Trader James Wynn opens a new $100M long position with 40x leverage

▪️Crypto trader known by the pseudonym James Wynn has opened a new long position on Bitcoin at $105,890 with 40x leverage. He continues to top up his margin in tranches of hundreds of thousands of dollars. At the time of publication, his position will be liquidated if Bitcoin drops to $103,637.

▪️According to him, a sharp move against his position began immediately after entry. He called it a targeted attack and urged his followers to buy Bitcoin.

▪️“Maybe I’m just a small fish in a whale game, or maybe it’s because everyone learned about Hyperliquid through me. Either way, if you want to support the fight against corruption, buy Bitcoin right now,” he wrote on X.

▪️Wynn became a prominent figure in the crypto community after a series of high-risk trades on Hyperliquid, at one point holding a $1.2 billion long position with $82 million in unrealized profit. Nearly all his trades ultimately ended in losses. After losing over $100 million in highly leveraged positions, he claimed to have “exposed how corrupt the market is.”

▪️Wynn’s real identity remains unknown. It’s also unclear whether his activity is part of a marketing campaign by Hyperliquid itself. On the day he opened the billion-dollar long, the platform’s token HYPE hit a new all-time high.

Analysts reported that the Ethereum Pectra upgrade with the EIP-7702 feature, intended to simplify wallet interactions, has become a vulnerability — hackers have begun exploiting it on a large scale for theft.

97% of delegations are involved in the attacks, with most carried out using the CrimeEnjoyor script, which automatically drains wallets with leaked keys.

BCP Technologies is launching the tGBP stablecoin, pegged to the British pound — a “live prototype” in anticipation of future FCA regulation.

The token will be listed on two major exchanges in the coming weeks.

NFT from Trump Memecoin Holders’ Dinner Sold for $16K

Participants of a private dinner for top holders of the TRUMP memecoin received special NFTs on the Solana blockchain as gifts. The tokens were distributed based on each person's level of participation in the event, which took place on May 22 at Donald Trump’s golf club in Washington, D.C.

▫️ Power to the Holders NFTs were given to everyone who registered for the dinner by connecting their wallet on the website but did not make it into the 220-guest list. One of these NFTs sold for $4,000 worth of SOL tokens.

▫️ Gold Gala Dinner NFTs were issued to all guests who physically attended the event. The current floor price on NFT marketplaces starts at $7,700.

▫️ Diamond Hands NFTs were awarded to 118 wallets that held onto their TRUMP tokens until the end of the dinner without selling. One such token was sold for 99.9 SOL (around $16,000).

These NFTs have no functional utility. Trump’s team described them as “historic collectibles in honor of the crypto president.” According to eyewitnesses, the former president gave a brief speech and then left the event without mingling with the guests.

National Bank of Kazakhstan Launches “Crypto Card” Project and Stablecoin Pilot

The National Bank of Kazakhstan has announced the launch of its “crypto card” initiative — bank cards linked to crypto wallets on licensed exchanges within the Astana International Financial Centre (AIFC). To support the project, the regulator held a meeting with representatives from banks, crypto exchanges, and fintech companies.

These cards allow users to pay in Kazakhstani tenge, with the necessary amount instantly converted from the user’s cryptocurrency into fiat at the moment of purchase.

In 2025, the National Bank will also coordinate a series of pilot projects in the digital asset space, including:

▫️ Issuance of stablecoins backed by the tenge (including the digital tenge);
▫️ Tokenization of real estate and financial assets, and issuance of digital securities;
▫️ Systems for collateral accounting and storage for digital assets;
▫️ Services for crypto exchange and custody;
▫️ Other innovative token-based products.

To provide legal backing for these initiatives, the regulator has drafted a bill that expands opportunities for circulation of both unbacked and asset-backed digital assets in the country.

Previously, the National Bank stated that only 5% of crypto investors currently use licensed AIFC exchanges, with the rest operating in a legal “grey zone.” Among the licensed platforms in Kazakhstan is Bybit, along with Kazakh-based exchanges.

Tensions Rise Within Trump’s Crypto Empire: World Liberty Financial (WLFI), Owned by Trump’s Sons, Clashes With Fight Fight Fight LLC, Team Behind TRUMP Memecoin — Bloomberg

▪️WLFI has sent a cease-and-desist letter to Fight Fight Fight LLC, demanding the company halt what it called unlawful activities.

▪️The feud began after Fight Fight Fight announced it was developing the “TRUMP Wallet” crypto wallet (source). Partner company Magic Eden (#ME) also received a cease-and-desist letter regarding its involvement.

▪️The conflict highlights growing internal discord as various factions vie for control and influence over Trump-branded crypto initiatives.

Well-known trader James Wynn, the whale everyone is currently watching, will change his avatar on X and advises against trading with leverage.

Ranking of the Top 10 Blockchains Based on DApp Count

Ethereum Foundation to Sell ETH Less Frequently and Focus on ‘Cypherpunk’ Values

The Ethereum Foundation (EF) has unveiled a new treasury and spending management strategy. The organization plans to reduce annual expenditures and focus its support on the ecosystem during critical periods. The foundation believes that 2025–2026 will be a “turning point” for Ethereum.

Key changes:

▫️ Spending reduction. EF aims to lower its annual spending from the current 15% of total assets to 5% by 2030. ETH will only be sold if fiat reserves fall below the equivalent of 2.5 years of the budget.

▫️ Generating yield through DeFi. Treasury assets will be allocated to staking, lending protocols, real-world asset (RWA) solutions, and other onchain tools.

▫️ Defipunk principles. The foundation will prioritize privacy, decentralization, and open-source criteria when selecting projects to support — principles inspired by the cypherpunk manifesto.

▫️ Transparency. Starting in 2025, EF will publish regular reports on ETH sales and its asset structure.

As of October 2024, the foundation held $970 million in assets — $788.7 million in cryptocurrencies and $181.5 million in traditional instruments. The new strategy aims to strengthen the foundation’s role as an “institutional guarantor” of Ethereum’s development.

How the Current Crypto Bull Run Differs from Previous Cycles

Analysts at the CryptoQuant platform have compared the current market cycle with the bull phases of 2017 and 2021. In their assessment, the market behavior in 2024–2025 displays characteristics not typical of previous growth periods.

▫️ 2017: Growth was steady with brief corrections. In the second half of the cycle, the market experienced a prolonged decline lasting 7–8 months — comparable in length to the correction seen in 2024.

▫️ 2021: The cycle began with a prolonged decline during the pandemic, followed by a sustained rally with minimal pullbacks.

▫️ 2024–2025: The market has gone through a series of short-term rallies and two sharp pullbacks (March–November 2024 and January–April 2025). Altcoins have underperformed especially noticeably, adding to bearish sentiment among market participants.

According to analysts, the current cycle shows signs of artificial market pressure. The post-rally pullbacks may be the result of actions by large players aiming to cool down an overheated market and prolong the bull phase.

On-chain metrics also show that the market structure now differs from past cycles. Previously, the final rally stage was accompanied by active coin movement and selling. Now, however, most bitcoins remain untouched, with holders opting to accumulate rather than sell. This makes it harder to determine the market's current phase, but CryptoQuant suggests the cycle may still end with a euphoric surge and the formation of a significant market bubble.

Bitcoin Network Activity Drops to Lowest Level Since October 2023

▫️The number of transactions on the Bitcoin network has fallen to levels not seen in nearly 19 months, despite BTC prices remaining near all-time highs. According to The Block, the average number of daily transactions over the past week dropped to 317,000, with only 256,000 transactions processed on June 1 — the lowest since October 2023.

▫️With activity declining, miners have begun including transactions with minimal fees, even below the standard threshold of 1 satoshi per byte. For instance, one such transaction spent nearly a month in the mempool before being included in a block with a fee of just $0.01.

▫️Currently, the Bitcoin Core developer community is debating how to handle such transactions. A group of 31 developers published an open letter urging against blocking “non-standard” and low-fee transactions, provided miners are willing to include them. They argue that filtering these transactions undermines Bitcoin’s decentralized and censorship-resistant principles.

However, some in the community warn that this approach could encourage spam transactions — including formats like runes or ordinals — potentially hurting the network’s overall efficiency.

🇵🇾 Paraguayan President’s Account Hacked, Fake Post About Bitcoin Recognition Published

The X (formerly Twitter) account of Paraguay’s President Santiago Peña was hacked, and a message in English was posted in his name claiming that Bitcoin had been recognized as an official payment method in the country.

The post also included a phrase stating that "the scale of the launch depends on user investments today," along with a Bitcoin wallet address for transfers. No incoming transactions to the wallet have been recorded.

The president’s administration and the official account of the Paraguayan government confirmed that the account had been compromised. As of the time of publication, the post remains available.

Analysts at Glassnode stated that the current BTC cycle is similar in dynamics to previous ones, despite its market capitalization now being significantly higher.

Detective ZachXBT Warns Crypto Crime Is Spinning Out of Control

▫️ $5–10 billion in stolen funds are circulating on Tron.
▫️ Protocols profit from transaction fees of illicit funds without taking action.
▫️ Influencers & KOLs face no consequences for scamming followers and projects.
▫️ Legal systems favor hackers due to regulatory loopholes.
▫️ The potential long-term consequences are deeply concerning.