Charles Hoskinson thinks he can solve Cardano’s spiralling social reputation by muting everyone on X and increasing censorship on Discord.

The problem with the Cardano (ADA) community, he explained yesterday, isn’t the 50% decline in ADA year-to-date, its 75% decline over the last year, or its 94% collapse over the last five years.

Nor is the problem Cardano’s graveyard of failed initiatives, ongoing forensics into early ADA sales, or the canceled Cardano summit.

The problem is mean tweets and drama on X.

Hoskinson posted on Thursday that he’s plotting a “great migration” of the Cardano community off X and onto a censored, i.e. “well-moderated,” Discord server.

In this great new Discord, thanks to moderators’ speech censorship, members will be able to “leave behind the drama, lies, endless rage, and embittered people.”

Such people aren’t on Discord, presumably, or at least won’t be speaking within Hoskinson’s well-moderated channels.

Hoskinson spoke with EMURGO chief executive Phillip Pon, appointed last year, about building this great server.

Future Ask Me Anything sessions will pull questions from Hoskinson’s new Discord, but he admitted that he’ll keep livestreaming on X because the audience is large and therefore worthwhile for its reach. 

Metaplanet announced on Friday that it has agreed to acquire Siiibo Securities in a 2.1 billion yen ($13.1 million) deal to form a securities arm.

The Tokyo-listed Bitcoin (BTC) treasury company said it entered into a share transfer agreement to acquire 100% of the Japanese securities company, a licensed financial instruments business operator. After closing, expected in July, Siiibo Securities will become a wholly owned subsidiary and be renamed Metaplanet Securities.

Metaplanet CEO Simon Gerovich said the acquisition is the first step in Project Nova, the company’s strategy to build a Bitcoin-centric financial ecosystem in Japan.

“We will develop and distribute Bitcoin-related yield products directly to Japanese investors, supported by the 40,177 BTC on our balance sheet,” he wrote. 

The company said Siiibo’s licensing, corporate bond platform and customer base would allow Metaplanet to develop income-oriented products like BTC-linked bonds, while giving it direct access to investors seeking yield in Japan. 

Metaplanet’s Bitcoin stash has a net asset value of 457.6 billion yen (about $2.8 billion), making it the largest publicly listed BTC holder in Japan and the third-largest in the world, according to data tracker Bitcoin Treasuries.

Metaplanet’s Bitcoin treasury holdings. Source: Bitcoin Treasuries

Japanese firms prepare for crypto’s move into finance 

Metaplanet’s securities push adds it to a growing list of Japanese financial and crypto firms positioning themselves ahead of a regulatory shift that could bring digital assets closer to the country’s traditional financial markets.

Japan’s Lower House reportedly passed a bill on Thursday that would bring crypto assets under the country’s financial instruments framework, potentially opening a path to crypto exchange-traded funds and more favorable tax treatment for digital assets.

Related: Japan approves bill to classify crypto as financial instruments

Japan’s market infrastructure firms are also testing how digital assets could fit into existing capital markets. In April, the Japan Securities Clearing Corporation, part of Japan Exchange Group, said it would launch a proof of concept with Mizuho, Nomura and Digital Asset to test the use of Japanese government bonds as digital collateral on the Canton Network.

SBI Shinsei Bank is reportedly preparing a deposit-linked crypto rewards service that would allow customers to receive vouchers redeemable for Bitcoin, Ether or XRP through SBI VC Trade. SBI’s broader group has also been expanding across crypto exchange services, stablecoin lending and planned securities products, including investment trusts and ETFs tied to crypto assets.

Magazine: Does ‘Paper Bitcoin’ mean there’s an unlimited supply of BTC?

CoinDesk Indices presents its daily market update, highlighting the performance of leaders and laggards in the CoinDesk 20 Index.

The CoinDesk 20 is currently trading at 1711.6, down 0.3% (-4.68) since 4 p.m. ET on Thursday.

Ten of 20 assets are trading higher.

Leaders: NEAR (+2.7%) and ADA (+1.0%).

Laggards: CRO (-1.4%) and ETH (-1.0%).

The CoinDesk 20 is a broad-based index traded on multiple platforms in several regions globally.

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.