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In brief U.S. prosecutors have seized more than $25 million in cryptocurrency linked to international fraud schemes that targeted victims across the U.S. and Canada. The money was recovered through five civil forfeiture complaints filed Tuesday in Washington, D.C., tied to investment and romance scams. It adds to the more than $800 million recovered by the Scam Center Strike Force, launched in late 2025. U.S. prosecutors have seized more than $25 million in cryptocurrency tied to international scams that defrauded thousands of victims across the United States and Canada, the Justice Department said Tuesday.
The U.S. Attorney's Office for the District of Columbia, working with the Secret Service's Washington Field Office, filed five civil forfeiture complaints on Tuesday, each tied to a separate investigation into fraudulent crypto investment platforms and online romance schemes. Agents said they traced illicit proceeds through hundreds of intermediary wallet addresses, where they had been commingled with funds from other victims.
Today, @USAttyPirro and the U.S. Attorney’s Office for the District of Columbia, together with the U.S. Secret Service Washington Field Office, announced that multiple investigations conducted by their Cyber Fraud Task Force have resulted in the seizure of more than $25 million…
— U.S. Attorney DC (@USAO_DC) July 21, 2026
The largest complaint seeks some $12.1 million tied to romance scams that hit more than 200 people, followed by about $10.4 million flagged by Canadian authorities across more than 270 suspected victim transactions. The three remaining cases range from $285,000 to $2.4 million, including one in which scammers posed as recovery agents offering to retrieve funds stolen in an earlier fraud.
In each case, the launderers were mostly based in Southeast Asia, with IP addresses in China, Malaysia, and Cambodia, prosecutors said.
The Scam Center Strike ForceThe seizure stems from the Scam Center Strike Force, launched in November 2025 by U.S. Attorney Jeanine Ferris Pirro. Investigators "cut through complex laundering schemes" to reach the money, Pirro said in a statement. The five investigations remain open, with the recovered funds bringing the strike force's total haul past $800 million.
In each case, prosecutors said, the launderers were mostly based in Southeast Asia, with IP addresses in China, Malaysia, and Cambodia—part of a scam economy increasingly run from the region and flagged by Interpol as a global threat.
Much crypto investment and romance fraud is operated out of forced-labor compounds in Cambodia, Myanmar, and Laos, where trafficked workers are coerced into defrauding victims worldwide. In October, U.S. and UK authorities charged Cambodia's Prince Group and seized more than 127,000 BTC from the network—then worth about $12 billion, marking the largest civil seizure and forfeiture in the DOJ’s history.
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According to official announcements, the U.S. Attorney’s Office for the District of Columbia and the U.S. Secret Service Washington Field Office jointly announced today that multiple investigations conducted by their joint cyber fraud task force have seized over $25 million in cryptocurrency assets. The assets are linked to an international fraud network targeting residents of the U.S. and Canada, and are part of the more than $800 million in illicit assets cumulatively recovered by the U.S. Department of Justice’s Fraud Center Strike Force, which was established in 2025.
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Losing a match and making history at the same time is a strange place to be. That’s exactly where Team Secret found itself on July 16, 2026, when the Filipino Valorant squad faced VARREL in the opening match of VCT Pacific Stage 2’s Group Stage, on the competitive debut of Summit, the newest map in the Valorant roster.
The result was a 1-2 series loss. But the story is a bit more layered than that.
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What actually happened on the server Team Secret dropped the first map, Split, in convincing fashion, losing 6-13. They bounced back on Haven, winning 13-9 to level the series. Then came Summit, the new map built around the lore of a Radiant training academy, and the decider came down to a razor-thin 11-13 scoreline in VARREL’s favor.
The series loss keeps Team Secret in a difficult spot within the Group Stage standings, but the VCT Pacific Stage 2 schedule runs through early September 2026. There is runway left. Their next test comes on July 19 against DRX, one of the more established and decorated rosters in the Pacific region.
Who is Team Secret, and why does this matter Team Secret is a Filipino esports organization with roots that go deeper than Valorant. The organization originally built its reputation in Dota 2, a heritage that carries weight in Southeast Asian esports culture. The transition into Valorant’s competitive ecosystem represents a deliberate strategic pivot toward a title that has grown into one of the most watched and most invested competitive games globally.
VCT Pacific, Riot Games’ top-tier Valorant league for the Asia-Pacific region, is not an open circuit. Participation requires either a partnership slot or qualification through the challengers pathway, placing it in the same structural tier as major North American and European leagues. The organizations inside it are competing for global circuit points, Masters appearances, and ultimately a shot at the Valorant Champions tournament, which functions as the sport’s world championship.
The organization entered Stage 2 with what was described as a refreshed lineup. Summit was introduced with Patch 13.00 in Season 2026 Act 4, meaning every Pacific team is encountering it simultaneously at the professional level.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
VARREL just punched their ticket through the upper bracket of the Esports World Cup 2026 Pacific Qualifier, taking down Team Secret 2-1 in a best-of-three series that started with a dominant 13-6 performance on Split. The Japanese Valorant squad made their map pick look like a formality before grinding through Lotus and Fracture to close out the series.
The match took place on May 12, 2026, as part of a qualifier running from May 11 through May 19. For anyone tracking the intersection of competitive gaming and digital finance, this tournament cycle is notable for what it doesn’t include: not a single crypto sponsor, token integration, or blockchain-related entity in sight.
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The match and what it tells us Split was never really a contest. VARREL came out swinging on their own map pick and closed it 13-6, the kind of scoreline that suggests Team Secret were solving a puzzle they never quite figured out. The series then moved to Lotus and Fracture, where things tightened up, but VARREL held their nerve across all three maps to take the upper final.
Team Secret, meanwhile, drops to the lower bracket. They’re not eliminated, but the path forward just got harder.
The crypto-shaped hole in esports The Esports World Cup 2026 Pacific Qualifier is running clean of any crypto-related branding or integration. No fan tokens. No NFT collectibles tied to match moments. No blockchain-based prediction markets embedded into the viewing experience.
For crypto investors and builders watching the esports space, the absence is instructive. Most crypto-esports partnerships were marketing plays dressed up as technology integrations. When the marketing budgets disappeared, there was no underlying utility to sustain the relationship.
The Pacific Qualifier continues through May 19, with VARREL now sitting in a comfortable upper bracket position.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Team Secret just made three roster moves that signal the organization is done tinkering and ready to compete. The Philippine-based esports squad signed players STYRON and naTz alongside new head coach Peter “Spin” Bradford, all ahead of the Valorant Champions Tour Pacific Stage 2.
The group stage matches kick off on July 16, 2026, giving the revamped roster roughly three weeks to gel.
What the roster changes actually look like STYRON comes to Team Secret with competitive experience from both DSG and MTV. NaTz rounds out the player additions, joining a roster that already includes kellyS, Sylvan, and TenTen from earlier iterations of the squad.
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Spin, whose full name is Peter Bradford, replaces Jose “Rbtx” Jamir as head coach. Bradford brings pedigree from stints with Gen.G Esports and Mindfreak.
The reshuffling was partly triggered by the departure of JessieVash from the roster.
The announcement dropped on June 25, 2026, leaving less than a month before matches begin.
Team Secret’s broader ambitions, including crypto Team Secret originally launched as a Dota 2 organization back in 2016 and ventured into Valorant in 2021. Their presence in the VCT Pacific league puts them in one of the most competitive regional circuits in professional Valorant.
Team Secret established a partnership with the Checkmate Ecosystem in January 2026, integrating the CHECK token into parts of their operations. The partnership enables CHECK to be used for merchandise purchases and tournament entry fees. The player signings and the crypto partnership exist in separate lanes and were not directly linked.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Key Takeaways Apple initiated legal action against OpenAI in California federal court, claiming trade secret misappropriation and contractual violations Tang Yew Tan, ex-hardware executive at Apple, is accused of transferring supplier information and instructing candidates to bring confidential Apple components to job interviews Chang Liu, a former Apple engineer, allegedly retained company equipment after departure and accessed sensitive files OpenAI reportedly demonstrated Apple’s exclusive metal-finishing process to a third-party manufacturer without authorization Industry experts suggest the litigation may hinder OpenAI’s consumer device roadmap and strain its collaborative ties with Apple The Cupertino-based tech giant launched legal proceedings against OpenAI this past Friday, alleging systematic theft of confidential information and violation of existing agreements. The complaint was submitted to the U.S. District Court for the Northern District of California.
$AAPL sued OpenAI in federal court, alleging trade secret theft tied to OpenAI’s consumer hardware push.
Apple named OpenAI hardware chief Tang Tan and former Apple engineer Chang Liu in the suit, alleging confidential hardware files and unreleased product materials were taken.… pic.twitter.com/qJKR7X6vDq
— Wall St Engine (@wallstengine) July 11, 2026
The legal action marks a dramatic shift in relations between the two technology leaders, who established a collaborative arrangement in 2024 integrating ChatGPT functionality into iOS. This partnership has now devolved into courtroom confrontation.
The Allegations in Detail At the heart of Apple’s complaint stands Tang Yew Tan, who spent nearly a quarter-century at the iPhone maker working on design initiatives for flagship products including the iPhone and Apple Watch. Tan later established io Products, a hardware development firm that OpenAI purchased for approximately $6.5 billion last year.
According to the filing, Tan systematically transferred sensitive supplier data to his private email account during his final days at Apple. The lawsuit further claims he provided guidance to prospective OpenAI hires on circumventing Apple’s exit protocols and explicitly directed interview candidates to transport unreleased Apple components—such as battery systems, circuit boards, and integrated System-in-Package technology—to OpenAI facilities as demonstration materials.
The complaint also names Chang Liu, who served as a senior systems electrical engineer at Apple. The filing asserts Liu retained an Apple-issued computing device following his transition to OpenAI and subsequently utilized it to extract proprietary technical documentation.
A third accusation centers on manufacturing processes. Apple contends that OpenAI showcased a confidential metal surface treatment methodology to an external manufacturing collaborator while falsely implying Apple had granted permission for such disclosure.
OpenAI has categorically rejected these accusations. In an official response, the company stated: “We have no interest in other companies’ trade secrets.”
Implications for OpenAI’s Device Strategy The timing of this lawsuit is particularly significant for OpenAI’s broader ambitions. The artificial intelligence company has publicly acknowledged its intention to enter the consumer hardware market, with industry sources describing products including a screenless wearable device and an intelligent camera-enabled speaker system. Development timelines for certain products have reportedly shifted into early 2027.
The legal process will now grant Apple extensive access to OpenAI’s hardware development operations during a pivotal phase. Should Apple secure preliminary injunctive relief, it could effectively halt progress on OpenAI’s entire device initiative.
Industry analyst Paolo Pescatore commented to Reuters: “Even if the allegations are not proven, the lawsuit could delay OpenAI’s hardware ambitions and further weaken what is already becoming an increasingly fragile partnership.”
The legal battle also coincides with a major transition in Apple’s executive structure. Tim Cook is scheduled to assume the role of executive chairman on September 1, transferring CEO responsibilities to John Ternus, who currently oversees hardware engineering operations.
Apple’s legal filing requests judicial intervention to prevent OpenAI from retaining or utilizing any allegedly misappropriated materials and demands their immediate return.
Legal proceedings are anticipated to extend through multiple procedural phases in the coming months. Despite their current dispute, both organizations recognize a fundamental truth: the battle to define the next generation of consumer computing platforms is unfolding in real time.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Privacy-focused layer-1 blockchain Secret Network is proposing to move from its longtime home on Cosmos to Ethereum layer-2 Arbitrum, citing security risks from artificial intelligence, among other reasons.
Secret Network has been running privacy-preserving smart contracts on Cosmos since 2020, as the ecosystem had strong momentum back then, but the “environment has changed,” the team said Tuesday.
“The security risk is the part we take most seriously,” it said. “Old code is becoming dramatically easier to analyze … With AI, the cost of attacking stale code is falling across the board.”
The recent Axelar-Secret IBC bridge exploit highlighted growing security risk from aging, under-maintained code — a risk the team argues AI-assisted exploitation is making worse. The release of advanced AI models such as Anthropic’s Claude Mythos 5 has dramatically increased the capabilities for discovering and potentially exploiting code vulnerabilities.
Liquidity has thinnedThe Secret team described Arbitrum as having “deep liquidity, tooling, wallet and exchange support, and thousands of builders composing with one another,” and said “liquidity has thinned” on Cosmos while builders have “drifted to other ecosystems.”
“The tooling you’d want to count on is shakier than it used to be, and a number of projects that once anchored Cosmos have migrated,” it added.
“Attacks that used to take deep manual effort are getting cheaper as models get better at reading contracts, tracing assumptions, and turning a forgotten edge case into a working exploit.”The proposal, which requires a governance vote, follows a bridge exploit in June that resulted in the loss of $4.7 million in bridged assets but did not affect Secret’s native token, SCRT.
For SCRT to endure, it needs a new stable home, and the Ethereum ecosystem is that home, the team said.
The team is planning a one-time snapshot of SCRT balances on Sept. 1, which will be used to issue a new ERC-20 SCRT contract on Arbitrum.
Dwindling DeFi value locked The total value locked in the Cosmos ecosystem is around $2 billion, down 88% from its peak during the 2021 bull market. Comparatively, Arbitrum is the leading layer-2 network by total value secured, which is $17.4 billion, according to L2Beat.
Secret Network has just $1.3 million in TVL on Cosmos, according to DefiLlama.
SCRT holders did not react well to the news, with the token tanking 24% over the past 24 hours to 4.1 cents, down more than 99% from its 2021 peak, according to CoinGecko.
Secret is not the only network to leave Cosmos. In February, privacy-focused blockchain NilChain, built with the Cosmos SDK, left the ecosystem in a move to Ethereum.
The Sei Network completed a full Cosmos-to-EVM transition in June, closing down its native Cosmos transaction layer entirely and becoming Ethereum-based.
Stablecoin blockchain Noble also announced it was moving from the Cosmos ecosystem to Ethereum in January.
Features: The biggest blockchain upgrades still to come in 2026
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
Privacy-focused layer-1 blockchain Secret Network is proposing to move from its longtime home on Cosmos to Ethereum layer-2 Arbitrum, citing security risks from artificial intelligence, among other reasons.
Secret Network has been running privacy-preserving smart contracts on Cosmos since 2020, as the ecosystem had strong momentum back then, but the “environment has changed,” the team said Tuesday.
“The security risk is the part we take most seriously,” it said. “Old code is becoming dramatically easier to analyze … With AI, the cost of attacking stale code is falling across the board.”
The recent Axelar-Secret IBC bridge exploit highlighted growing security risk from aging, under-maintained code — a risk the team argues AI-assisted exploitation is making worse. The release of advanced AI models such as Anthropic’s Claude Mythos 5 has dramatically increased the capabilities for discovering and potentially exploiting code vulnerabilities.
Liquidity has thinnedThe Secret team described Arbitrum as having “deep liquidity, tooling, wallet and exchange support, and thousands of builders composing with one another,” and said “liquidity has thinned” on Cosmos while builders have “drifted to other ecosystems.”
“The tooling you’d want to count on is shakier than it used to be, and a number of projects that once anchored Cosmos have migrated,” it added.
“Attacks that used to take deep manual effort are getting cheaper as models get better at reading contracts, tracing assumptions, and turning a forgotten edge case into a working exploit.”The proposal, which requires a governance vote, follows a bridge exploit in June that resulted in the loss of $4.7 million in bridged assets but did not affect Secret’s native token, SCRT.
For SCRT to endure, it needs a new stable home, and the Ethereum ecosystem is that home, the team said.
The team is planning a one-time snapshot of SCRT balances on Sept. 1, which will be used to issue a new ERC-20 SCRT contract on Arbitrum.
Dwindling DeFi value locked The total value locked in the Cosmos ecosystem is around $2 billion, down 88% from its peak during the 2021 bull market. Comparatively, Arbitrum is the leading layer-2 network by total value secured, which is $17.4 billion, according to L2Beat.
Secret Network has just $1.3 million in TVL on Cosmos, according to DefiLlama.
SCRT holders did not react well to the news, with the token tanking 24% over the past 24 hours to 4.1 cents, down more than 99% from its 2021 peak, according to CoinGecko.
Secret is not the only network to leave Cosmos. In February, privacy-focused blockchain NilChain, built with the Cosmos SDK, left the ecosystem in a move to Ethereum.
The Sei Network completed a full Cosmos-to-EVM transition in June, closing down its native Cosmos transaction layer entirely and becoming Ethereum-based.
Stablecoin blockchain Noble also announced it was moving from the Cosmos ecosystem to Ethereum in January.
Features: The biggest blockchain upgrades still to come in 2026
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
Secret Network wants to pack up and move to Arbitrum, and the reason is more unsettling than a typical chain migration story. SCRT Labs, the team behind the privacy-focused blockchain, has proposed shifting the $SCRT token from its current Cosmos-based Layer 1 to Ethereum’s Arbitrum Layer 2, warning that aging integration code is increasingly vulnerable to exploits, particularly those powered by AI tools.
“The security risk is the part we take most seriously,” the team said, pointing to outdated code and the growing threat of AI-assisted attacks as primary motivators for the move.
A bridge hack and a wake-up call The proposal didn’t materialize out of thin air. In June 2026, the Axelar-Secret IBC bridge suffered a breach that drained approximately $4.7 million through an infinite mint vulnerability. SCRT Labs has framed the Axelar incident as symptomatic of a broader problem: legacy integration code that was written for a different era and is now being probed by increasingly sophisticated tools, including AI-powered exploit finders.
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The team’s proposed solution is essentially a controlled demolition of the old chain followed by a fresh start on Arbitrum. A snapshot date of September 1, 2026 will determine eligibility for the token conversion. Only native and staked SCRT held in self-custodied wallets at the time of the snapshot will qualify for conversion to the new ERC-20 version of SCRT on Arbitrum.
Why Arbitrum, and what happens to the old chain The migration is designed to support Secret Network’s pivot toward confidential AI and verifiable compute applications. Secret Network has historically operated in the Cosmos ecosystem, which offers interoperability through IBC but lacks the deep liquidity pools, developer tooling, and wallet infrastructure that the Ethereum ecosystem provides. Arbitrum, as one of Ethereum’s leading Layer 2 rollups, gives SCRT access to all of that without the gas costs of mainnet Ethereum.
After the snapshot, SCRT Labs plans to cease all formal maintenance of the original Cosmos chain. The team will release the source code under a permissive license, which means third-party validators could theoretically keep the chain alive if enough staking power remains.
The proposal also includes a notable economic change: SCRT’s staking inflation rate would drop from 9% to 5%, reflecting a shift from incentivizing early-stage validator participation toward a more utility-driven token model.
What this means for SCRT holders and the broader market The entire proposal hinges on community governance approval. Nothing is final until token holders vote. For current SCRT holders, the September 1 snapshot creates a clear deadline. Anyone holding SCRT through custodial services, wrapped versions, or non-qualifying formats needs to move tokens to self-custodied wallets before that date or risk being excluded from the migration entirely.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Secret Network is seeking to move SCRT from Cosmos to Arbitrum, citing security risks, weaker liquidity, and older code.
Summary
Secret says AI makes older bridge code easier to scan, attack, and exploit over time. The proposed Arbitrum move follows a $4.7 million Axelar-Secret bridge exploit tied to legacy integration. SCRT holders face a Sept. 1 snapshot, with non-native or contract-held balances excluded from claims. In a July 7 governance post, the privacy-focused blockchain said the plan would create a new ERC-20 SCRT token on Arbitrum through a one-time snapshot on Sept. 1. The team said native and staked SCRT balances would count, while sSCRT, bridged SCRT, contract-held tokens, and IBC assets would not qualify.
The proposal has not passed yet. The team said the move needs a community vote, and the migration will not proceed if holders reject it.
AI exploit risk drives security concerns The team said security sits at the center of the proposal. It pointed to the recent Axelar-Secret IBC bridge exploit, which crypto.news previously reported led Axelar to disable Secret Network bridge routes after about $4.7 million in bridged assets were taken.
Secret said the exploit did not touch native SCRT, its core privacy protocol, or its confidential compute model. Still, it said the event showed the risk of old bridge paths and under-maintained code in a smaller ecosystem.
“The security risk is the part we take most seriously,” the team said. It also warned that “with AI, the cost of attacking stale code is falling across the board,” as models get better at reading contracts and finding weak points.
Cosmos liquidity pressure adds to case Secret Network said Cosmos was the right home in 2020 because appchains, IBC, wallets, and infrastructure had stronger momentum. It now says the market has changed, with lower liquidity and fewer builders staying in the ecosystem.
Moreover, Anoma co-founder Christopher Goes warned in January that Cosmos was facing deep stress as projects such as Penumbra, Osmosis, and Noble reduced work, explored exits, or shifted resources elsewhere.
DefiLlama data shows Secret has about $1.32 million in DeFi TVL, while Cosmos chains have about $2 billion. By comparison, L2Beat lists Arbitrum One as the largest Ethereum scaling network by total value secured, with about $17.4 billion.
SCRT holders face snapshot rules If the proposal passes, SCRT Labs plans to end official support for the Cosmos-based Secret L1 on Sept. 1. The old chain could keep producing blocks if enough validators continue running it, but that would depend on third-party support.
The team also said it will release Secret’s source code under a permissive open-source license. It proposed reducing inflation to 5% from 9% after the move, while keeping SCRT as the governance token.
Users would need to move certain assets before the snapshot. The proposal asks holders to convert eligible balances back to native or staked SCRT and move IBC assets back to their home chains.
SCRT holders reacted poorly to the proposal. CoinGecko data showed the token trading near $0.041, down about 25% in 24 hours and more than 99% below its 2021 peak.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
A trader spent just $86 to buy 17.5 million CASHCAT tokens, delivering a staggering 19,061x return.
According to Lookonchain’s monitoring, trader 0xeee2 spent just $86 to purchase CASHCAT tokens, and has now booked a total profit of roughly $1.6 million, a return of approximately 19,061 times. The trader used the $86 to buy 17.5 million CASHCAT tokens, then sold 3.6 million of them for around $390,500. The address currently holds 13.8 million CASHCAT tokens, worth about $1.24 million. Calculated from the proceeds of the sold tokens and the value of remaining holdings, its total profit stands at roughly $1.6 million.
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A SpaceX-tagged address has moved a small amount of Bitcoin (BTC) for the first time in six months, and the transfer is suspected to be a test transaction.
According to Arkham’s monitoring, an address labeled SpaceX has transferred Bitcoin for the first time in six months. Data shows that SpaceX address 15atF initiated a BTC test transaction to SpaceX address bc1q9, worth approximately $88, which is suspected to be a test transfer.
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EVAA Protocol releases AI Agent teaser, community speculates it could bring a new AI-powered interactive experience to TON DeFi
TON ecosystem lending protocol EVAA Protocol has released the first teaser content for its AI Agent, announcing that the EVAA Agent is set to launch, and inviting the community to guess its core features, with correct guessers eligible for rewards. Per the official teaser video, prompts including "Connecting to TON network" and "Liquidity synced" appear in the footage, while product deployment progress is displayed via the line "Deploying EVAA_AGENT.exe", sparking community speculation that the product may center on AI-driven DeFi interactions within the Telegram ecosystem. Whether it will integrate functions such as liquidity management and lending optimization remains to be further disclosed by the project team. EVAA Protocol is one of the leading DeFi lending protocols in the TON ecosystem, dedicated to providing users with secure, efficient decentralized lending and liquidity services. As Telegram and the TON ecosystem continue to grow, EVAA is expanding the integration scenarios of AI and DeFi. The AI Agent signal from EVAA Protocol not only creates suspense for product iteration, but also fuels market anticipation for how AI will further lower DeFi’s usage threshold and reshape on-chain asset management experiences. On June 9, the Open Network (TON) community voted to rename the network’s native token from Toncoin to Gram, with the token’s code also changing from TON to GRAM.
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Circle has minted another 250 million USDC on the Solana blockchain.
According to monitoring by Onchain Lens, Circle has minted an additional 250 million USDC on the Solana blockchain. So far in 2026, Circle has minted a total of 66.76 billion USDC on Solana.
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Israel is preparing to rejoin the war against Iran.
According to Israeli media outlet Walla, the Israel Defense Forces (IDF) and the U.S. Central Command (CENTCOM) held a meeting on Iran-related matters, with Israel preparing for a possible resumption of hostilities with Iran. (Source: Jinshi)
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An hour prior to Trump's statement, an on-chain address increased its short positions, and its $21 million long oil, short Nasdaq position has reaped substantial profits.
According to Hyperinsight monitoring, the address starting with 0xec4 opened a 20x leveraged long Brent crude oil position two days ago, then added a large 30x leveraged Nasdaq 100 (XYZ100) short position roughly one hour before Trump’s Middle East remarks triggered market volatility, finalizing the setup. Afterward, oil prices surged and risk assets came under pressure, with both positions realizing floating gains simultaneously. As of press time, the combined floating profit from the address’s two high-leverage positions stands at roughly $510,000. The Brent crude long position has returned 189%, while the Nasdaq 100 short position has gained 37%. Entry timelines: July 6 afternoon: Opened a 20x leveraged long Brent crude oil (BRENTOIL) position; July 7 evening: Initiated a base position of Nasdaq 100 mapped contracts (XYZ100) with 30x leverage, totaling ~200 contracts; This afternoon (about one hour ahead of the remarks): Significantly added to the short position, pushing XYZ100 shorts to 600 contracts, valued at ~$17.304 million, completing the setup just before the news broke. On the news front, Trump’s latest comments indicated that the temporary U.S.-Iran ceasefire arrangements may have ended, leading the market to reprice Middle East geopolitical risk premiums. Reports show crude oil futures jumped roughly 5% immediately following the remarks. Current core positions: Brent crude oil (BRENTOIL) long: 50,000 contracts, worth ~$3.915 million, average entry price $71.8645, liquidation price $37.26, floating profit ~$322,000; Nasdaq 100 mapped contracts (XYZ100) short: 600 contracts, worth ~$17.304 million, average entry price $29,108.44, liquidation price $32,119.96, floating profit ~$161,000. Separately, Hyperinsight monitoring notes that this address (goooofy) previously earned over $420,000 with a 100% win rate on Polymarket’s "Will Trump Strike Iran" prediction market.
Key Takeaways Secret Network has announced plans to migrate its SCRT token away from Cosmos to Arbitrum, an Ethereum layer-2 solution. The decision follows a devastating $4.7 million bridge hack in June that highlighted critical security vulnerabilities. Developers warn that artificial intelligence technology is accelerating the discovery and exploitation of legacy code weaknesses. Total value locked in the Cosmos ecosystem has plummeted 88% since 2021, while Arbitrum maintains $17.4 billion in secured assets. The SCRT token experienced a sharp 24% decline within 24 hours of the migration announcement, currently valued at approximately $0.041. Privacy-focused blockchain Secret Network has revealed intentions to abandon the Cosmos ecosystem in favor of Arbitrum, an Ethereum layer-2 scaling solution. The migration proposal, made public on July 7, emerges just weeks after hackers successfully exploited a bridge vulnerability, stealing $4.7 million in digital assets.
JUST IN: Secret Network migrates to Arbitrum, SCRT token to ERC-20 on Arbitrum; snapshot set for Sept 1, 2026. Post-migration, SCRT stays governance token with inflation cut from 9% to 5%, and SCRT Labs to wind down major maintenance. $SCRT pic.twitter.com/rxk6rL4429
— Bpay News (@bpaynews) July 8, 2026
According to the development team, security concerns represent the primary motivation behind this strategic shift. While Secret Network has called Cosmos home since 2020, the organization now believes the ecosystem’s evolving landscape and aging infrastructure pose unacceptable risks.
“The security risk is the part we take most seriously,” the team wrote. “Old code is becoming dramatically easier to analyze.”
Developers specifically highlighted artificial intelligence as an emerging vulnerability factor. Modern AI systems can efficiently analyze smart contract code, identify logical flaws, and generate functional exploit scripts at unprecedented speeds.
The bridge compromise in June, which targeted the Axelar-Secret IBC connection, resulted in $4.7 million worth of bridged tokens being stolen. While the team emphasized that the core SCRT token and underlying privacy technology remained secure, the incident demonstrated the inherent risks associated with maintaining outdated code within a shrinking ecosystem.
Declining Cosmos Ecosystem Metrics The Cosmos network has experienced significant deterioration since reaching its zenith in 2021. Current total value locked across all Cosmos-based chains stands at approximately $2 billion, representing an 88% collapse from peak levels. Secret Network itself maintains only $1.3 million in locked value, based on DefiLlama data.
Contrasting sharply, Arbitrum currently secures $17.4 billion in total value, establishing its position as the dominant Ethereum layer-2 network according to L2Beat metrics.
The development team noted that both developers and liquidity providers have steadily migrated away from Cosmos. Previously reliable infrastructure and tools have deteriorated, while several prominent projects have already departed the ecosystem.
Secret Network joins a growing exodus from Cosmos. Stablecoin infrastructure Noble revealed plans to migrate to Ethereum in January. Privacy-focused NilChain completed its Ethereum transition in February. Sei Network finalized its comprehensive Cosmos-to-Ethereum migration in June.
Technical Migration Details and Token Economics Should the governance proposal receive community approval, SCRT Labs intends to capture a snapshot of all SCRT token balances on September 1. This snapshot will determine eligibility for the new ERC-20 compatible SCRT token launching on Arbitrum.
Native SCRT holdings and staked tokens will qualify for the migration. However, bridged SCRT variants, sSCRT, contract-held balances, and IBC-based assets will be excluded. Token holders must ensure their assets are in eligible forms before the snapshot deadline.
Post-migration tokenomics will feature a reduced inflation rate, dropping from 9% annually to 5%. SCRT will maintain its role as the primary governance token on the new platform.
Official development support for the existing Cosmos-based Secret layer-1 blockchain will terminate on September 1. The legacy chain could theoretically continue operating if independent validators elect to maintain the infrastructure.
The migration proposal awaits formal community voting. Without governance approval, the transition cannot proceed.
Market reaction to the announcement proved overwhelmingly negative. SCRT’s price crashed approximately 24% in the initial 24-hour period following the revelation, settling near $0.041. This valuation represents a staggering 99%+ decline from the token’s 2021 all-time high.
As part of the transition process, Secret Network’s development team has committed to releasing the network’s complete source code under an open-source licensing framework.
On the 161st anniversary of the United States Secret Service, we celebrate the extraordinary professionals who, with absolute selflessness and little fanfare, work to protect our Nation’s leaders and safeguard our most sacred institutions. With their quiet professionalism, unwavering vigilance, and steadfast devotion to duty, they have truly proven themselves “Worthy of Trust and Confidence.”
On July 5, 1865, the United States Secret Service was officially established, fulfilling legislation that President Abraham Lincoln had signed shortly before his tragic assassination. Originally tasked with investigating and suppressing the widespread forgery of American currency, its agents first worked to ensure economic stability in the post-Civil War era, fortify our financial institutions, and secure the integrity of the dollar—a mission that they continue to pursue today.
Following the assassination of President William McKinley in 1901, Congress expanded the responsibilities of the Secret Service, assigning the critical mission of protecting the President, a duty that has since grown to encompass the Vice President, the First and Second Families, foreign dignitaries, and special protectees. Today, more than 8,000 highly skilled and exceptionally trained special agents; uniformed police officers; technical law enforcement personnel; intelligence and threat analysists, and administrative professionals, safeguard both our Nation’s financial infrastructure and the security of those entrusted with the highest offices, standing watch over the institutions that preserve America’s stability and strength.
These heroes stand ready at a moment’s notice to place themselves in harm’s way to protect our Nation’s leaders, and I am grateful for their continued service and sacrifice. Time and again, the men and women of the Secret Service have risked their own lives to protect others, exhibiting harrowing bravery, remarkable courage, and an unbreakable commitment to their solemn duty. And as radical left-wing violence has surged in recent years, the mission of the Secret Service has never been more vital.
This year, we are especially thankful for the tremendous role the Secret Service is playing as our Nation celebrates 250 glorious years of American Independence. From the Great American State Fair to the Salute to America Rally on the National Mall, our agents are working tirelessly to ensure the success and safety of the grandest, greatest, and biggest birthday celebration in the history of the world.
Today, we honor the valiant members of the United States Secret Service for their steadfast service and commitment to freedom, peace, and the rule of law. Their heroism and countless sacrifices in defense of our beloved Nation and sacred Constitution will continue to inspire generations of Americans. So long as such patriots stand watch, the flame of American freedom will never be extinguished, and our Republic will endure stronger, prouder, and freer than ever before.
Team Secret Whales just did something most analysts thought was deeply unlikely. The Vietnamese League of Legends squad eliminated TOP Esports, one of China’s most decorated organizations, in a best-of-five series at MSI 2026 in Daejeon, South Korea.
For context, TSW had just been swept 0-3 by Hanwha Life Esports in the upper bracket. Coming back through the lower bracket to knock out a team of TES’s caliber is the kind of narrative arc that makes esports compelling, and that makes prediction markets very interesting.
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The upset and why it matters beyond the Rift Team Secret Whales is a Vietnamese organization that was only established in December 2024. They qualified for MSI 2026 undefeated in LCP Split 2, representing the combined Vietnam, Southeast Asia, and Oceania region. Their jungler Hizto earned MVP honors for that split, and their roster of Pun, Hizto, Dire, Eddie, and Bie has quickly developed a reputation for punching above their weight class.
TOP Esports, meanwhile, carries the expectations that come with representing the LPL, China’s premier league. The MSI 2026 bracket stage runs from July 3 to 12.
Coinbase’s headline sponsorship and the prediction market angle Coinbase is the headline sponsor of MSI 2026, and the partnership includes built-in prediction markets where fans can wager on match outcomes. Polymarket has also listed prediction markets related to the tournament, giving crypto-native users another venue to put their game knowledge to work.
Neither Team Secret Whales nor TOP Esports has any direct crypto sponsorships or associated tokens. TSW’s sponsors include traditional brands like Pulsar and VTVCab ONLive.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Key Takeaways Himax Technologies currently trades at $13.16, approximately 45% under the analyst consensus price target of $23.70 Shares plummeted more than 45% over the last month following a nearly 66% surge in the preceding 90-day period Company forecasts “substantial” revenue expansion from AI and augmented reality glasses in coming years A major brand partner has integrated Himax’s WiseEye technology into smart glasses, with volume manufacturing slated for late 2026 Industry research points to Apple and Nvidia as potential unnamed anchor clients Himax Technologies ($HIMX) currently sits at $13.16 per share, representing a decline exceeding 45% throughout the previous month. This retreat follows an impressive rally that pushed shares up nearly 66% during the prior three-month window.
Himax Technologies, Inc., HIMX
The recent selloff hasn’t deterred Wall Street analysts, whose consensus fair value estimate stands at $23.70 — implying roughly 45% upside from current levels. However, a contrasting discounted cash flow analysis from Simply Wall St suggests intrinsic value could be as low as $2.32 per share.
This dramatic valuation discrepancy keeps the investment debate very much in play.
Bullish investors focus primarily on one catalyst: AI-powered smart glasses. Himax produces ultra-low-power artificial intelligence chips and micro display technology — specialized components that remain difficult to source and essential for battery-efficient smart eyewear functionality.
During the company’s Q1 2025 earnings discussion, CEO Jordan Wu revealed that “a leading brand has adopted our WiseEye for its smart glasses,” noting that high-volume production should commence later this year. Wu added that additional major brands are anticipated to join the ecosystem.
Research analysis from Hunterbrook Media and Citrini Research, examining patent filings, supply chain patterns, and capital allocation trends, indicates these undisclosed partners may include Apple and Nvidia. Neither technology giant has publicly acknowledged such arrangements.
Current Financial Performance Revenue has contracted on a year-over-year basis for multiple consecutive quarters, while net profit margins hover around 4%. These metrics don’t paint the picture of a traditional growth story.
Yet management has provided guidance calling for 10% to 13% sequential revenue expansion in Q2, which would simultaneously represent a return to positive year-over-year comparisons. The company also anticipates improved gross margin performance, potentially flowing through to enhanced bottom-line profitability.
Himax recently introduced its HE Series indirect Time-of-Flight depth decoder integrated circuits — a novel 3D sensing solution that OFILM has already incorporated into robotics applications.
The firm’s co-package optics (CPO) development represents another strategic initiative, focused on enabling ultra-fast data transmission for AI-driven data centers and advanced computing environments.
Industry Competition and Positioning Meta Platforms currently dominates the commercial smart glasses market. The social media giant unveiled a fresh product range in June with entry-level pricing at $224. Meanwhile, Apple, Alphabet, and Amazon are each developing proprietary versions incorporating augmented reality capabilities.
The investment case for Himax rests on its position as a cross-platform component provider, supplying multiple competitors rather than depending on a single platform winner.
The company’s market capitalization currently registers at $2.3 billion. Its 52-week trading range spans from $6.85 to $25.09, underscoring significant price volatility.
Himax confronts genuine operational risks. Geopolitical trade friction, tariff implementation, and inconsistent customer ordering patterns could pressure profit margins and earnings projections. The substantial gap between cash flow-based valuations and earnings-based models creates analytical uncertainty — both frameworks cannot simultaneously prove accurate.
According to its latest quarterly disclosure, Himax anticipates revenues from AI and AR glasses applications will expand substantially throughout the coming years, with mass manufacturing from at least one significant brand partner launching in late 2026.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
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Kripto para borsası Binance, kullanıcıları yüksek risk taşıyan projeler hakkında bilgilendirmeye yönelik uyguladığı İzleme Etiketi (Monitoring Tag) listesini genişletmeye devam ediyor. Şirket, 3 Temmuz 2026 itibarıyla Anchored EUR (AEUR), Vulcan Forged PYR (PYR), Secret (SCRT) ve Vanar (VANRY) tokenlarını İzleme Etiketi kapsamına aldığını duyurdu. Binance, kararın projelerin düzenli performans, likidite, geliştirme faaliyetleri ve risk değerlendirmeleri sonucunda alındığını belirtirken, bu varlıkların bundan sonraki süreçte daha yakından izleneceğini ifade etti. Söz konusu güncelleme, yatırımcıların ilgili tokenlarda işlem yaparken olası riskleri daha dikkatli değerlendirmesi gerektiğine işaret ediyor.
Binance Futures (Vadeli İşlemler) %10 İndirimli İşlem Yapmak İçin Tıkla!
Binance İzleme Etiketi Listesini Güncelledi Binance tarafından yapılan resmi açıklamaya göre 3 Temmuz 2026 tarihinden itibaren dört yeni kripto para projesi İzleme Etiketi kapsamına dahil edilecek.
İzleme Etiketi eklenen varlıklar şu şekilde sıralandı:
Anchored EUR (AEUR) Vulcan Forged PYR (PYR) Secret (SCRT) Vanar (VANRY) Borsa, bu güncellemenin düzenli proje incelemeleri sonucunda gerçekleştirildiğini ve kullanıcıların riskler konusunda daha bilinçli hareket etmesini amaçladığını belirtti.
İlginizi Çekebilir: Bitcoin 62 Bin Dolara Yaklaştı: Yükseliş Devam Edecek mi?
Binance’in İzleme Etiketi, diğer projelere kıyasla daha yüksek volatiliteye veya belirli risklere sahip olduğu değerlendirilen kripto varlıklar için kullanılıyor. Bu etikete sahip tokenlar, borsa tarafından düzenli olarak gözden geçiriliyor. Projelerin geliştirme faaliyetleri, ekip performansı, likidite durumu, işlem hacmi, topluluk desteği, düzenleyici riskler ve şeffaflık gibi birçok kriter değerlendirme sürecinde dikkate alınıyor. Binance, gerekli şartları karşılamayan projelerin ilerleyen dönemde platformdan kaldırılabileceğini de hatırlatıyor.
Kullanıcılar Önce Risk Testini Tamamlamalı İzleme Etiketi bulunan tokenları alıp satmak isteyen kullanıcıların belirli aralıklarla Risk Farkındalık Testi’ni tamamlaması gerekiyor. Bu uygulama, yatırımcıların yüksek risk taşıyan projeler hakkında bilgi sahibi olmasını sağlamayı ve olası fiyat dalgalanmalarına karşı bilinçli işlem yapmalarını amaçlıyor. İzleme Etiketi eklenmesi, ilgili tokenların Binance’ten kaldırılacağı anlamına gelmiyor. Ancak projelerin daha yakından izleneceğini ve düzenli değerlendirmelere tabi tutulacağını gösteriyor.
İzleme Etiketi kapsamına alınan projelerin önümüzdeki dönemde göstereceği gelişmeler, Binance’in yapacağı yeni değerlendirmelerde belirleyici olacak. Projelerin teknik geliştirmeleri, ekosistem büyümesi, işlem hacimleri ve topluluk faaliyetleri olumlu yönde ilerlerse İzleme Etiketi kaldırılabilir. Buna karşılık gerekli kriterlerin karşılanmaması durumunda platformdan çıkarılma riski de bulunuyor. Bu nedenle yatırımcıların yalnızca fiyat hareketlerini değil, Binance tarafından yapılacak resmi duyuruları ve projelerin gelişim süreçlerini de yakından takip etmeleri önem taşıyor.
Değerlendirme Binance’in AEUR, PYR, SCRT ve VANRY tokenlarını İzleme Etiketi kapsamına alması, bu projelerin daha sıkı denetim sürecine girdiğini gösteriyor. Karar doğrudan delist anlamına gelmese de, yatırımcıların risk yönetimine daha fazla önem vermesi gereken bir döneme işaret ediyor. Önümüzdeki süreçte Binance’in yapacağı yeni değerlendirmeler ve projelerin göstereceği performans, söz konusu tokenların platformdaki geleceği açısından belirleyici olacak.
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The biggest League of Legends tournament of the mid-year calendar is finally here. MSI 2026 opens its main bracket on July 3 in Daejeon, South Korea, with Hanwha Life Esports squaring off against Team Secret Whales in what promises to be one of the more intriguing first-round matchups of the double-elimination format.
The full event runs from June 28 through July 12, 2026, and the main bracket matches are best-of-five series.
The matchups that matter Hanwha Life Esports arrives at MSI as the top seed out of the LCK, the Korean league widely considered the most competitive in the world. They earned that seed by defeating T1 with a 3-1 series result on June 12.
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Their opponent, Team Secret Whales, comes in from a completely different trajectory. TSW qualified first for MSI 2026, which is worth noting on its own, and they did it by running through the LCP Split 2 without dropping a single series.
The other marquee opening match pairs G2 Esports against Top Esports. G2 brings its trademark aggressive, chaotic style from the LEC. Top Esports represents the LPL, China’s league, which has historically been the most decorated region at MSI.
Daejeon, South Korea serves as the host city, which gives HLE something resembling a home crowd advantage, at least in terms of cultural proximity.
Where crypto enters the picture Coinbase is a major sponsor of MSI 2026, and the exchange has integrated prediction markets for the event directly onto its platform.
In plain terms: you can now bet on League of Legends outcomes through one of the largest regulated crypto exchanges in the United States. Traders who follow esports can deploy capital on tournament outcomes. Esports fans who hold crypto can put conviction behind their predictions.
The Hanwha blockchain angle There is a second crypto thread running through this tournament, and it connects directly to one of the teams on the field. Hanwha Life Insurance, the parent company of Hanwha Life Esports, signed a memorandum of understanding with Liberty City Ventures in January 2026. The stated purpose was to explore digital finance and blockchain opportunities.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Crypto platforms lost roughly $75.87 million to 40 hacks in June 2026, according to security firm PeckShield.
The monthly total reinforces a familiar pattern for the sector, where bridges, smart contracts, and compromised keys remain the most common failure points.
Humanity Protocol Exploit Tops June Crypto HacksAccording to PeckShield, June’s figure marks a 7.13% decline from May’s $81.7 million. The Humanity Protocol breach headlined June with over $30 million in losses. Attackers compromised private keys that had been backed up to a malware-infected developer machine.
According to Quantstamp, the attacker relied on tooling and techniques commonly associated with North Korean hacking groups.
The exploiter has since laundered proceeds across multiple networks, including Bitcoin (BTC), Solana (SOL), Hyperliquid (HYPE), and BNB Chain.
These funds have also been commingled with proceeds linked to the KelpDAO exploiter, suggesting a potential overlap between the threat actors behind both incidents,” the security firm said.
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Biggest Crypto Hacks in June 2026. Source: BeInCrypto/PeckShieldSyscoin Bridge followed with a $10 million loss after an attacker minted unauthorized SYS tokens. The JaredFromSubway.eth Maximal Extractable Value (MEV) bot lost $7.5 million, while Secret Network was drained for $4.67 million.
Aztec Products Hit Despite Years of DormancyTwo separate attacks targeted Aztec-linked products within the month. Aztec Payments Product lost $2.16 million, and Aztec Connect lost $2.1 million, for a combined total near $4 million.
Both products had been deprecated years earlier, and Aztec Labs said it held no control over the affected systems.
We are investigating a potential exploit affecting a deprecated Aztec payments product from 2021. ~$2m was transferred from the immutable smart contract in transaction:https://t.co/FS4JoNnfiJ
The deprecated product is an immutable stage 2 rollup that was sunset in 2022.…
— Aztec Labs (@AztecLabs_) June 18, 2026 Other June incidents included Polymarket users losing $3 million after reportedly being targeted in a phishing campaign, along with $2.4 million in losses for SecondFi and TESSERA. The Taiko Bridge exploit closed out the top 10 at $1.7 million.
With both deprecated code and cross-chain laundering in play, June showed that old contracts remain in attackers’ crosshairs long after teams walk away.
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Revolut has published the internal hiring playbook behind its growth, revealing that it reviewed more than 1 million applications last year to fill roughly 1,000 roles, with an acceptance rate of nearly 0.1%.
The London fintech framed the disclosure as a free blueprint for founders, arguing that small teams of exceptional people consistently outperform large teams of average performers.
Talent Density Over HeadcountRevolut said it grew from 100 employees in 2017 to more than 12,000 in 2025, and that maintaining that pace meant rebuilding its standard recruitment process from scratch.
The blueprint comes from QuantumLight, the quantitative venture firm founded by Revolut CEO Nik Storonsky, which first published it in 2025 alongside the close of a $250 million debut fund and now runs it across its portfolio.
The rise has been steep. Revolut’s valuation climbed from $45 billion in 2024 to $75 billion in a November sale, a 67% jump that made it Europe’s most valuable private tech company.
It serves more than 65 million customers and posted a record annual profit of $2.3 billion in 2025.
That momentum has funded faster expansion, including a $116 million France push backed by President Emmanuel Macron.
Hiring for Attitude Over ExperienceThe playbook argues that scale-ups should hire for ambition and trajectory rather than decades of tenure. Revolut said it favors leaders with 7 to 8 years of experience, or contributors with 2 to 3 years, who can grow with the company.
It said it had replaced senior executives with hungrier junior hires.
“Density scales. Bureaucracy doesn’t.,” Revolut explained in its post.
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Nearly every role passes through three structured interviews. The first is a problem-solving case study in which candidates receive no data until they ask for it, testing how they reason under uncertainty.
The second, which Revolut calls the Bar Raiser, borrows a name and method from Amazon, which has used them since 1999: a dedicated interviewer can veto any candidate who would not rank above half of current peers. The third test management judgment.
Revolut also replaced outside recruiters with an internal team on quota-based pay, arguing agencies do not optimize for long-term quality.
Why it MattersThe model has drawn interest from rival banks. JPMorgan chief Jamie Dimon recently voiced admiration for Revolut’s speed, even while criticizing crypto reform.
“I’m jealous, damn it. You watch these people. They move,” Bloomberg reported, citing Dimon.
Revolut keeps pushing outward. It opened its first bank outside Europe in Mexico this year and continues leaning on digital assets, teasing a physical crypto card as it widens banking services.
The disclosure also serves Storonsky’s venture fund, which sells the same system to founders. Whether a model marketed by Revolut’s own backer suits slower, regulated rivals remains unclear.
Team Secret has parted ways with Jose “Rbtx” Jamir, the head coach of its VALORANT division. The move caps a remarkably short stint for the Filipino coach, who was appointed to the role just six months ago in late December 2025.
A brief but eventful run Rbtx’s journey to the Team Secret head coaching chair was, on paper, a logical promotion. He had previously served as the coach of Team Secret’s academy squad, where his work apparently caught the attention of the organization’s leadership. Before that, he spent time coaching RRQ between 2022 and 2023, giving him a track record in the Southeast Asian VALORANT scene.
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He officially took over as head coach on December 24, 2025.
A roster in flux Rbtx’s departure is not happening in a vacuum. Team Secret’s 2026 has been defined by personnel turnover at virtually every level.
TenTen, a notable player on the roster, exited the team in March. Then came the departure of JessieVash, a veteran presence whose exit in June removed one of the squad’s most experienced competitors.
What this means for Team Secret’s competitive outlook The VCT Pacific league is one of the three major international leagues in Riot Games’ VALORANT Champions Tour structure, alongside the Americas and EMEA leagues. Teams in these leagues are fighting not just for regional dominance but for slots at international events like Masters and Champions.
Rbtx, for his part, leaves with a coaching resume that now includes stints at RRQ, Team Secret’s academy program, and a brief run as a VCT Pacific head coach.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
In brief Anthropic admitted its invisible LLM-development safeguards were "the wrong tradeoff" and will replace them with visible fallbacks to Claude Opus 4.8, starting this week. Flagged requests on the API will now return a reason for their refusal, rather than silently delivering a degraded answer. Making the safeguards visible means they'll be easier to work around. Anthropic spent about 48 hours as the AI industry's villain of the week before blinking.
The company launched Claude Fable 5 this week to immediate backlash over a safeguard buried in its 319-page system card: The model, the first of the company’s new Mythos class, would secretly degrade its own responses for users it suspected were building competing AI models—no warning, no fallback message, just quietly worse output. By Thursday, Anthropic was apologizing.
We’re rolling out changes to make Fable 5’s safeguards for frontier LLM development visible.
Starting this week, flagged requests will visibly fall back to Opus 4.8—the same as our safeguards for cyber and bio. You will see this every time it happens. On the API, any flagged…
— ClaudeDevs (@ClaudeDevs) June 11, 2026
"Invisible safeguards can be targeted more narrowly, allowing us to ship quickly with very few false positives. We went with invisible safeguards for this reason—and that was the wrong tradeoff," the company posted on X. "You should have visibility into the safeguards we have in place, and why.”
“We're sorry for not getting the balance right."
Starting this week, flagged requests will visibly route to Claude Opus 4.8, a less capable model, instead of silently delivering degraded Fable output. API users will receive a stated reason when a request gets refused. Anthropic says server-side fallback notifications will roll out in the next few days.
What was actually happeningFor non-technical readers, here's what the controversy was actually about. Claude Fable 5 already had visible safeguards for cybersecurity and biology research—if you asked something that tripped those filters, you'd get a notification that your request was being rerouted to the older Opus 4.8 model. You knew something had changed. You could adjust your prompt or use a different tool.
However, these safeguards were too extreme, some bio researchers noted.
The LLM-development safeguard, however, worked differently. If Fable 5 detected you were working on things like pretraining AI systems, building distributed training infrastructure, or designing machine learning chips, the model would silently alter its own behavior—through prompt modification, steering vectors, or parameter tweaks—to give you a worse answer without telling you. You'd get a response. It just wouldn't be from the Fable 5 you paid for.
Fable 5 is billed as the public face of Anthropic's most capable Mythos-class model, and researchers using it for legitimate machine learning work had no way to know their results were contaminated. A failed experiment looks the same whether your hypothesis is wrong or the model was quietly told to underperform. That's the reproducibility problem that sent the AI research community into full meltdown mode.
The problem was the classifier wasn't that precise. AI research firm SemiAnalysis was among the first to publicly call them out after seeing their GPU inference research get flagged.
BREAKING NEWS: Anthropic's latest model will NOT help you if it thinks your ML research/ML engineering is interesting, and/or will secretly degrade its IQ so that the average engineer won't notice. We are already seeing Anthropic's latest model's moderation filters our GPU… pic.twitter.com/9sa95cCSvS
— SemiAnalysis (@SemiAnalysis_) June 9, 2026
The catch in the fixAnthropic's reversal comes with a direct admission of the tradeoff it's accepting. Making safeguards visible makes them easier to bypass, which means the classifier has to cast a wider net to remain effective.
More false positives—legitimate machine-learning work that gets caught and rerouted—are coming while the company tunes its systems. Anthropic said it's working to reduce false positives "as fast as possible" but offered no timeline.
The company is also applying the same cleanup to its biology and cybersecurity classifiers, which had drawn their own complaints about flagging harmless research prompts.
That said, the remaining concern is that Anthropic isn't dropping this category of restrictions—it's only making them visible. For those who believe the restrictions themselves are wrong, Thursday's apology is a partial fix. Fable 5 remains free on Pro, Max, Team, and Enterprise plans until June 22, after which it shifts to API usage credits only
Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.
In brief Anthropic admitted its invisible LLM-development safeguards were "the wrong tradeoff" and will replace them with visible fallbacks to Claude Opus 4.8, starting this week. Flagged requests on the API will now return a reason for their refusal, rather than silently delivering a degraded answer. Making the safeguards visible means they'll be easier to work around. Anthropic spent about 48 hours as the AI industry's villain of the week before blinking.
The company launched Claude Fable 5 this week to immediate backlash over a safeguard buried in its 319-page system card: The model, the first of the company’s new Mythos class, would secretly degrade its own responses for users it suspected were building competing AI models—no warning, no fallback message, just quietly worse output. By Thursday, Anthropic was apologizing.
We’re rolling out changes to make Fable 5’s safeguards for frontier LLM development visible.
Starting this week, flagged requests will visibly fall back to Opus 4.8—the same as our safeguards for cyber and bio. You will see this every time it happens. On the API, any flagged…
— ClaudeDevs (@ClaudeDevs) June 11, 2026
"Invisible safeguards can be targeted more narrowly, allowing us to ship quickly with very few false positives. We went with invisible safeguards for this reason—and that was the wrong tradeoff," the company posted on X. "You should have visibility into the safeguards we have in place, and why.”
“We're sorry for not getting the balance right."
Starting this week, flagged requests will visibly route to Claude Opus 4.8, a less capable model, instead of silently delivering degraded Fable output. API users will receive a stated reason when a request gets refused. Anthropic says server-side fallback notifications will roll out in the next few days.
What was actually happeningFor non-technical readers, here's what the controversy was actually about. Claude Fable 5 already had visible safeguards for cybersecurity and biology research—if you asked something that tripped those filters, you'd get a notification that your request was being rerouted to the older Opus 4.8 model. You knew something had changed. You could adjust your prompt or use a different tool.
However, these safeguards were too extreme, some bio researchers noted.
The LLM-development safeguard, however, worked differently. If Fable 5 detected you were working on things like pretraining AI systems, building distributed training infrastructure, or designing machine learning chips, the model would silently alter its own behavior—through prompt modification, steering vectors, or parameter tweaks—to give you a worse answer without telling you. You'd get a response. It just wouldn't be from the Fable 5 you paid for.
Fable 5 is billed as the public face of Anthropic's most capable Mythos-class model, and researchers using it for legitimate machine learning work had no way to know their results were contaminated. A failed experiment looks the same whether your hypothesis is wrong or the model was quietly told to underperform. That's the reproducibility problem that sent the AI research community into full meltdown mode.
The problem was the classifier wasn't that precise. AI research firm SemiAnalysis was among the first to publicly call them out after seeing their GPU inference research get flagged.
BREAKING NEWS: Anthropic's latest model will NOT help you if it thinks your ML research/ML engineering is interesting, and/or will secretly degrade its IQ so that the average engineer won't notice. We are already seeing Anthropic's latest model's moderation filters our GPU… pic.twitter.com/9sa95cCSvS
— SemiAnalysis (@SemiAnalysis_) June 9, 2026
The catch in the fixAnthropic's reversal comes with a direct admission of the tradeoff it's accepting. Making safeguards visible makes them easier to bypass, which means the classifier has to cast a wider net to remain effective.
More false positives—legitimate machine-learning work that gets caught and rerouted—are coming while the company tunes its systems. Anthropic said it's working to reduce false positives "as fast as possible" but offered no timeline.
The company is also applying the same cleanup to its biology and cybersecurity classifiers, which had drawn their own complaints about flagging harmless research prompts.
That said, the remaining concern is that Anthropic isn't dropping this category of restrictions—it's only making them visible. For those who believe the restrictions themselves are wrong, Thursday's apology is a partial fix. Fable 5 remains free on Pro, Max, Team, and Enterprise plans until June 22, after which it shifts to API usage credits only
Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.
In brief A federal judge dismissed xAI's trade secret lawsuit against OpenAI without leave to amend. Judge Rita Lin found xAI failed to show OpenAI induced a former xAI engineer to disclose trade secrets. The ruling follows Musk's loss in a separate lawsuit accusing OpenAI of abandoning its nonprofit mission. A federal judge has dismissed xAI's trade secret lawsuit against OpenAI, finding that Elon Musk's AI company—which he’s since folded into SpaceX—failed to show that the ChatGPT maker improperly obtained confidential information related to its Grok chatbot.
In a court order on Monday, U.S. District Judge Rita Lin granted OpenAI's motion to dismiss without leave to amend, concluding that xAI failed to prove OpenAI encouraged a former xAI engineer to disclose trade secrets during the recruiting process.
“xAI insufficiently pled inducement in the prior complaint because it offered no nonconclusory allegations allowing a reasonable inference ‘that OpenAI told or encouraged’ xAI’s former employees to exfiltrate its confidential information,” the order said.
The decision is the second defeat that Musk—who co-founded OpenAI before departing in 2018—has suffered in his ongoing feud with OpenAI and CEO Sam Altman.
Last month, a federal jury rejected Musk's $150 billion lawsuit alleging that OpenAI, Altman, and co-founder Greg Brockman abandoned the organization's founding nonprofit mission by shifting toward a commercial structure and deepening its relationship with Microsoft.
This latest lawsuit centered on a presentation Xuechen Li, a former xAI engineer, gave while being recruited by OpenAI, which xAI alleged the ChatGPT developer targeted because of his work on Grok 4's reinforcement learning and post-training systems. The complaint accused OpenAI of knowingly seeking confidential information about those efforts.
Lin rejected that argument, writing that "merely asking Li to discuss his previous work—a routine part of the hiring process—does not allow a plausible inference that OpenAI induced Li to reveal anything confidential or secret about that work." She added that accepting xAI's theory could "potentially expose employers to liability any time they inquire about a candidate's past work."
The judge also found that xAI failed to show OpenAI knew or should have known Li disclosed trade secrets during the presentation.
“These allegations are insufficient to support a reasonable inference that OpenAI knew or should have known that Li disclosed xAI trade secrets during his presentation,” Lin wrote. “It is not clear how much detail Li shared about xAI's reinforcement learning techniques. Similarly, while xAI does not allege that Li actually displayed the slide deck during his presentation, even assuming he did, the level of detail contained in the slides remains unclear.”
The decision also comes as Musk became the world's first trillionaire following SpaceX's record-breaking IPO, which valued the company at around $1.77 trillion and cemented the rocket company's position as one of the world's most valuable firms.
SpaceX (SPCX) shares continued to soar Monday amid a broader market surge following the announcement of a ceasefire between the U.S. and Iran, rising nearly 20% by close to finish the day at $192.50. That gives the firm a valuation above $2.5 trillion.
Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.
A US federal judge has dismissed xAI’s trade secret lawsuit against OpenAI, handling SpaceX trillionaire Elon Musk his second loss to OpenAI. Elon Musk’s artificial intelligence company xAI, which merged into SpaceX, failed to show that the ChatGPT maker improperly obtained trade secrets related to its Grok chatbot.
Elon Musk Loses xAI Trade Secret Lawsuit Against OpenAI U.S. District Judge Rita Lin dismissed Elon Musk’s xAI trade secret lawsuit against OpenAI with prejudice, Reuters reported on June 16. She said xAI failed to show that OpenAI induced former xAI senior engineer Xuechen Li to disclose confidential information related to its Grok chatbot.
Lin said it would be “futile” to continue claiming that asking job candidates to discuss their prior work is routine in the hiring process. “To hold otherwise would potentially expose employers to liability any time they inquire about a candidate’s past work,” Judge Rita Lin wrote.
“xAI insufficiently pled inducement in the prior complaint because it offered no nonconclusory allegations allowing a reasonable inference that OpenAI told or encouraged xAI’s former employees to exfiltrate its confidential information,” the order said.
She dismissed an earlier filing by Elon Musk’s xAI in February. The lawsuit originally filed in September after many xAI employees left for jobs at OpenAI.
The decision marked the second defeat Elon Musk, who co-founded OpenAI before departing in 2018, faced in his ongoing conflict with OpenAI and CEO Sam Altman.
Last month, a federal jury rejected Elon Musk’s $150 billion lawsuit against OpenAI, Sam Altman, and co-founder Greg Brockman. The lawsuit alleged the organization abandoned its nonprofit mission and shifted to a commercial structure while deepening its relationship with Microsoft.
Musk Faces New Case Amid SpaceX’s Spectacular IPO The lawsuit decision against xAI comes as Elon Musk became the world’s first trillionaire following SpaceX’s record-breaking IPO. The company has become the 6th-largest as its market cap reached $2.519 trillion, according to CompaniesMarketCap data.
Moreover, Elon Musk’s net worth rose by $165 billion today, more than Bill Gates’ entire net worth. Elon is now worth $1.3 trillion.
SpaceX hit $3 trillion market cap today.
This means Elon Musk made more money in the last 24 hours than Warren Buffett made in his entire lifetime.
Insane.
— Anthony Pompliano 🌪 (@APompliano) June 16, 2026
As CoinGape reported earlier, Elon Musk, xAI and SpaceX were sued by a former engineer Devin Kim. The whistleblower claimed he was fired for raising safety concerns about the company’s flagship chatbot, Grok.
SpaceX (SPCX) stock closed 19.60% higher at $192.50 on Monday amid a broader market surge as Trump signed the US-Iran peace deal. The stock further climbed 11.57% to $214.86 in overnight trading.
However, Elon Musk-linked Dogecoin (DOGE) slumped more than 2% to $0.0875 as xAI trade secret lawsuit was dismissed. The intraday low and high were $0.08677 and $0.0907, respectively.
Kepler Cheuvreux raises ASML’s European share price target from €1,460 to €1,830.
Kepler Cheuvreux has raised the target price for ASML’s European shares from €1,460 to €1,830.
15 minutes ago
Stifel: U.S. economy in "overheated expansion" as AI investment cycle outweighs consumer pressure
U.S. large diversified financial services holding company Stifel has raised its year-end S&P 500 target and rolled out a stock allocation framework for a "high-growth, high-inflation" environment. The firm lifted its year-end S&P 500 target to 7,800 points, noting the U.S. economy is entering a "running hot" state—where economic growth is strengthening alongside mounting inflationary pressure. Stifel’s models show U.S. growth momentum is picking up while inflation momentum is clearly overheating, a trend that will reshape the market’s leading sector structure in the second half of the year. Instead of traditional consumer sectors, Stifel’s top picks are investment-led cyclical industries, including banks, transportation, materials, energy, semiconductors, software and equipment. The firm adds that fixed-asset investment in AI remains on the rise: large tech firms including Amazon, Microsoft, Meta and Google are projected to combine for roughly $725 billion in total capital expenditures in 2026, some $100 billion higher than prior estimates. This means the AI investment chain is likely to continue outperforming the consumption chain squeezed by inflation. Stifel advises investors to reduce exposure to discretionary consumer, consumer staples, communication services and some financial services sectors, as these areas see weaker earnings revisions. Conversely, the firm favors cyclical value stocks and hedges with defensive value sectors such as insurance, autos, energy and banks.
15 minutes ago
Analyst: Micron's earnings boost overall market sentiment for the tech sector
Chris Strazzeri, Financial Trading Manager of Moomoo’s Australia and New Zealand branch, stated: “The targeted sell-off indicates that following a sustained, strong rally in AI-related and speculative growth stocks, investors are enforcing strict valuation discipline. This serves as a warning to the market that actual earnings levels must now rise to support the currently overvalued price-to-earnings ratio. Micron Technology’s post-market earnings results largely confirm this, and its robust performance has lifted overall market sentiment in the tech sector.”
15 minutes ago
2x Leveraged Long DRAM ETF (RAM) Records $383 Million in Trading Volume on Its First Day of Listing
According to Bitget market data, the Roundhill T-REX 2X Long DRAM Daily Target ETF (Nasdaq ticker: RAM) officially launched trading yesterday. On its first trading day, the fund recorded a total turnover of $383 million, and rose 29.47% in after-hours U.S. stock trading to hit $30.8. Note: RAM’s underlying exposure covers companies engaged in memory-related technologies, including DRAM, NAND and storage solutions, targeting active traders seeking leveraged exposure to the memory chip theme and artificial intelligence infrastructure development.
15 minutes ago
BCA Research raises its S&P 500 target to 8,100 points, with AI remaining a core variable.
BCA Research has become the latest strategy firm to raise its US stock market target, reflecting Wall Street’s growing optimism about earnings support for US equities in the second half of the year. The institution lifted its year-end S&P 500 target from 7,700 points to 8,100 points. BCA’s core view is that first-quarter corporate earnings exceeded expectations in both strength and breadth, and the US economy has re-entered an expansion phase. Similar to JPMorgan Chase, BCA believes this stock rally is not only driven by valuation expansion—earnings themselves are delivering the index’s gains. AI remains the core variable in this assessment. Large tech firms including Alphabet, Microsoft, Amazon, Meta and Oracle continue to increase capital spending on data centers and AI infrastructure, driving growth in orders for chips, servers, construction, power and related industrial chains. This provides a clearer fundamental basis for upward revisions to 2026 and 2027 earnings. The institution points out that risks exist: the earnings expansion brought by AI investments has already been quickly priced into the market. If subsequent returns on capital spending are questioned, or interest rates remain elevated, further upside for the index will require more earnings confirmation rather than relying solely on investor risk appetite.
15 minutes ago
Tom Lee: Markets have nearly priced in two interest rate hikes from the Federal Reserve this year, and the rise in US Treasury yields is weighing on market sentiment.
Tom Lee said the market is still digesting Kevin Warsh’s remarks from his first press conference last week and repricing the macro environment. Over the past week, oil prices have pulled back, with war premiums contracting. Current oil prices are not far from the roughly $65 level seen before the conflict, indicating the market views related war risks as declining. On the other hand, 10-year U.S. Treasury yields continue to rise, now around 4.5%, higher than the pre-conflict level of roughly 4.2%. The main headwind the market has faced recently has shifted from oil prices to yields. Tom Lee noted that the market is not only focused on 10-year U.S. Treasury yields but also starting to price in potential additional interest rate hikes from the Federal Reserve. According to federal funds futures, the market is currently pricing in nearly two rate hikes this year. Bank of America further projected today that the Fed will raise rates three times this year, in September, October, and December respectively. Jeffrey Gundlach often emphasizes the importance of monitoring 2-year U.S. Treasury yields, as they typically lead the Fed and signal the central bank’s policy direction. Between 2023 and 2025, the relationship between 2-year U.S. Treasury yields and the federal funds rate indicated that the Fed’s policy was overly tight, requiring interest rate cuts. However, this relationship has recently reversed, meaning the Fed would need two rate hikes to catch up with 2-year U.S. Treasury yields. He believes that, at least for now, yields have become a headwind for the market.
TLDRNew Security Capabilities Introduced for IBM Z PlatformAI-Powered Database Tool Joins Z PortfolioStock Pressure Persists Despite Mainframe InnovationGet 3 Free Stock Ebooks Shares of IBM dropped 5.05% even as the company rolled out new Z platform security solutions. The zSecure Detection tool focuses on identifying ransomware threats and unusual system patterns. IBM’s zSecure Secret Manager streamlines certificate lifecycle processes on z/OS systems. The Z Database Assistant leverages agentic AI technology to assist database administrators. IBM’s stock price settled at $249.10 following a decline from the $262 level. Shares of IBM (IBM) experienced a notable decline on Thursday, closing down 5.05% at $249.10 despite the tech giant’s announcement of an expanded software suite for its Z mainframe platform. The stock had traded above $262 earlier in the session before selling pressure intensified. The downward movement persisted even as IBM rolled out new capabilities designed to enhance security monitoring and database management for enterprise customers.
International Business Machines Corporation, IBM
New Security Capabilities Introduced for IBM Z Platform IBM revealed the general availability of three software solutions targeting its Z mainframe ecosystem. The new offerings concentrate on threat detection, automated certificate lifecycle management, and database optimization. According to the company, these tools respond to escalating security challenges facing organizations operating mission-critical infrastructure.
The zSecure Detection solution enables security teams to identify potential ransomware attacks and anomalous system behavior across IBM Z environments. It provides investigation capabilities and incident response features specifically designed for z/OS platforms. Consequently, organizations can enhance their security posture for mainframe workloads without migrating to alternative systems.
Meanwhile, IBM zSecure Secret Manager addresses certificate governance challenges across both IBM Z and LinuxONE platforms. Leveraging IBM Vault Self-Managed for Z technology, the solution automates certificate lifecycle monitoring and management. The tool specifically tackles complications arising from shortened certificate validity periods and dispersed management frameworks.
AI-Powered Database Tool Joins Z Portfolio IBM simultaneously introduced the Z Database Assistant designed to support database administration teams. This solution incorporates agentic AI capabilities to streamline routine database management workflows. The objective centers on enhancing system performance while maintaining data integrity and availability.
IBM framed the software releases within its comprehensive hybrid cloud and security vision. The technology provider noted that enterprises increasingly operate sensitive applications under stringent regulatory frameworks. Accordingly, IBM emphasizes its commitment to developing solutions that support resilient enterprise technology foundations.
The company also referenced connections to its Project Glasswing and Project Lightwell initiatives. These programs focus on security research advancement and open-source security community contributions. Nevertheless, these positive developments failed to prevent the stock’s decline as broader market dynamics outweighed the product announcements.
Stock Pressure Persists Despite Mainframe Innovation IBM has consistently promoted its Z platform as a highly reliable enterprise computing solution. The company highlights average annual downtime of less than one-third of a second. IBM also emphasizes uptime metrics exceeding 99.999999% for production workloads.
The software releases arrive as organizations navigate increasingly complex regulatory and security landscapes. Financial institutions, telecommunications providers, healthcare organizations, and government agencies continue to depend on IBM’s infrastructure platforms. IBM maintains its position as a key provider of enterprise-grade computing systems for critical operations.
Despite these developments, IBM stock finished the session at $249.10 following a significant intraday pullback. Shares retreated from levels above $262 before finding support near the $250 mark. The sell-off demonstrated that product innovation announcements were insufficient to offset broader selling pressure during the trading session.
An attacker has used an “infinite mint” bug in a vulnerable smart contract on the Secret Network to create unbacked, wrapped versions of Axelar-wrapped assets, resulting in a $4.67 million exploit.
The exploit happened on June 10 but was discovered a week later on Wednesday, after a failed cross-chain transaction caused by an “insufficient funds” error in the drained account was detected, blockchain research firm Common Prefix reported on Friday.
The attacker redeemed the Axelar-wrapped assets (saTokens) back over legitimate channels to drain the real Axelar-wrapped assets held in escrow because the smart contract did not verify the source of the inbound transfer before minting, so “deposits forged over an attacker-controlled channel minted genuine saTokens with no assets backing them,” Common Prefix said.
It is the latest in a series of crypto protocol hacks and exploits this month, which now number at least 22, according to DeFiLlama. The Secret Network was one of the largest, behind the Humanity Protocol and Syscoin Bridge, which lost $32 million and $8 million, respectively, earlier this month.
The Secret Network is a privacy-focused, layer-1 blockchain built on the Cosmos ecosystem, and Axelar is a decentralized interoperability network that connects different blockchain ecosystems.
The Axelar-wrapped assets minted without backing in the exploit included saUSDT, saUSDC, saDAI, saWETH, saWBTC, saWBNB and sawstETH.
The attacker moved the exploited assets to the Ethereum blockchain and converted them to Ether (ETH). They then split the haul between around 30 wallets, eventually depositing the funds into exchanges including KuCoin, ChangeNow, and HitBTC, according to Common Prefix.
“If you hold Axelar-bridged saXXX tokens on Secret, please be aware their backing was affected, and your funds may be lost,” the Secret Network said on Saturday.
Stolen funds split into multiple wallets for obfuscation. Source: Common Prefix
The Secret Network’s token, Secret (SCRT), was not impacted by the incident, but it remains down 99% from its 2021 all-time high, currently trading at $0.058. Axelar’s native token, Axelar (AXL), is in a similar state, trading at $0.045, down 98% from its 2024 peak.
Axelar posted a confirmation on Saturday following “some confusion” around the incident.
“Neither Axelar nor IBC [Inter-Blockchain Communication] was compromised. The exploited token smart contract was not developed, deployed, or maintained by Axelar. Axelar’s firewalling prevented the impact from spreading to other chains,” it said.
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
An attacker has used an “infinite mint” bug in a vulnerable smart contract on the Secret Network to create unbacked, wrapped versions of Axelar-wrapped assets, resulting in a $4.67 million exploit.
The exploit happened on June 10 but was discovered a week later on Wednesday, after a failed cross-chain transaction caused by an “insufficient funds” error in the drained account was detected, blockchain research firm Common Prefix reported on Friday.
The attacker redeemed the Axelar-wrapped assets (saTokens) back over legitimate channels to drain the real Axelar-wrapped assets held in escrow because the smart contract did not verify the source of the inbound transfer before minting, so “deposits forged over an attacker-controlled channel minted genuine saTokens with no assets backing them,” Common Prefix said.
It is the latest in a series of crypto protocol hacks and exploits this month, which now number at least 22, according to DeFiLlama. The Secret Network was one of the largest, behind the Humanity Protocol and Syscoin Bridge, which lost $32 million and $8 million, respectively, earlier this month.
The Secret Network is a privacy-focused, layer-1 blockchain built on the Cosmos ecosystem, and Axelar is a decentralized interoperability network that connects different blockchain ecosystems.
The Axelar-wrapped assets minted without backing in the exploit included saUSDT, saUSDC, saDAI, saWETH, saWBTC, saWBNB and sawstETH.
The attacker moved the exploited assets to the Ethereum blockchain and converted them to Ether (ETH). They then split the haul between around 30 wallets, eventually depositing the funds into exchanges including KuCoin, ChangeNow, and HitBTC, according to Common Prefix.
“If you hold Axelar-bridged saXXX tokens on Secret, please be aware their backing was affected, and your funds may be lost,” the Secret Network said on Saturday.
Stolen funds split into multiple wallets for obfuscation. Source: Common Prefix
The Secret Network’s token, Secret (SCRT), was not impacted by the incident, but it remains down 99% from its 2021 all-time high, currently trading at $0.058. Axelar’s native token, Axelar (AXL), is in a similar state, trading at $0.045, down 98% from its 2024 peak.
Axelar posted a confirmation on Saturday following “some confusion” around the incident.
“Neither Axelar nor IBC [Inter-Blockchain Communication] was compromised. The exploited token smart contract was not developed, deployed, or maintained by Axelar. Axelar’s firewalling prevented the impact from spreading to other chains,” it said.
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
Ethereum co-founder Vitalik Buterin has announced a unique experiment that is supposed to test the limits of artificial intelligence and privacy.
Buterin has dared the internet to unmask an anonymous document he authored with the help of any AI tool at their disposal.
Buterin's secret document Buterin aims to test the recent claims that AI-driven writing-style analysis could make online anonymity pretty much impossible, which has become the most recent scare linked to the newfangled technology.
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Buterin revealed that he authored an anonymous document related to Ethereum that was published sometime between 2020 and 2026.
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The text is of "moderate importance." He has estimated that it ranks among 200 to 2,000 Ethereum-related publications of similar or greater importance.
Buterin stated he was willing to "cannibalize" a piece of his own anonymity to pull off the rather ambitious experiment.
At press time, no one has publicly confirmed a successful identification of the document.
Could AI end anonymity? Stylometry, the statistical analysis of a person's linguistic style, has been used for decades for resolving authorship disputes or other purposes. It would typically require very vigorous manual analysis, which was extremely labor-intensive.
However, with the advent of highly advanced generative AI, stylometry has become way more efficient. These models are capable of deciphering an author's unique writing style in mere seconds.
Buterin, a prolific writer, has an extensive corpus of publicly available writing (blog posts, Ethereum Improvement Proposals, research papers, forum comments, social media posts, and so on).
If AI does manage to successfully identify Buterin's anonymous work, it could raise massive alarms regarding privacy. Conversely, if AI fails to find the document, it will show that pseudonymous contributions may still be secure despite the massive progress of AI.
Blockchain interoperability network Axelar on Friday disclosed a security incident impacting assets bridged over IBC from the Axelar chain to Secret Network, resulting in the loss of approximately $4.7 million in tokens.
We have identified an incident affecting assets bridged over IBC to Secret Network from the Axelar chain, with approximately $4.67M worth of tokens taken. Based on current information, the issue is isolated to the Secret-side ICS-20 smart contract of the Cosmos IBC connection…
— Axelar Network (@axelar) June 19, 2026
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Secret Network is a standalone blockchain designed for privacy-by-default smart contracts, where transaction data is encrypted while code remains verifiable on-chain. Through its integration with Axelar, it enables private cross-chain communication, allowing applications to support use cases like confidential DeFi trading, private NFT transactions, and anonymous governance.
Axelar said early findings suggest the issue is isolated to the Secret-side ICS-20 smart contract used in the Cosmos IBC connection between Secret and Axelar for assets transferred from Axelar to Secret.
As an immediate precaution, the Axelar emergency committee disabled the Secret and Secret-SNIP connections. The team has also contacted relevant exchanges and law enforcement authorities.
The company stated that the incident is isolated to assets on Secret bridged from Axelar and that no other IBC connections, Secret tokens, or Axelar integrations appear to be impacted. Axelar’s core protocol was not affected, according to the team.
Axelar said it is continuing its investigation and plans to release a detailed post-mortem.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.
Cross-chain interoperability protocol Axelar has disabled its connection to Secret Network following an exploit that resulted in the loss of approximately $4.67 million in bridged assets.
In an update on June 19, Axelar said it had identified an incident affecting assets bridged over the Inter-Blockchain Communication [IBC] protocol from the Axelar chain to Secret Network. The team said the issue appears to be isolated to the Secret-side ICS-20 smart contract used in the Cosmos IBC connection between the two networks.
“Approximately $4.67M worth of tokens” were taken, according to the protocol.
Axelar shuts down affected connections Axelar said its emergency committee disabled the Secret and Secret-SNIP connections immediately after becoming aware of the incident.
The protocol also said it has contacted relevant exchanges and law enforcement agencies while investigations continue.
According to the initial assessment, the exploit is limited to assets bridged from Axelar to Secret Network through the affected IBC route. Axelar said no other IBC connections appear to be impacted and that no other Secret Network tokens have been affected.
The team further stated that Axelar’s core protocol remains unaffected.
“We’re preparing a detailed post-mortem,” the protocol said.
Investigation focuses on Secret-side contract The incident highlights the complexity of cross-chain infrastructure, where vulnerabilities can arise within specific integrations rather than the underlying bridge network.
Axelar’s statement suggests the issue originated in the Secret-side ICS-20 contract associated with the Cosmos IBC connection, rather than within Axelar’s validator network or core interoperability infrastructure.
That distinction could become an important focus of the investigation as both ecosystems work to determine the root cause of the exploit.
The latest incident adds to a growing list of bridge-related security events across the crypto sector, where interconnected networks and smart contracts continue to present attractive targets for attackers.
At the time of publication, neither Axelar nor Secret Network had released a detailed technical explanation of how the exploit occurred.
Final Summary Axelar disabled its Secret Network connections after approximately $4.67 million in bridged assets was stolen. The protocol said the issue appears isolated to a Secret-side ICS-20 contract, while Axelar’s core infrastructure remains unaffected.
Axelar (@axelar), a decentralized interoperability network, has disclosed a security incident involving approximately $4.67 million worth of tokens bridged via IBC to Secret Network (@SecretNetwork), targeting assets transferred from the Axelar chain.
The vulnerability was isolated to the Secret-side ICS-20 smart contract within the Cosmos IBC connection between the two chains, a contract responsible for handling assets bridged from Axelar to Secret. Because Secret Network is a privacy-focused blockchain, transaction details and balances are encrypted, making the exploit transaction invisible on-chain.
Connections Disabled, Exchanges and Law Enforcement ContactedThe Axelar emergency committee acted upon discovery of the incident, immediately disabling both the Secret and Secret-SNIP connections to prevent further unauthorized transfers. The team is now actively coordinating with relevant exchanges and law enforcement agencies to track the stolen funds and support recovery efforts.
Axelar emphasized that the incident is isolated to assets on Secret that were bridged over IBC from Axelar, and confirmed its broader infrastructure remains secure and operational.
Damage Contained, Post-Mortem PendingThe issue did not affect Axelar's core protocol, other IBC connections, or native Secret tokens. Both teams say a full post-mortem is forthcoming.
The incident follows a pattern of cross-chain bridge vulnerabilities seen across the industry in 2026. As one analyst noted, the hard part of bridge security is not the messaging layer, but ensuring nothing happens until authenticity is fully proven. Custom receiver contracts, which handle inbound cross-chain messages on behalf of protocols, continue to represent the highest-risk surface in DeFi when validation logic is insufficiently hardened.
Axelar has disabled its Secret Network bridge connections after a security incident resulted in the loss of roughly $4.7 million worth of bridged assets.
Summary
Axelar disabled Secret Network bridge routes after a $4.7 million exploit tied to a Secret-side ICS-20 contract. The company said the incident appears limited to Axelar-bridged assets on Secret Network, with no impact on its core protocol. Binance Research previously estimated DeFi exploits triggered $13 billion in TVL outflows and pushed leverage ratios to 2021 highs. According to Axelar, the exploit affected assets transferred from the Axelar chain to Secret Network through the Cosmos Inter-Blockchain Communication framework.
Early findings from the investigation indicate the issue is linked to the Secret-side ICS-20 smart contract used in the IBC connection between the two networks rather than Axelar’s core infrastructure.
We have identified an incident affecting assets bridged over IBC to Secret Network from the Axelar chain, with approximately $4.67M worth of tokens taken. Based on current information, the issue is isolated to the Secret-side ICS-20 smart contract of the Cosmos IBC connection…
— Axelar Network (@axelar) June 19, 2026 As part of its immediate response, Axelar said its emergency committee shut down the Secret and Secret-SNIP connections to prevent further losses. The interoperability protocol also stated that it had contacted relevant exchanges and law enforcement agencies while its investigation remains ongoing.
Secret Network operates as a privacy-focused blockchain that encrypts transaction data while allowing smart contract code to remain verifiable on-chain.
Through its integration with Axelar, developers have been able to support private cross-chain applications, including confidential decentralized finance activity, private NFT transactions, and anonymous governance functions.
Exploit appears limited to a single bridge connection Details shared by Axelar indicate that the incident is confined to assets on the Secret Network that were bridged from Axelar. The company said no evidence currently suggests that other IBC connections, Secret-native assets, or additional Axelar integrations were affected.
At the same time, Axelar emphasized that its core protocol remained operational throughout the incident. The team said the suspected vulnerability was isolated to the Secret-side contract involved in processing transfers from Axelar into the Secret ecosystem.
A full post-mortem is expected once the investigation is completed. Until then, the affected bridge routes will remain disabled as engineers continue reviewing the attack path and assessing the extent of the losses.
The incident adds to a growing list of security breaches that have disrupted crypto infrastructure projects in recent weeks. Earlier this month, Humanity Protocol disclosed recovery measures after a June 8 exploit that forced the project to retire its original H token across Ethereum, BNB Chain, and Humanity Mainnet.
According to Humanity Protocol, affected users will receive replacement H tokens through an airdrop tied to a newly deployed audited ERC-20 contract on Ethereum. The project stated that the breach resulted from stolen credentials rather than vulnerabilities in its token contracts, bridge infrastructure, or Safe setup.
Recent exploits continue to pressure crypto projects Security incidents have also had consequences beyond immediate token losses. Earlier this week, crypto payments platform Pyra announced plans to wind down operations after determining it could not recover from the financial and user impact of the Drift exploit.
Against that backdrop, Axelar’s response has focused on containing the Secret Network incident while investigators determine how the exploit occurred. The company said it will provide additional details once its review is complete and has maintained that no other parts of the Axelar network appear to be affected based on current findings.
As crypto.news reported earlier, Binance Research estimated that DeFi exploits in April alone contributed to roughly $13 billion in total value locked outflows across decentralized finance protocols, reducing available liquidity throughout the sector. The research arm also found that the on-chain leverage ratio climbed to around 38%, a level last seen in 2021, as TVL declined faster than borrowing activity.
PANews, June 20 – Axelar Network stated on X that it has identified an incident affecting assets bridged from the Axelar chain to Secret Network via IBC, with approximately $4.67 million worth of tokens stolen. Based on currently available information, the issue is limited to the ICS-20 smart contract on the Secret side, which is part of the Cosmos IBC connection between Secret and Axelar used to bridge assets from Axelar to Secret. The Axelar emergency committee immediately disabled the Secret and Secret-SNIP connections upon discovering the incident. The team is contacting relevant exchanges and law enforcement agencies. This incident is limited to assets bridged from Axelar to Secret via IBC. Other IBC connections or Secret tokens do not appear to be affected. Other Axelar integrations are unaffected. Axelar’s core protocol is unaffected.
Separately, according to Common Prefix’s analysis of the Secret Network incident, an attacker exploited an infinite minting vulnerability in a modified CW20-ICS20 token contract on Secret, stealing approximately $4.67 million. The attacker launched a new Cosmos chain (with only one validator) and self-relayed IBC packets to it, minting arbitrary Secret-wrapped Axelar assets on Secret. The contract did not verify which IBC channel the inbound tokens came from. The attacker exited via the Axelar bridge. The Axelar protocol was not compromised and prevented contagion from spreading to other chains.
Top 1 On-Chain Liquidation: ETH Bull Whale Hit With 4 Consecutive Forced Liquidations, $14.11 Million in Positions Liquidated
According to Hyperinsight monitoring, today’s largest liquidation on the Hyperliquid platform involved a high-leverage Ethereum (ETH) long whale. The address opened a long position yesterday when ETH was trading at roughly $1,661, and immediately incurred losses after entry. Triggered by ETH’s short-term dip below $1,600 in the early hours of today, the whale faced four consecutive liquidations, resulting in the forced closure of a total of 8,734 ETH positions valued at approximately $14.11 million. The address now holds less than $150,000 in remaining funds, with all positions fully cleared. Address: 0x1cb0b187c14a8c0fb36ca0dcbb775dcc7f02b408
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A certain on-chain address opened long positions in BTC, ETH, and silver, and purchased $10.699 million worth of BTC and ETH spot.
According to on-chain analyst Ai Yi (@ai_9684xtpa)’s monitoring, address 0x960…3f0fc simultaneously went long on both futures and spot positions this early morning, opening long positions of 102.55 BTC, 954.38 ETH, and 8,790 silver units, with total position value around $8.29 million. It also purchased spot BTC and ETH worth approximately $10.699 million. Its current take-profit levels are set at $63,000 for BTC and $1,650 for ETH.
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A whale that reaped over $23.77 million in profits from the Basic Attention Token (BAT) ICO has reawakened after six years of dormancy, offloading 12,600 ETH in the past two days.
According to monitoring by EmberCN, a whale address that participated in the BAT ICO in 2017 and generated approximately $23.77 million in total profits has started selling ETH recently after six years of inactivity. Over the past two days, the address has sold 12,586 ETH, receiving 20.59 million USDS in exchange, at an average selling price of roughly $1,636. The whale invested 17,789 ETH in the BAT ICO in May 2017, acquiring around 113.8 million BAT. It then sold BAT gradually over approximately two and a half years at an average price of $0.245, netting about $23.77 million in profits, with some of the BAT converted into 27,586 ETH. Since then, the ETH has remained inactive for a long time until it resumed reducing its holdings recently. Currently, the address still holds around 15,000 ETH, valued at approximately $24.29 million.
2 minutes ago
Japanese storage firm Kioxia plans to list American Depositary Receipts (ADRs) in the U.S. in April or May next year.
Market news: Japanese storage chip maker Kioxia plans to list its American Depositary Receipts (ADRs) in the U.S. in April or May next year. (Jinshi)
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Micron's earnings report lifts SK Hynix's stock price 11%, trader 'yixie' expands their unrealized profit to $1.3 million.
According to Hyperinsight monitoring, Micron’s Q3 financial results exceeded all expectations, driving peer SK Hynix’s stock to rally nearly 11% from its recent low. On the Hyperliquid platform, SKHYNIX is currently trading at $1,821, up 6.2% in the past 24 hours. Prominent trader yixie (X: @yixie10) nearly doubled his principal during this rally; he is now holding a 2x long position of 2,289 SKHYNIX contracts at an average entry price of ~$1,239.9. Fueled by the rally, the position’s unrealized profit has expanded to $1.37 million, a 96% gain. As of press time, the trader boasts an 85% win rate in semiconductor storage stock trades since opening positions this year, with total historical profits of $6.68 million, including $4.25 million from Micron Technology trades. Address: 0xa65ce1d604fa901c13aa29f2126a57d9032e412b – HyperInsight Bot is now live. Add @HyperInsightBot to your Telegram group and set it as an admin (enable message sending permission) to automatically sync on-chain news.
2 minutes ago
STRC drops to near $80, marking another new all-time low.
According to Bitget market data, Strategy’s preferred stock STRC has dropped to a low of $80.26, hitting a new all-time low since its listing. Calculated based on a $100 par value, the current discount has reached 20%.
Secret Network's cross-chain bridge to Axelar has been suspended after an attacker exploited a years-old minting flaw in a CW20-ICS20 contract to drain $4.67 million in wrapped tokens over seven undetected days. The exploit ran from June 10 to June 17, drained seven Axelar-wrapped assets, and has sparked a dispute between the two teams over contract responsibility.
Secret Network's cross-chain bridge to Axelar has been suspended after an attacker exploited a years-old minting flaw to drain $4.67 million in wrapped tokens over seven undetected days.
Both teams disclosed the incident on June 19, confirming approximately $4.67 million in assets were taken from the bridge's Axelar-to-Secret IBC connection. The attack itself began on June 10 but went unnoticed for seven days until a routine cross-chain transfer failed because the bridge's escrow account had been depleted.
Minting FlawThe vulnerability lived in a modified CW20-ICS20 smart contract deployed on Secret Network for the Axelar bridge connection. Security research firm Common Prefix published a technical breakdown of the incident, finding that two critical validation checks had been commented out from the contract's packet-receive function: one that should have verified incoming token denominations against the legitimate source channel, and one that should have capped outflows to amounts genuinely held in escrow.
The flaw dates to the contract's initial deployment in March 2023 and survived a migration on March 5, 2026 that updated the bytecode for new features but preserved the missing checks. Secret Network's default transaction encryption obscured the growing shortfall from on-chain observers; the attack ran for seven days before a failed transfer surfaced it.
To exploit the gap, the attacker spun up a single-validator Cosmos SDK chain and opened a new IBC channel to Secret Network. IBC channel creation is permissionless by design, meaning any chain can initiate a connection. The attacker self-relayed forged IBC packets carrying bare denominations that matched the bridge's allow-list. With both validation checks missing, the contract minted unbacked wrapped tokens on Secret. The attacker then redeemed those minted tokens over the legitimate Axelar channel to drain the real escrowed assets on the other side.
Seven Tokens DrainedThe assets taken were seven Axelar-wrapped tokens: saUSDT, saUSDC, saDAI, saWETH, saWBTC, saWBNB, and sawstETH. According to KuCoin's reporting, Common Prefix traced the stolen assets through Osmosis and Ethereum. Both teams said they are reaching out to relevant exchanges and law enforcement agencies.
Approximately $600,000 of the drained assets had been deposited by users into Shade Protocol smart contracts. Shade did not deploy the exploited contracts. Ecosystem contributor CarterWoetzel wrote in the Shade forum that bridge-level safeguards were "the appropriate place to detect and halt this class of attack, and that did not happen here."
Disputed ResponsibilityBoth teams issued a joint disclosure and said they are engaging with exchanges and law enforcement. The Shade Protocol forum noted that fund recovery discussions are led by Secret and Axelar, as the parties that control the affected infrastructure.
Axelar stated the issue was isolated to the Secret-side ICS-20 smart contract and that no other IBC connections or Axelar integrations were affected. Axelar has separately clarified the exploited contract "was not developed, deployed, or maintained" by its team. Secret Network's disclosure placed the flaw in contracts tied to the Axelar integration. Neither party has published a full post-mortem as of June 22.
Axelar's Emergency Committee disabled the Secret and Secret-SNIP bridge connections after the disclosure. Cross-chain router Squid also removed Secret Network support from its frontend. The Common Prefix report remains the most detailed public accounting of the flaw.
SCRT PriceSecret Network's SCRT token traded at $0.0558 at the time of writing, down 33% over the prior 30 days and near its all-time low of $0.0553. Axelar's AXL traded at $0.0426, down 29% over the same period. The bridge suspension leaves SCRT with limited cross-chain liquidity routes while both teams complete their investigation.
Market Sentiment: Current sentiment among smart money and retail funds in the market is at a neutral level.
According to the latest data from SentimenTrader, as of June 24, the Smart Money Confidence Index stands at 0.56, while the Dumb Money Confidence Index is at 0.49. Both smart money and retail investor sentiment are currently in the neutral range, with no clear optimistic or pessimistic bias emerging in the market.
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Sandisk's tokenized stock SNDK is now live on the Solana network.
According to official announcements, Sandisk’s tokenized stock SNDK has officially launched on Solana via Sunrise. SNDK is the tokenized stock representing SanDisk, the storage chip manufacturer. Users can now trade SNDK 24/7 through various wallets and applications within the Solana ecosystem, even when traditional stock markets are closed.
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Jiang Zhuoer: This round of Bitcoin bear market may bottom out in Q4 2026, with a target range of $42,000 to $44,000.
BTC.TOP founder Jiang Zhuoer wrote in a post that Strategy’s modified net asset value (mNAV) has fallen to 0.72, near the 0.7 low hit in May 2022 during the last bear market. Citing recent market sentiment events including STRC’s depegging, he noted that mNAV is now in the bottom zone of this cycle. mNAV usually bottoms roughly six months before Bitcoin’s price. Using the "four-year cycle" and volatility decay model, Jiang projected that this Bitcoin bear market will likely bottom between October and December 2026, with a target price range of $42,000 to $44,000. He added that his recent medium-short term strategy remains focused on selling spot assets and holding short positions, and will switch to buying spot and going long once the expected bottom arrives.
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The VIX Fear Index for the US stock market stands at 18.63 today, with fear sentiment intensifying in the crypto market.
According to Cboe data, the U.S. stock market's VIX Fear Index stands at 18.63 as of today, down 0.86 points from the prior reading of 19.49, marking a decline of approximately 4.41%. Separately, per Alternative data, the Crypto Fear & Greed Index is at 12 today (compared to 17 yesterday), indicating intensifying extreme fear sentiment.
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Bank of Japan Board Member: Should Accelerate Pace of Interest Rate Hikes If Upside Inflation Risks Intensify
Bank of Japan (BOJ) Policy Board member Naoki Tamura stated that if upside risks to price growth intensify further, the BOJ should not hesitate to accelerate the pace of interest rate hikes or raise rates by a larger margin. He projected that the BOJ will implement interest rate hikes every few months until its policy rate reaches the neutral level of around 2%. (Golden Ten)
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Crypto token M plunged over 80% in a short period, hitting a low near $0.5.
According to HTX market data, the token M saw a sharp short-term price plunge, with its decline once exceeding 80% and hitting a low of around $0.5, and is now trading at $0.54.
Zcash has completed a two-phase emergency network upgrade to fix a critical vulnerability in its Orchard shielded pool — a flaw that sat undetected for four years, could theoretically have allowed unlimited undetectable counterfeit ZEC creation, and triggered a 50% price collapse before the network’s swift response began restoring confidence and driving a recovery in ZEC’s price.
Josh Swihart, CEO of Electric Coin Company — the primary developer of Zcash — posted on X on June 7 confirming the fix was complete and the network secure, as ZEC began its recovery from the lows reached after the vulnerability’s disclosure.
The post arrived at a critical moment for the asset: ZEC had crashed approximately 50% from a June 4 peak of $624 to $309 on June 5, wiping more than $3 billion from its market capitalization, per the BitMEX Blog’s documented timeline of the incident.
ZEC's price trends to the upside over the past 48 hours, as seen on the daily chart. Source: ZECUSD on Tradingview How The Zcash Bug Was Found — And What It Was The vulnerability was discovered on May 29, 2026 by security researcher Taylor Hornby during a protocol audit commissioned by Shielded Labs. Hornby identified a “soundness” flaw in Zcash’s Orchard zero-knowledge proof circuit — specifically an under-constrained element in the Orchard Action circuit that could allow invalid state transitions, creating a theoretical double-spending risk within the shielded pool.
The discovery was made using Anthropic’s Claude Opus 4.8 AI model alongside a custom analysis suite, per Shielded Labs’ official disclosure. Hornby and the AI developed a working proof-of-concept that successfully generated unlimited, completely undetectable counterfeit ZEC in a local test environment — described by one independent analyst as “about the worst kind of bug a cryptocurrency can have,” per Yahoo Finance’s reporting of the disclosure.
Critically, the flaw did not permit inflation of the total ZEC supply on the live network. Zcash’s internal turnstile accounting mechanism — which tracks the total value moving into and out of the shielded pool — confirmed no unauthorized value creation occurred while the flaw was active, per Shielded Labs’ official statement.
However, the organization acknowledged directly that due to the privacy properties of Orchard and the nature of the bug, there is no definitive cryptographic way to determine whether exploitation occurred — a limitation inherent to the shielded pool’s design that became its own source of market concern. The vulnerability had been present since Orchard’s activation in May 2022 — four years — without detection.
The Emergency Response Zcash’s development ecosystem responded with unusual speed. The first phase was an emergency soft fork deployed through Zebra 4.5.3, activated at block 3,363,426 on June 2, which temporarily disabled all Orchard transactions to remove the attack path while developers prepared the permanent fix.
Transparent and Sapling transactions continued operating normally throughout, per the Zcash Foundation’s official announcement on X. The second phase arrived on June 3 through the NU6.2 hard fork — activated at block 3,364,600 via Zebra 5.0.0 — which introduced a corrected circuit and a new verifying key, patching the flaw and re-enabling Orchard transactions, per the Foundation.
The market’s initial reaction to the hard fork was positive. ZEC rose from $544 on June 2 to $603 on June 3, continuing to $624 on June 4 — its highest level since the rally began. Then Arthur Hayes publicly disclosed he had exited his entire ZEC position intraday on June 4 — the same day as the peak — citing five macro factors including higher energy prices and upcoming AI IPOs, per his X post covered in prior reporting. The combination of Hayes’ exit and lingering uncertainty about whether exploitation had occurred before the patch sent ZEC to $309 on June 5.
The Recovery And What It Means Swihart’s June 7 X post — reassuring the community that total ZEC supply remained intact throughout and that the network had passed through the emergency without confirmed exploitation — appears to have been the catalyst for the recovery now underway. The swift two-phase response, combined with the Foundation’s transparent disclosure and Swihart’s direct communication, provided the confidence signal the market needed.
This development marks a pivotal and genuinely uncomfortable moment for Zcash’s long-term positioning in the nascent sector. A four-year-old vulnerability in the Orchard pool — the very component that defines ZEC’s core privacy value proposition — has been fixed cleanly and without confirmed exploitation.
But the structural irony that the privacy properties that make Zcash valuable also make it impossible to confirm the vulnerability was never used will remain a question mark the community will need to address as the recovery continues.
As of this writing, ZEC trades at around $430, recovering from its June 5 lows as confidence in the network’s security response gradually rebuilds.
Cover image from Grok, ZECUSD Chart from Tradingview
World Liberty Financial, a decentralized finance (DeFi) platform backed by President Donald Trump and his family, is poised to launch its WLFI token, which could hold significant profits for early investors.
WLFI Token Launch Approaches The company announced on July 4 that it has initiated steps to have its flagship token listed on cryptocurrency exchanges, marking a crucial milestone after months of anticipation.
The WLFI token, which was introduced last year as a non-transferable governance token, is designed to facilitate community voting on the project’s future direction.
Secondary market trading has already commenced on platforms like Whales.market and MEXC, where WLFI has recently traded between $0.13 to $0.18, a notable increase from its initial sale prices of $1.5 and $0.5.
According to the project’s white paper, entities affiliated with the Trump family may collectively hold about one-third of WLFI’s total supply of 100 billion tokens. At current prices, these holdings could represent billions of dollars on paper.
Bruno Ver, market expert and investor in the WLFI token, expressed optimism about its potential value, predicting it could reach between $2 and $5 in the near future.
If the token were to climb to $2, the stake held by the founding entities could theoretically be worth around $60 billion, making it one of the most lucrative Trump-related crypto ventures to date.
Recent estimates suggest that crypto businesses have already added approximately $620 million to Donald Trump’s personal net worth, according to the Bloomberg Billionaires Index.
Experts Warn Of Risks Despite the enthusiasm surrounding WLFI, the White House has emphasized that President Trump is distanced from his business interests, having placed his assets in a family-controlled trust.
The current proposal for token release, dated July 4, aims to unlock a portion of tokens held by “early supporters,” although the term lacks a specific definition within the documentation.
Remaining tokens, including those held by founders and team members, would be subject to future votes and longer lock-up periods to signal a commitment to the project. The proposal is expected to undergo discussion and voting on the Snapshot platform, with a potential timeline extending into August.
However, experts caution that the path to a successful launch might come with risks for early holders. Lex Sokolin, managing partner at Generative Ventures, pointed out that tokens with substantial founder and investor allocations often experience significant price declines over time.
World Liberty Financial’s token launch and the Trump family’s increased interest in digital assets comes on the heels of notable regulatory changes in the US as the Securities and Exchange Commission (SEC) has adopted a more lenient stance toward crypto.
This may signal a sense of confidence from WLFI regarding regulatory scrutiny. Hilary Allen, a law professor at American University, noted that this shift suggests WLFI no longer perceives a threat from the SEC.
The 1D chart shows Trump’s official memecoin struggling to break free from its current downtrend. Source: TRUMPUSDT on TradingView.com Featured image from DALL-E, chart from TradingView.com
