8 Murrey Math support around $1.37.

What is Velvet?

Velvet is a decentralized trading and asset management platform focused on bringing multiple financial markets into a single on-chain environment.

The project allows users to access cryptocurrency markets, tokenized assets, yield products, and leveraged perpetual contracts through one ecosystem. More recently, Velvet expanded into synthetic pre-IPO markets, enabling traders to gain exposure to private companies such as SpaceX, OpenAI, and Anthropic before traditional public listings.

According to the project, its integration with Trade.xyz connects research, execution, and market access tools across multiple asset classes. The VELVET token serves as the native asset of the ecosystem and has become a focal point for traders following the launch of the platform’s pre-IPO trading products.

Whether the rally can extend toward $2 may depend less on protocol fundamentals and more on continued demand for SpaceX-related speculation.

With the company’s public debut dominating investor attention and synthetic pre-IPO markets attracting fresh trading activity, VELVET remains one of the market’s most closely watched momentum plays.

Key Highlights

• Oracle lands $395.8M cloud HR modernization contract from OPM
• ORCL stock gains in pre-market trading following earnings-related selloff
• Federal government selects Oracle Cloud HCM to consolidate 100+ HR platforms
• Platform expected to deliver 90%+ cost savings for taxpayers
• Federal HR 2.0 initiative expands Oracle’s government sector footprint

Oracle (ORCL) shares experienced a minor recovery in pre-market trading following a significant post-earnings pullback. The stock dropped 8.53% to settle at $184.10 during regular trading, before climbing 0.74% to $185.37 in early morning activity. A newly announced $395.8 million federal government contract has redirected investor focus toward Oracle’s expanding cloud infrastructure.

Oracle Corporation, ORCL

Major Federal HR Modernization Award Goes to Oracle

The U.S. Office of Personnel Management has selected Oracle for a $395.8 million HRIT Modernization Core HCM initiative. This agreement establishes the federal government’s first unified human resources management system spanning all agencies. Oracle Fusion Cloud Human Capital Management will serve as the foundation for this comprehensive platform.

This unified solution will consolidate over 100 fragmented HR systems currently operating throughout federal departments. OPM anticipates the initiative will eliminate redundancy while enhancing workforce data quality and accessibility. The agency projects taxpayer savings exceeding 90% compared to current operational expenses.

This deployment represents a cornerstone of OPM’s Federal HR 2.0 strategy. The program establishes a single authoritative source for federal workforce administration. Approximately two million civilian employees across U.S. Executive Branch agencies will utilize the platform.

Oracle’s Cloud HCM Platform at the Forefront

Oracle Cloud HCM will deliver comprehensive functionality including position administration, personnel transaction processing, employee record management, and advanced workforce analytics. The platform also features self-service capabilities for both employees and supervisors. Additionally, it will integrate seamlessly with existing payroll, retirement administration, and benefits management systems.

Federal HR infrastructure currently exists as scattered, independent systems across multiple agencies. This fragmentation creates data inconsistencies, duplicated efforts, and delayed service provision. The consolidated platform is designed to enhance interagency collaboration while bolstering security protocols and operational performance.

OPM chose Oracle following an extensive competitive evaluation process. The selection criteria incorporated feedback from multiple agencies and comprehensive testing against governmental requirements. Oracle will deploy a FedRAMP-authorized cloud environment specifically designed for federal HR functions.

Government Contract Reinforces Oracle’s Cloud Market Position

This federal engagement represents a significant addition to Oracle’s cloud application customer base. The contract broadens the company’s involvement in public sector digital transformation projects. Oracle now occupies a more prominent position in critical workforce management technology infrastructure.

Oracle Fusion Cloud Applications encompass enterprise resource planning, human capital management, supply chain management, and customer experience solutions. These integrated platforms enable organizations to streamline financial operations, business processes, personnel administration, and customer relationship activities. The applications incorporate artificial intelligence features that automate routine tasks and enhance strategic planning.

The OPM engagement demonstrates ongoing appetite for enterprise-scale cloud migration initiatives within the public sector. Government agencies increasingly prioritize integrated systems that deliver operational efficiency and superior data governance. This latest contract firmly establishes Oracle’s cloud software offerings as central components of a transformative federal modernization program.

Key Takeaways

• Bank of America’s Vivek Arya increased his 2030 server CPU addressable market forecast to $170 billion from $125 billion, naming AMD his preferred choice in the category
• Arya boosted his AMD target price to $560 from $500, highlighting the company’s strategic positioning and forthcoming “Venice” server processor lineup
• Citi shifted AMD to Buy from Neutral, increasing its target to $575 from $460, arguing the market undervalues AMD’s GPU opportunities
• Citi projects AMD will capture the majority of GPU orders from Meta through custom MI450 chips ramping in the latter half of 2026, forecasting $33 billion in AI revenue by 2027
• Shares of AMD finished Thursday’s session up approximately 8%, propelled by consecutive analyst endorsements

While Thursday appeared relatively uneventful for the broader technology sector, Advanced Micro Devices had a different story to tell.

Shares of Advanced Micro Devices (AMD) climbed approximately 8% during Thursday’s trading session after two prominent Wall Street firms issued optimistic assessments on the chipmaker within hours of each other, pushing shares to roughly $488.66.

Advanced Micro Devices, Inc., AMD

Bank of America’s Vivek Arya initiated the bullish wave before market open. He elevated his projection for the 2030 server CPU addressable market to $170 billion, a significant jump from his earlier $125 billion estimate. Arya positioned AMD as his top selection within the CPU market.

Arya identified agentic AI as the primary catalyst behind his revised outlook. He anticipates a 37% compound annual growth trajectory for server CPUs spanning 2025 through 2030. That’s a substantial projection, and AMD is positioned squarely within that growth path.

Accompanying the upgrade, he elevated his price objective on AMD to $560 from $500, emphasizing AMD’s strategic positioning for the long term and the imminent release of its “Venice” next-generation server processors as primary justifications.

Citi Follows With Bullish Call

Shortly after, Citi contributed additional upward momentum. Analyst Atif Malik elevated AMD to Buy from Neutral and increased his price objective to $575 from $460.

Malik’s thesis is clear: Wall Street predominantly views AMD through a CPU lens. The GPU narrative, according to his analysis, remains largely unaccounted for in current valuations.

Citi anticipates AMD will secure the bulk of GPU contracts from Meta, with customized MI450 chips delivering Meta superior total cost of ownership compared to competing merchant GPU offerings.

The firm referenced a previously disclosed arrangement between AMD and Meta — a six-gigawatt, four-year commitment involving a 160 million share common stock warrant. The initial one-gigawatt phase is projected to scale up during the second half of 2026 and continue into 2027.

Citi calculates that each gigawatt within that arrangement represents approximately $15 billion in revenue opportunity for AMD.

Aggressive AI Revenue Projections

Leveraging that partnership and expanding GPU traction, Citi now projects AMD’s AI-related sales will reach $33 billion in 2027, representing 137% year-over-year growth, and $50.8 billion in 2028, reflecting 54% growth.

These figures would establish AMD as a significantly more dominant GPU competitor than current market pricing suggests.

Regarding CPUs, Citi also revised its 2030 addressable market projection upward to $136.7 billion from $131.5 billion following Computex. This reflects a 36% CAGR from $29.3 billion in 2025.

Citi’s updated 2026-2028 earnings per share projections exceed Street consensus by 12% to 13%. Its $575 target price derives from a sum-of-the-parts analysis: $281 per share attributed to data center GPU, $204 per share for CPU, combined with contributions from client segments, gaming, embedded operations, and approximately $35 per share in net cash position.

AMD’s 52-week trading range spans from $115.06 to $546.44. Thursday’s closing price of $488.66 positions it considerably above the midpoint of that spectrum.

The US natural gas market (XNG/USD) is entering the summer season under the influence of two opposing forces. Domestically, the picture remains bearish. According to the EIA, working gas in underground storage stood at 2,688 billion cubic feet as of 5 June 2026, which is 151 billion cubic feet above the five-year average. At the same time, gas deliveries to major LNG export terminals have fallen to 16.3 billion cubic feet per day, as seasonal maintenance work at the Golden Pass and Freeport LNG facilities in Texas has constrained export flows.

On the other hand, global LNG demand is strengthening. On 9 June, Morgan Stanley warned that LNG prices could rise to levels not seen in more than three years. Hot weather across Asia and Europe’s need to replenish gas reserves are intensifying competition for available LNG supplies. Should demand continue to increase, a greater share of US LNG could be redirected to overseas markets, potentially providing support for domestic natural gas prices over the longer term.

Technical Picture

Since late April, US Natural Gas has been developing an upward trend on the H4 chart, supported by a series of higher lows. The trendline underpinned the advance up to the peak near $3.260 — a resistance level marked in red, from which the price was rejected twice. Following the second test, the current decline began, and by 11 June the price had moved below the ascending trendline, making its first attempt to break it. Volume on the bearish candle of 11 June increased noticeably, drawing attention to the significance of the attempted trendline break. Under such a scenario, the support level marked in green near $2.930 could come into focus for buyers.

The lower boundary of the horizontal profile at $3.030 and the point of control at $3.050–3.060 are positioned very close together, forming a cluster that could act as resistance should a recovery attempt develop. The RSI and its moving averages are currently reading 38/46/47. The oscillator remains below both moving averages but has not yet entered oversold territory, while the moving averages, highlighted in red, have yet to reach the lower boundary of the neutral zone at 45.

Key Takeaways

The inventory surplus in the United States and reduced export flows from US LNG terminals remain the dominant fundamental factors affecting the market. Technically, the price is testing the ascending trendline amid increased trading volume while remaining below the cluster formed by the profile’s lower boundary and the point of control. Further price action will largely depend on weather forecasts and the EIA’s weekly storage reports.

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Binance’s SpaceX tokenized IPO campaign attracted over $557 million in USDC deposits from about 27,689 wallet addresses ahead of the company’s highly anticipated public listing.

Wallets contributing up to $20,000 accounted for more than 81% of participating addresses but only 18.39% of total funds, while 114 addresses contributed over $500,000 each, representing about 10.2% of the funds, according to Dune data.

The deposits point to strong demand for crypto-based pre-IPO exposure ahead of SpaceX’s Nasdaq debut on Friday, with the company seeking to raise $75 billion at $135 a share and an around $1.8 trillion valuation.

On decentralized exchange Hyperliquid, SpaceX perpetual futures traded in the $180 to $200 range after the pre-IPO market went live on May 18, implying a valuation closer to $2.5 trillion, Talos said in a Tuesday report. The implied share price moved closer to the IPO level by Monday but has since rebounded to $179.

SpaceX perpetual futures traded at around $179 across Hyperliquid, Binance and other crypto platforms. Source: Talos

Talos added that crypto exchanges are becoming a new price discovery venue for pre-IPO stocks, as Hyperliquid’s pre-IPO perps priced Cerebras’ (CBRS) recent Nasdaq debut within 1.3% of its $350 opening price.

Related: Crypto exchanges chase TradFi commodities market as pricing gaps persist 

Crypto rails point to over $2 trillion SpaceX IPO valuation

On prediction market Polymarket, 56% of participants are betting that the SpaceX IPO will close with a $2 trillion to $2.5 trillion market capitalization after its first day of trading, while 25% are predicting a close between $1.5 trillion and $2 trillion.

SpaceX IPO closing market capitalization bets on Polymarket. Source: Polymarket.com

Meanwhile, more cryptocurrency exchanges are launching pre-IPO proxy offerings tied to Elon Musk’s rocket and satellite company.

OKX told Cointelegraph that it is preparing to list SpaceX on its X-perps on Friday, offering Europe-based traders futures exposure to the highly anticipated debut, with up to 10x leverage.

The launch adds to a growing roster of crypto platforms offering SpaceX-linked products, including Bitget, Blockchain.com, Bybit, Kraken and Coinbase.

Magazine: Can Robinhood or Kraken’s tokenized stocks ever be truly decentralized?