In a pivotal move that underscores its commitment to integrity and user trust, the Unibot Core Team has announced a strategic shift in its approach to deploying Unibot on the Solana blockchain. The decision, driven by a series of operational and ethical considerations, marks a significant departure from the team’s previous collaboration with an external group responsible for Unibot’s Solana operations.
The core team’s resolve to realign its operations with its foundational values of transparency, security, and honesty heralds a new era for Unibot and its dedicated community.
Realigning with foundational values The Unibot Core Team’s decision to sever ties with the external Solana deployment team is not one taken lightly. It stems from a profound commitment to uphold the project’s core values, which serve as the bedrock of its relationship with the community. The request for the external group to change its name and fulfill its financial obligations to Unibot holders reflects the core team’s dedication to transparency and accountability. The move is a clear statement that Unibot stands for more than just technological innovation; it embodies a commitment to ethical conduct and community respect.
The issues leading to the decision, including unauthorized launches and a refusal to comply with standard KYC procedures, have highlighted significant gaps in alignment between the external team’s operations and Unibot’s values. These challenges have underscored the necessity for the Unibot Core Team to take decisive action, ensuring that all aspects of Unibot’s deployment on Solana are conducted in a manner that reinforces trust and security for its users.
Unibot Core Team forging ahead with a new partnership In response to these challenges, the Unibot Core Team is charting a new course by partnering with a yet-to-be-disclosed entity for its proprietary Solana bot. The partnership is poised to redefine the Unibot experience on Solana, prioritizing the security and transparency that are fundamental to the project’s ethos. The forthcoming Solana bot, accessible through the Telegram platform and Unisol-X platform, signifies a strategic pivot towards in-house development and operation, promising a more secure and user-centric platform.
The anticipation surrounding the official launch of the Unibot Solana Official TG Bot and Unisol X is palpable. With the promise of zero fees on Unibot Solana for the first month, the core team is not only demonstrating its commitment to providing value to its users but also its confidence in the new direction. The transition period is a testament to the team’s agility and its unwavering focus on delivering a platform that meets the high standards expected by its community.
A renewed commitment to excellence The Unibot Core Team’s strategic redirection is a bold affirmation of its dedication to the project’s core values and its community. By taking control of Unibot’s Solana operations, the team is setting a new standard for transparency and security in the DeFi space. The move is expected to bolster user confidence and solidify Unibot’s position as a trusted name in decentralized finance. The introduction of SOL reward tokens directly from the Unibot Core Team further exemplifies the commitment, offering tangible benefits to users and reinforcing the project’s community-centric approach.
Looking forward, the Unibot Core Team’s focus on in-house development and strategic partnerships is poised to usher in a new era of innovation and growth for the project. As Unibot continues to evolve, the core team’s dedication to its foundational values will remain at the forefront of its operations. The community can expect a platform that not only meets but exceeds the highest standards of security, transparency, and user engagement. With these changes, Unibot is well on its way to achieving its vision of becoming a leading force in the DeFi ecosystem, driven by a commitment to excellence and a deep respect for its users.
Conclusion The Unibot Core Team’s recent announcements represent a significant milestone in the project’s journey. As it embarks on the new chapter, the team’s dedication to its core values and its community is clearer than ever. With a strategic shift towards in-house development and a new partnership for its Solana operations, Unibot
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In a significant move, the Unibot core team has announced a decisive shift in its collaboration on the Solana blockchain, pointing toward a future where trust, security, and community values take center stage, per a statement on their official social media accounts.
Unibot Core Team Emphasizes Commitment To Transparency and Security This pivot comes as the team ends its partnership with the group that previously deployed Unibot on Solana, citing a misalignment with Unibot’s foundational principles of transparency, security, and honesty.
According to a recent Unibot’s official X account update, this separation was fueled by “trust and commitment breaches.” Notably, an unauthorized launch of a Blast bot under Unibot’s name without prior approval and a consistent refusal to adhere to Know Your Customer (KYC) protocols “raised red flags.”
Moreover, the Solana group’s failure to fulfill financial obligations to Unibot holders prompted the core team to take decisive action to “protect its community and uphold its standards.”
Despite these challenges, Unibot is turning a new page by announcing a proprietary Solana bot in collaboration with a new partner, which will soon be revealed.
This partnership aims to ensure that Unibot users on the Telegram and Unisol-X platforms can continue engaging with the trading bot securely and efficiently, with the promise of SOL reward tokens directly from the Unibot Core Team.
UNIBOT’s price trends to the downside on the daily chart. Source: UNIBOTUSDT on Tradingview Unibot Announces Billion-Dollar Milestone And New User-Centric Features The shift comes at a time of notable achievement for Unibot, having crossed an impressive $1 billion in lifetime trading volume. This milestone, coupled with a daily record of $20 million in volume and an active user base of 10,000, underscores the vibrant growth and potential of Unibot’s platform.
The team is also exploring innovative features to enhance user experience, including trading directly through Telegram for fast transactions, integrating leveraged trades with decentralized exchanges, and expanding trading strategies through options.
As the project embarks on this new chapter, the focus remains squarely on fostering a secure and empowering user environment. With an eye on the future, the Unibot team is committed to “pioneering the next wave of trading bot technology,” guided by the values that have always set them apart.
For those new to the platform or seeking to deepen their engagement, Unibot offers a wealth of resources to get started and maximize their trading experience. According to a community member speaking about the project:
UNIBOT is a pretty incredible invention. Trading with MM (market makers) or a ledger is slow and clunky. Trading directly through telegram is great for fast swaps, scalps, etc. Some things that would blow Team Unibot out of the water…
Cover image from Dall-E, chart from Tradingview
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Unibot’s native token fell past $50 today.Conflict has broken out between the popular Telegram bot’s Ethereum and Solana developers.Both sides traded accusations of breach of trust.Unibot’s token fell more than 40% today as news emerged of infighting between its Ethereum and Solana developers of the popular Telegram trading bot with over $1.1 billion in volume.
Unibot’s Ethereum developers said they had ended their collaboration with their Solana counterparts, accusing them of reneging on previous agreements.
The Solana group confirmed the split, announcing plans to rebrand from Unibot’s Ethereum team.
Unibot is a Telegram trading bot on both Ethereum and Solana. It first emerged on the Ethereum mainnet last May, followed by a Solana deployment in January.
Unibot users, especially those who use the Solana-based iteration, now find themselves in the lurch.
Today’s split is the latest problem to rock Unibot, which was previously hacked for $5.6 million last year. These problems have contributed to the project falling further behind its major rival, Banana Gun bot.
Unibot and Banana Gun bot belong to a class of projects that allow crypto users to trade tokens using only a few simple commands on Telegram.
Hello! This chart will be available in a few moments
Unibot token slumps below $50 amid in-fighting between project teamsTelegram bots have evolved into a crypto niche in their own right and boast a $1.6 billion market capitalisation, according to Coingecko.
Apart from trading, several bots also share revenue with users, and some of them help traders automate airdrop farming activities.
Unibot developers lance accusationsThe Ethereum developers behind Unibot accused the Solana group of a breach of trust because the latter also launched a version of the bot on the Blast blockchain without its approval. Blast is a layer-two blockchain built by the same team behind the NFT marketplace Blur.
Unibot’s Ethereum developers accused its Solana counterparts of refusing to undergo the KYC identification process, too.
As such, the Unibot Ethereum team demanded the Solana group change its name which is currently Unibot on Solana.
Following the split, the Unibot Ethereum developers launched a Unisol X frontend for users on Solana as an alternative to the Unibot on Solana bot. They decided to launch a second front because they are no longer working with the Solana group.
Responding to Unibot’s accusations, Reethmos, the pseudonymous Unibot on Solana builder, said the split would not affect its users.
Unibot has earned over $53 million in revenue since inception. (whale_hunter/Dune/whale_hunter/Dune)
Reethmos countered Unibot’s statement and accused the Ethereum developers of engineering the split because the Solana team blocked their access to the bot’s revenue.
“They farmed $30 million from tax farming but apparently it wasn’t enough,” Reethmos said on X, formerly Twitter. Tax farming is the practice of levying fees on token swaps, and Unibot’s Ethereum developers earn 40% of the tax imposed on trading the token.
Unibot generates revenue across all chains, which is shared among token holders. To qualify for the revenue share, holders must hold at least 10 Unibot tokens.
Of the $53 million in cumulative revenue the bot has generated, $48.2 million has been realised on the Ethereum deployment.
Osato Avan-Nomayo is our Nigeria-based DeFi correspondent. He covers DeFi and tech. To share tips or information about stories, please contact him at [email protected].
Bitbot has generated FOMO due to its self-custodial features. The project runs a $100,000 airdrop with $1,000 rewards. $BITBOT carries a 100x potential amid presale frenzy and unique strengths. Crypto trading on Telegram bots gathered phase in 2023. This came after the launch of popular tokens such as Banana Gun and Unibot. Both saw unprecedented gains, cementing the status of Telegram bots as an unstoppable crypto phenomenon. Bitbot launches when this frenzy is still alive while guaranteeing added security advantages. This has created a frenzy for the token, with the presale raising more than $1.16 million through stage 6. Consequently, Bitbot has been labelled a 100x token amid its self-custodial features. Let’s investigate more about this token.
Bitbot generates FOMO: What is its unique value proposition? The key to Bitbot’s popularity is intense speculation. This is the first Telegram trading bot project offering self-custodial features. But what does this mean?
Trading on Telegram trading bots has been beset with controversy. The exploits of leading projects such as Unibot and Banana Gun showed how less protected investors are. This has been caused by the fact that these projects are custodial. They hold users’ private keys and assets, exposing them to potential losses if their accounts are compromised.
With self-custodial features, Bitbot allows users complete control over their assets. Users control their private keys, meaning no one can steal their assets if the platforms are exploited. This is an advantage to users seeking greater control and peace of mind when trading on Telegram trading bots.
Owing to the self-custodial features, Bitbot has generated a frenzy that the token could explode when listed. Similar price trends have been recorded in other Telegram trading bots launched earlier. As such, Bitbot’s superior strengths could fuel higher price movements and return more to investors.
In addition to being self-custodial, the project is attractive with its enhanced security mechanisms. The wallet is secured by KnightSafe security protocols for institutional-grade reinforcement. There are other safety enhancements, such as anti-rug features.
The all-around protections have created an expectation that $BITBOT is a huge potential token. The frenzy is underlined by the rapid presale and token predictions, which are as high as 100x.
Bitbot: Profitable token with up to $100K airdrops and 50% revenue shares The number of followers on Bitbot’s socials has grown rapidly, thanks to profitable offers. An example is Twitter, which has over 114,000 followers. The attraction has been due to the profitable opportunities posted on the platforms. The notable one is the $100,000 airdrop that has attracted fans.
The competition is open to all fans globally. Winners stand a chance to walk away with $1,000 worth of Bitbot tokens from a $100,000 prize pool.
The prelaunch offer is ongoing, with users needing to act on Bitbot to win odds. One just needs to participate in Bitbot, share about the project, subscribe to its mailing list, and more. Winners will be rewarded right before the project kicks off.
Bitbot is also a source of long-term passive income generation. Token holders get a share of 50% of transaction fee revenue generated from the platform. Aside from enjoying seamless trading through an app, one grows their investment over time. The unique advantage over rivals makes Bitbot a very attractive trading platform. This generates value for the token, unlocking its future potential.
Can $BITBOT rise by 100x? Telegram trading bots represent the future of trading, and statistics back this up. The sector has witnessed over $13.6 million in cumulative trading volumes. This is an advantage to the Bitbot token, debuting when a market frenzy unfolds. As such, the debut could be met with wild price movements.
Whether $BITBOT can rise 100x is speculative. However, rival tokens, which carry lesser superior features, have risen by approximately similar margins. As such, $BITBOT carries the potential to claim a 100x gain. A robust presale and speculation cement the token’s status as a potential big gainer.
To purchase $BITBOT while on presale, investors can visit the project’s website page.
In South Korea, a Blockchain-based social karaoke platform called Somesing was hacked last weekend. The platform announced that 730 million Somesing (SSX) tokens worth $11.58 million were stolen.
Altcoin’s Price Plummets After Hack AttackAccordingly, the stolen tokens were part of the 504 million undistributed SSX tokens planned to be released into circulation by the end of 2025, and included 226 million SSX tokens held by the Somesing Foundation, which are already part of the current circulating supply. Following the attack, the price of SSX fell by more than 10%, from $0.01851 to $0.015.
Somesing confirmed that “the hack attack has no connection with any member of the Somesing team and is presumed to have been carried out by professional hacker(s) specialized in the theft of virtual assets.” The platform reported the hack to the National Police Agency for investigation and announced plans to notify Interpol. Somesing also added that it is tracking the attacker with the help of the local Blockchain organization Klaytn Foundation and Interpol’s partner company Uppsala Security. After identifying the perpetrator, Somesing intends to freeze the assets and initiate legal proceedings.
Leading South Korean crypto exchanges such as Upbit, Bithumb, and Coinone have suspended deposit and withdrawal services for SSX at Somesing’s request and warned users about increased price volatility due to the security breach. On the other hand, other leading centralized crypto exchanges that list SSX, such as HTX and Gate.io, have not taken any action.
Cybersecurity remains a critical concern in the crypto sector, as seen in the recent hack of the Klaytn-linked protocol Orbit Bridge, which resulted in a loss of $81.5 million earlier this month. Despite this incident, the total volume of crypto hacks in 2023 has dropped by over 50% compared to 2022.
What is Somesing and How Does It Work?Operating on the Klaytn Blockchain, Somesing incentivizes users to upload karaoke recordings by rewarding them with tokens. These rewards are financed by other users who donate tokens to their favorite karaoke singers.
Singers receive 60% of the donated tokens, 20% goes to Somesing, and the remainder is allocated for copyright fees and the community.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...
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January 29, 2024
Source: Adobe/ipopba Somesing, a popular blockchain-based social karaoke platform in South Korea, has fallen victim to an exploit resulting in the loss of approximately $11.58 million.
In a recent Medium post, the platform revealed that 730 million of its native token SSX had been compromised.
The attack targeted 504 million undistributed SSX tokens, which were initially planned for circulation by the end of 2025, as well as 226 million SSX tokens held by the Somesing foundation that were already in circulation.
Somesing confirmed that the hack was not perpetrated by any member of its team and speculated that it was carried out by professional hackers specialized in targeting virtual assets.
Somesing Reported the Incident to Authorities In response to the breach, Somesing said it has reported the incident to the National Police Agency and intends to involve Interpol in the investigation.
The company is working closely with the Klaytn Foundation, a local blockchain entity, and Uppsala Security, a firm partnered with Interpol, to track down the attackers.
Once the perpetrators are identified, Somesing plans to freeze the stolen assets and pursue legal action.
🚨 BREAKING: Blockchain-powered karaoke app Somesing has been hacked, resulting in the theft of $11.58 million in SSX tokens. The incident, which occurred on Jan. 27, exposes vulnerabilities in crypto platforms. #CryptoSecurity #SSXHack pic.twitter.com/qXSW8SnHWX
— Ryù Tenchi ᛤ 🔺 (@Ryu_Tenchi) January 29, 2024
In light of the security breach, major South Korean cryptocurrency exchanges, including Upbit, Bithumb, and Coinone, have temporarily suspended the deposit and withdrawal of SSX tokens.
These exchanges have warned their users about potential price volatility resulting from the exploit. However, HTX and Gate.io, where the token is also listed, have not issued similar warnings.
Somesing operates on the Klaytn blockchain, offering incentives to users who upload karaoke recordings by rewarding them with SSX tokens.
These tokens are funded by other users who donate tokens to their favorite singers.
Singers receive 60% of the donated tokens, while Somesing retains 20%, and the remainder is allocated to copyright fees and community maintenance.
The incident highlights the ongoing challenge of cybersecurity in the cryptocurrency industry.
Just earlier this month, the Klaytn-linked protocol Orbit Bridge suffered an $81.5 million hack.
SK Exchanges Blocked $82M in Romance Scam Transactions Last year, South Korean crypto exchanges reportedly blocked over $82 million worth of transactions linked to romance scams.
In a recent statement, the crypto exchange Coinone claimed catfishing and other romantic scams that make use of crypto were now “rampant” in South Korea.
Coinone said that it had halted over $2.6 million worth of romance scam-linked trades. The firm said it used an “abnormal transaction detection system” and “24-hour monitoring” network to protect customers.
The announcement came days after a warning from the Financial Supervisory Service (FSS).
On January 22, the FSS claimed that there had been a rise in crypto-related scams on social media sites.
The regulator told the public to beware of romance scammers. The FSS also warned of the dangers of unsolicited investment-related “recommendations and advice.”
The regulator said that the public should be “particularly” wary of “people of the opposite sex or strangers who say they will help with investment.”
The South Korean karaoke blockchain platform Somesing lost access to 730 million SSX tokens worth $11.58 million due to a hack.
According to a blog post by Somesing, the hack occurred on Jan. 27. Among the stolen SSX tokens, 504 million were still unallocated tokens that were initially scheduled to go into circulation by the end of 2025, and 226 million SSX tokens were in the possession of the fund.
“As a result, 489 million SSX tokens have been over-circulated compared to the circulation volume under the original circulation supply plan as of the end of January 2024.”
Somesing team The project team stressed that the hacking incident is not associated with any member of the Somesing squad and is believed to have been carried out by professional hacker(s) who specialize in hacking virtual assets.
The platform team involved the police to investigate the incident. The Klaytn Foundation (Somesing operates on the organization’s blockchain) and Interpol partner Uppsala Security are also helping the karaoke platform find the scammer. Major South Korean exchanges responded to the incident by stopping SSX deposits and withdrawals.
Last week, another project, GAMEE, became the victim of a hacker attack. On January 22, unknown persons gained access to contracts for tokens of the gaming platform (GMEE) and stole a total of $7 million. Amid the news, GMEE collapsed by almost 50%. The investigation showed that unknown persons hacked the GitLab service, which is used for storing and managing repositories. Thus, they managed to gain unauthorized access to contracts for GMEE tokens.
While the popularity of cryptocurrencies continues to increase, hacking incidents continue to occur.
At this point, the latest news came from South Korea.
Somesing, a blockchain-based social karaoke platform in South Korea, has become the latest victim of a crypto hack.
Due to a security breach, hackers stole the platform's native token, the platform said in a statement. At this point, while 730 million SSX ($11.58 million) was stolen, the team made an announcement about the hack attack.
In its announcement, the team stated that 504 million of the 730 million SSX stolen have not yet been put into circulation, and that these tokens are planned to be put into circulation by the end of 2025.
504 million of these tokens were held by the Somesing foundation.
In its announcement, the team also said that the hacking incident was not related to any member of Somesing's team and that the incident was thought to be carried out by professional hackers who specialize in hacking cryptocurrencies.
Following the hack incident, major South Korean crypto exchanges including Upbit, Bithumb, and Coinone halted deposits and withdrawals of SSX upon Somesing's request.
While SSX trading was also affected by this hacking incident, the price was also negatively affected. Following the incident, the SSX price dropped by 15%.
*This is not investment advice.
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Over the weekend, South Korean Karaoke service SOMESING suffered a hack that stole hundreds of millions of SSX tokens. This hack has made crypto exchanges in South Korea alert users and take provisionary actions to minimize investors’ risks.
Upbit Alerts Over Security Risks On January 29, a press release from the largest South Korean crypto exchange Upbit alerted its users of the SSX tokens hack and the following measures to be taken. The exchange warned the community about the potential security risks and the price volatility the token has faced since the attack.
This announcement came after several crypto exchanges, including Bithumb and Coinone, followed SOMESING’s request to suspend SSX token deposits and withdrawals from crypto exchanges.
The press release stated that Upbit has also suspended deposits and withdrawals of the SSX token following the Foundation’s request and explained that the decision is based on the digital asset becoming a ‘cautionary asset’ according to the Digital Asset Exchange Association (DAXA) designation to protect investors.
As the report details, the ‘cautionary asset’ designation is founded on the security issue that the suspicious movements from SOMESING Foundation wallets represent, as well as the change in distribution volume compared to the distribution plan previously submitted by the foundation.
Consequently, Upbit also labeled the SSX token as a ‘cautionary asset’ and has designated a review period from January 19, 2024, until February 14, 2024, to examine the SSX token. Upbit will conduct a detailed review of the digital asset during this period to determine whether to extend or lift the ‘cautionary asset’ designation or terminate the transaction support.
730 Million Tokens Withdrawn To An Unknown Crypto Wallet On January 27, the decentralized blockchain music platform SOMESING notified its community and holders and revealed the details of the hack that occurred in the early hours of that day.
The hack saw 730 million SSX tokens, worth approximately $11 million at the time, withdrawn to unknown wallets. The foundation detailed on its Medium post that 504 million of the stolen SSX tokens were undistributed tokens originally planned to be circulated by the end of 2025.
The Foundation held the other 226 million withdrawn tokens for their circulation supply plans, and as a result, 489 million SSX tokens are over-circulating.
SOMESING’s investigation determined that no member of its team seemed to be involved in the attack, as the methods used suggest that it was most likely conducted by a professional hacker or group of hackers specialized in targeting digital assets.
As part of the emergency measures taken, the Foundation informed that the case was immediately reported to the Cyber Investigation Unit of the National Police Agency, and the incident would also be reported to Interpol.
Additionally, SOMESING urgently requested that domestic and foreign exchanges temporarily suspend deposits and withdrawals of the SSX token where it was listed to prevent further damage to users.
Lastly, the Foundation detailed its plan to track the transaction history of the stolen SSX tokens in collaboration with the Klaytn Foundation and Official Interpol-partner cyber security company Uppsala Security. The goal is to identify the final destination of the stolen funds and identify the hacker’s wallet to potentially freeze the seized assets and unveil the hacker’s identity to take further legal action.
According to CoinGecko data, the SSX token traded around the $0,017-$0,018 range before the hack, falling to $0,015 in the following hours. At writing time, the SSX token trades at $0.01413, a 12.4% price drop in the last 24 hours.
BTC is trading at $ on the hourly chart. Source: BTCUSDT on TradingView.com Featured image from Unsplash.com, Chart from Tradingview.com
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Synthetix’s algorithmic stablecoin sUSD has continued its month-long depeg, now trading nearly 21% below its $1 peg.
According to CoinGecko’s price data, sUSD has dropped to $0.7924 as of Apr. 17, down more than 8% in the past 24 hours. Its market cap has fallen from $30 million at the beginning of April to $25 million as of press time. Due to the ongoing depeg, market activity has increased, as shown by the 320% rise in 24-hour trading volume to $794,081.
sUSD is a synthetic asset issued on the Synthetix (SNX) protocol, backed by its native token SNX and designed to track the price of the U.S. dollar using Chainlink (LINK) oracles. However recent protocol changes have disrupted that stability.
The ongoing depeg started in March and deepened following the implementation of Synthetix Improvement Proposal 420, which aims to increase capital efficiency. SIP-420 introduced a protocol-owned staking pool, also known as the “420 Pool.” This new structure allows SNX holders to delegate their stake to a shared pool rather than manage their own debt positions.
SIP-420 also slashed the required collateralization ratio from 500% to 200%, making it easier to mint sUSD. This change has led to a sharp increase in sUSD supply without a corresponding increase in demand. Now, with some Curve (CRV) pools showing over 90% sUSD, the oversupply has caused the price to fall further.
The Synthetix team has acknowledged the issue, calling it a “transition period.” In a Discord statement, the team said it plans to enhance Curve pool incentives, extend the Infinex deposit campaign, and introduce new use cases like Snaxchain to absorb excess sUSD.
Still, DeFi analysts remain skeptical. “I don’t see who would want to underwrite the risk of holding $sUSD,” said one analyst in a post on X, pointing to the lack of a clear repeg strategy backed by treasury capital.
TLDRThe Root of the ProblemCurve Pools and Collateral ChangesSynthetix’s Response and Future Plans sUSD has fallen significantly below its $1 peg, trading as low as $0.66 before recovering to around $0.70-$0.80 The depegging began after the implementation of SIP-420, which reduced collateralization ratio from 500% to 200% Synthetix team says they have short, medium, and long-term plans to address the stability issues Market cap of sUSD has declined from $30 million to approximately $24.5 million Despite sUSD’s troubles, the SNX token has shown resilience, even gaining 7.5% in a 24-hour period Synthetix’s native stablecoin, sUSD, continues to drift further from its intended $1 peg, reaching all-time lows below $0.70. The crypto-collateralized stablecoin, which is backed by SNX tokens, has been experiencing instability since the beginning of 2025, with recent price action showing a concerning downward trend.
According to CoinMarketCap data, sUSD is currently trading around $0.70, representing a 30% deviation from its target peg with the US dollar. The stablecoin reportedly reached as low as $0.66 before showing a slight recovery. This decline marks a stark contrast to what users expect from a stablecoin, which is designed to maintain a stable value relative to its peg.
The depegging crisis began in mid-March 2025 and has progressively worsened over the past month. By April 9, the stablecoin had fallen to approximately $0.84, and it has continued its downward trajectory since then. The market capitalization of sUSD has also decreased from $30 million at the start of April to around $24.5 million at press time.
sUSD Price on CoinGecko The Root of the Problem The primary cause of sUSD’s instability appears to be linked to recent protocol changes, particularly the implementation of Synthetix Improvement Proposal 420 (SIP-420). This proposal was designed to enhance capital efficiency but has led to unintended consequences for the stablecoin’s stability.
SIP-420 introduced a new staking pool called the “420 Pool” and reduced the collateralization ratio from 500% to 200%. While this change was intended to improve efficiency, it has resulted in an oversupply of sUSD that has outpaced market demand.
The proposal also shifts debt risk from stakers to the protocol itself, creating what Synthetix describes as “structural shifts” in the ecosystem. These changes have removed the primary driver of sUSD buying, contributing to the current volatility.
Kain Warwick, founder of Synthetix, addressed the situation on April 2, explaining that the volatility is largely due to transitions in the protocol’s mechanisms. “New mechanisms are being introduced, but in this transition, there will be some volatility,” Warwick stated in a post on X.
Curve Pools and Collateral Changes The situation has been particularly evident in Curve pools, where sUSD now reportedly accounts for over 90% of the total supply. This imbalance has further contributed to the depreciation of the stablecoin as it struggles to maintain demand relative to other cryptocurrencies.
Warwick has also disclosed that Synthetix had divested 90% of its ETH position while increasing its SNX holdings. This adjustment in the protocol’s collateral composition may be having unexpected effects on investor perception of sUSD’s stability.
It’s worth noting that despite sUSD’s troubles, the SNX token has shown resilience. While SNX has fallen approximately 26% over the past 30 days amid the broader crypto market downturn, it has remained relatively stable in recent weeks, even gaining 7.5% in a 24-hour period according to one report.
⚓️The depegging of the stablecoin $sUSD has intensified, currently trading at $0.8030, Why?
According to market data, the depegging of $sUSD has worsened, with its current price at $0.803 — a 24-hour drop of 5.0%, bringing its market capitalization down to $25.46 million.$sUSD… pic.twitter.com/h3wC27MWcy
— Followin (@followin_io) April 17, 2025
Synthetix’s Response and Future Plans The Synthetix team has acknowledged the challenges facing sUSD but emphasizes that this isn’t the first time the asset has experienced stress. “Synthetix and sUSD have weathered multiple bear markets and periods of stablecoin volatility; this is not the first resilience test,” a spokesperson from Synthetix told Cointelegraph.
The team has outlined a three-tiered approach to address the current situation. In the short term, they will continue supporting liquidity for sUSD through Curve pools and deposit campaigns on their derivatives platform, Infinex.
For the medium term, Synthetix has introduced “simple debt-free” SNX staking that they say will “encourage individual debt repayment.” This measure aims to address some of the structural imbalances created by the protocol changes.
Long-term plans include making capital efficiency changes through the 420 Pool, taking over protocol-level management of sUSD supply, and introducing new “adoption-focused mechanisms” across Synthetix products.
Warwick has emphasized that “sUSD is not an algo stable, it is a pure crypto collateralized stable, the peg can and does drift, but there are mechanisms to push it back in line if it goes above or below the peg.”
The future of sUSD and the broader Synthetix ecosystem will depend on how effectively these measures can restore stability to the stablecoin. For now, users and investors are advised to monitor the situation closely as the protocol navigates this challenging transition period.
Synthetix's sUSD stablecoin has crashed below $0.70 marking its worst depeg in years as collateral changes backfire.
The algorithmic stablecoin sUSD, a cornerstone of the Synthetix ecosystem, has spiraled into its deepest depeg in years, tumbling below $0.7 amid mounting concerns over its collateral mechanism and liquidity crunch.
This latest drop marks a stark deterioration from its already fragile state earlier this month, when it wobbled near $0.83.
A System Under Stress Data from CoinGecko shows sUSD’s highest price in the last seven days at $0.9032. However, since April 14, it has dropped steadily, going to $0.86, then to $0.76, before finally hitting rock bottom on April 18 at $0.664.
At the time of writing, the stablecoin had regained nearly 2% of its value in the last hour, although the current price of $0.70 is still an 8.8% dip in 24 hours. Its performance across longer time frames is just as bad, down 29.3% over 30 days and 29.2% year-on-year.
The situation is no better with sUSD’s Optimism version. It hit a new all-time low of $0.6476 hours ago, after going down 6.9% in the past day and 32.7% over the previous month, raising fears of a potential death spiral reminiscent of Terra’s UST collapse.
Meanwhile, a modest 0.5% uptick in the price of Synthetix’s native SNX token has not stopped it from plummeting almost 26% in the last 30 days and 77% from its yearly high.
Cascading Risks sUSD is designed to maintain a 1:1 peg with the U.S. dollar and is backed by staked SNX tokens under a collateralized debt model. However, the recent passage of SIP 420, a protocol overhaul aimed at improving capital efficiency, seems to have inadvertently destabilized the stablecoin.
You may also like: UK Central Bank Eases Stablecoin Rules Following Market Response Coinbase Urges Congress to Treat Stablecoins Like Cash and Ease Crypto Tax Burdens Peter Schiff Blasts Jamie Dimon’s Push for Bank-Style Rules on Stablecoins The update slashed the collateralization ratio from 750% to 200% and transitioned to a collective debt pool, removing a key arbitrage mechanism: stakers can no longer profit from buying depegged sUSD to repay discounted debts.
It has seemingly resulted in a vacuum of buy-side demand. As Okto Chain’s Minal Thukral noted, the absence of a peg stability module has left sUSD vulnerable to sustained sell pressure, with liquidity thinning and concentrated AMM pools only exacerbating price swings.
The crypto community is divided on the issue. While some maintain that Synthetix’s treasury, which holds about $30 million in sUSD and other assets, could act as a backstop to stem the tide, others see little reason to hold sUSD without a clear repeg plan. Even Synthetix founder Kain Warwick seems to have embraced the dark humor of the moment, renaming his X account to “kain.depeg.”
Synthetix protocol’s sUSD stablecoin fell to a new low of $0.66 this week, over 30% below its intended $1 peg, extending a month-long depegging trend that has raised concerns about the protocol’s stability.
“It is worth pointing out that sUSD is not an algo stable, it is a pure crypto collateralised stable,” Synthetix founder Kain Warwick wrote in an April 2 tweet thread. “The peg can and does drift but there are mechanisms to push it back in line... These mechanisms are being transitioned right now, hence the drift.”
It is worth pointing out that sUSD is not an algo stable, it is a pure crypto collateralised stable, the peg can and does drift but there are mechanisms to push it back in line if it goes above or below the peg. These mechanism are being transitioned right now, hence the drift.
— kain.depeg (@kaiynne) April 2, 2025
In the same thread, Warwick tried to contextualize the situation by comparing sUSD’s volatility to other stablecoins like Tether’s USDT and MakerDAO’s DAI. “Here is sUSD, definitely much more volatile than both Tether and DAI, especially when you factor in the scale of the chart,” he said.
The volatility follows the implementation of the SIP-420 upgrade on March 7, a major update that restructured how debt is handled in the protocol.
The change moved from individual SNX stakers backing sUSD to a shared debt pool, slashing the collateralization ratio from 750% to 200%, a move that weakened key peg-support incentives.
On March 20, sUSD dropped to around $0.98, dropping to lows of $0.91 at the end of the month before continuing its downward trend through April, per data from CoinGecko.
“This new design improves capital efficiency but it broke an important stabilization mechanism,” Mrinal Thakur, modular blockchain Okto’s head of ecosystem, tweeted. “There is no longer a strong incentive for stakers to buy cheap sUSD and repay debts.”
“If enough fear builds, users rush to exit, creating more SNX sell pressure and feeding a cascading loop,” Thakur warned last week.
Thakur noted how the “liquidity is thin,” AMM pools are “heavily sUSD-weighted,” and “small moves cause outsized price swings.”
Meanwhile, Warwick said sUSD’s current instability is temporary, claiming that, “I’m actually not worried about Synthetix for the first time in years, which is why I have been buying SNX this year.”
Despite his optimism, he warned holders, “It would be horrible to get shaken out here. I’m not saying this is the bottom—it very likely will get worse before it gets better.”
Decrypt has reached out to Kain Warwick and will update this article should he respond.
sUSD’s instabilityThe sUSD stablecoin’s recent depegging follows persistent instability since the start of the year. It first dropped to $0.96 in January, struggled through February, and only briefly stabilized in March before diving again in April.
Following its crash to $0.66, the price of sUSD recovered to $0.83 on Friday, per CoinGecko data—but volatility remains high.
In the short term, Synthetix is bolstering liquidity through Curve pools and deposit incentives on its derivatives platform Infinex.
Medium-term fixes include “debt-free” staking to encourage individual debt repayment. Long-term, it plans to manage sUSD supply directly and add new adoption incentives across its product suite.
While the Synthetix treasury reportedly holds $30 million in sUSD and other reserve assets like USDC and OP, Thakur cautioned that the situation is “fragile.”
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April 18, 2025
The synthetic stablecoin sUSD, long pegged to the U.S. dollar and core to the Synthetix ecosystem, has dramatically lost its peg, falling as low as $0.68.
What initially appeared to be a minor deviation has since spiraled into a month-long crisis, exposing deep structural vulnerabilities and unsettling the broader DeFi community.
The root of the issue lies in the protocol’s transition to a new debt and collateralization mechanism under SIP-420, a change designed to improve capital efficiency that has inadvertently dismantled one of the key forces that previously helped maintain sUSD’s dollar parity.
Once reliant on a stabilization loop where SNX stakers would purchase depegged sUSD to repay debt at a discount, the system now offers no such incentive.
This change, combined with thin liquidity, falling SNX prices, and a lack of automated backstop mechanisms, has created a precarious environment.
sUSD Stablecoin: The Mechanics Behind the MeltdownCentral to sUSD’s depegging is the adoption of SIP-420, a sweeping change to how Synthetix handles staking, debt issuance, and collateral management.
Under the previous system, SNX holders who minted sUSD had an incentive to buy the stablecoin on the open market if its price fell below $1, allowing them to repay debt at a discount.
This arbitrage mechanism naturally supported the peg and maintained market stability.
SIP-420 changed all of that. It reduced the collateralization ratio from 750% to 200% and forgave old debts over 12 months, effectively removing the incentive to buy discounted sUSD to repay obligations.
Instead, stakers now lock their SNX for a year and watch their debt slowly dissolve, regardless of market conditions.
There are no natural buyers to support the peg, resulting in sustained selling pressure that has driven sUSD to shocking lows.
While the Synthetix treasury reportedly holds $30 million in sUSD, along with reserves in USDC and OP, these resources have yet to be actively deployed in defending the peg.
The lack of a Peg Stability Module (PSM) or arbitrage incentives currently leaves the system vulnerable.
Market Fallout and Efforts to Restore ConfidenceThe instability in sUSD is already affecting other protocols. Leveraged token issuers, such as Toros Finance, have begun withdrawing products from the Synthetix platform, citing unreliable performance due to the depegged stablecoin.
Urgent update regarding Synthetix based leverage tokens on Optimism
As mentioned earlier, the Optimism BTC leverage tokens where migrated out of Synthetix due to the sUSD price.
sUSD experienced a depegging event starting a month ago
1/7 pic.twitter.com/02FWM0PCTr
— Toros ♉︎ (@torosfinance) April 18, 2025 BTC leverage tokens on Optimism were the first to be migrated, followed by decisions to deprecate SUI, DOGE, and now SOL tokens, which were previously built on Synthetix.
These products, while technically still able to deliver leveraged exposure, saw their earnings undercut because gains are settled in the now devalued sUSD.
As sUSD strays further from $1, confidence across all Synthetix-based products declines. This could push even more users away, drying up liquidity and shrinking the network’s economic activity.
To restore trust, the Synthetix team has launched the “sUSD 420 Pool,” a new initiative offering 5 million SNX in rewards over 12 months for stakers who lock up sUSD in the pool.
🔔 The sUSD 420 Pool is launching with rewards starting in 36 hours 🔔
SNX stakers in the 420 Pool can deposit sUSD to earn a share of 5m SNX over 12 months – or 13,698.6 SNX daily
🧵 [1/5] pic.twitter.com/Xy5QUPthK9
— Synthetix ⚔️ (@synthetix_io) April 18, 2025 Early access is being provided to users through unofficial Discord channels and Reddit guides, where community members are helping each other migrate positions and stake SNX under the new system.
Participants must commit to a one-year lockup, with SNX rewards vested over three months following the end of the campaign.
These incentives may help absorb some of the excess sUSD in circulation and alleviate short-term selling pressure, but the broader issue remains.
Until a peg stability mechanism is implemented or debt repayment incentives are reintroduced, the sUSD peg is unlikely to recover organically.
Synthetix has launched a new liquidity initiative aimed at stabilizing its algorithmic stablecoin sUSD, which has been trading well below its intended $1 peg. The “sUSD 420 Pool,”
Announced by founder Kain Warwick on X, the pool will reward participants with 5 million SNX tokens over 12 months in an attempt to curb the effects of the ongoing depeg.
sUSD dropped to $0.8224 as of April 18, up over 7% in 24 hours, according to CoinGecko. It was trading as low as $0.63.
The decline has been linked to recent protocol changes under Synthetix Improvement Proposal 420, which introduced a protocol-owned staking pool and lowered the collateralization ratio for minting sUSD from 500% to 200%.
This change has caused a significant increase in sUSD supply, outpacing demand and leading to imbalances in decentralized exchange pools like Curve, where sUSD now makes up over 90% of some liquidity pairs.
Locked and staked SNX The new 420 Pool requires SNX stakers to lock their sUSD for a year to earn daily SNX rewards. Those rewards will also be locked and vest over three months after the campaign ends.
While official front-end support for the program launches next week, early access is available via Synthetix’s Discord.
Synthetix has called the current phase a “transition period” and plans to support sUSD through additional incentives and new use cases, including the upcoming Snaxchain initiative.
As sUSD continues to trade below its intended $1 peg, Synthetix founder Kain Warwick has urged stakers to step up and help restore stability before more stringent measures are implemented.
The depeg has stretched on for weeks, triggered by recent changes to how sUSD is issued and backed. While the team has already rolled out a new liquidity initiative to address the issue, the response so far hasn’t been enough to turn the tide.
In an April 21 thread on X, the Synthetix founder urged SNX stakers to take action through its new staking mechanism, warning that the current goodwill-driven approach may soon give way to tougher enforcement.
The new initiative, called the 420 Pool, offers SNX holders a chance to earn a share of 5 million SNX tokens by locking their sUSD for 12 months. Warwick is banking on this long-term commitment to help absorb excess supply and ease the sell pressure that’s been dragging sUSD away from its peg.
Warwick said the current process, which involves sending sUSD directly to a contract, is “extremely not ideal,” but suggested that once the user interface goes live in the coming days, staker participation will be closely watched.
If engagement remains low, he warned, the protocol may shift from incentives to enforcement.
“We tried nothing which didn’t work, now we have tried the carrot and it kind of worked but I’m reserving judgement. I think we all know how much I like the stick so if you think you will get away with not eating the carrot I’ve got some bad news for you,” Warwick said.
sUSD is an algorithmic stablecoin issued through the Synthetix protocol, backed by the platform’s native SNX token. Unlike fiat-collateralised stablecoins, sUSD maintains its peg using crypto-based collateral and price feeds from Chainlink oracles, making it more sensitive to changes in protocol mechanics.
The sUSD depeg can be traced back to a major protocol update, known as SIP-420. Introduced to boost capital efficiency, it slashed the collateral ratio for minting sUSD from 500% to 200% and moved to a shared, protocol-owned staking pool.
While SIP-420 made it easier to mint sUSD, it also flooded the market faster than demand could catch up, throwing off liquidity balances and pushing the stablecoin well below $1. At press time, it was trading at $0.7714 and was down 4.2% in the past 24 hours.
Warwick believes the solution lies in mobilizing existing capital within the ecosystem.
“The collective net worth of SNX stakers is like multiple billions the money to solve this is there we just need to dial in the incentives. We will start slow and iterate but I’m confident we will resolve this and get back to building perps on L1,” he added.
sUSD isn’t the first stablecoin to lose its peg. In March 2023, Circle’s USDC briefly fell to $0.87 after revealing that $3.3 billion of its reserves were tied up in the collapsed Silicon Valley Bank.
More recently, TUSD lost its peg to the U.S. dollar in January amid reports that its issuer failed to promptly release a collateral audit.
Key NotesSynthetix (SNX) has skyrocketed 7% in the past day, reaching a daily high of $0.6851.SNX has formed a falling wedge pattern on the daily chart, suggesting a breakout to $1.82.Overall, SNX is down more than 21% in the past week after the depeg of sUSD stablecoin. The price of Synthetix’s native token SNX Snx $0.22 24h volatility: 2.0% Market cap: $76.99 M Vol. 24h: $6.98 M experienced a significant surge of 7% in the last 24 hours, reaching a daily high of $0.6851. This upward movement was accompanied by an almost 40% spike in trading volume, indicating strong buying interest.
However, despite this recent rally, SNX is still down nearly 21% over the past 30 days, reflecting the uncertainty surrounding the protocol’s stablecoin, sUSD.
Technical Analysis Points to Potential Rebound SNX has formed a falling wedge pattern. If it breaks decisively above the upper trendline of the wedge with sufficient volume, it could signal a bullish reversal. The potential upside target for this pattern is in the vicinity of $1.82.
On the other hand, the MACD indicator shows the MACD line (blue) currently below the signal line (orange), indicating bearish momentum. However, the histogram is showing some lighter red bars, suggesting that the selling pressure might be decreasing.
A potential bullish crossover of the MACD line above the signal line would signal a shift in momentum and could support further upward movement.
SNX Price Chart | Source: TradingView
Moreover, applying Fibonacci retracement levels from the recent high around $0.86 down to the current low around $0.55 reveals key levels of resistance.
The recent 7% surge has seen SNX test the 0.236 Fibonacci retracement level around $0.67. If this level can be decisively broken and held, the next potential resistance targets would be the 0.382 level around $0.73 and the 0.5 Fibonacci level around $0.80.
However, the depeg of sUSD and the uncertainty surrounding its resolution could act as a significant headwind for SNX. Failure to address the stablecoin’s issues could lead to renewed selling pressure on SNX.
Depeg of sUSD and Synthetix Founder’s Ultimatum The price volatility in SNX coincides with the ongoing depeg of sUSD, which is currently trading at $0.7684, a 2.2% decrease in the last day and significantly below its intended $1 peg, shows CoinMarketCap data.
A recent protocol overhaul SIP 420 appeared to have inadvertently destabilized the stablecoin by removing a key arbitrage mechanism.
The absence of a peg stability module has left sUSD vulnerable to sustained sell pressure, with thin liquidity and concentrated automated market maker (AMM) pools exacerbating price fluctuations, as noted by Okto Chain’s Minal Thukral.
sUSD, the core stablecoin used across synthetix markets, is facing a serious and prolonged depeg.
what’s causing it, and is this just a bad patch or the start of a bigger breakdown?
quick breakdown:
sUSD is an algo-stable backed by staked SNX.
after sip 420, the minting model… pic.twitter.com/NONcLhAHEx
— Minal Thukral (@minal_thukral) April 18, 2025
In a bid to address the sUSD depeg, Synthetix founder Kain Warwick has taken a firm stance, urging SNX stakers to actively participate in a newly launched staking mechanism.
Update on the sUSD depeg. We have implemented an sUSD staking mechanism but it’s very manual until the UI goes live in a few days. Here was my hot take from discord though.
— kain.depeg (@kaiynne) April 21, 2025
The sUSD 420 Pool, introduced on April 18, incentivizes stakers to lock their sUSD for a year in exchange for a share of 5 million SNX tokens over 12 months.
🔔 The sUSD 420 Pool is launching with rewards starting in 36 hours 🔔
SNX stakers in the 420 Pool can deposit sUSD to earn a share of 5m SNX over 12 months – or 13,698.6 SNX daily
🧵 [1/5] pic.twitter.com/Xy5QUPthK9
— Synthetix ⚔️ (@synthetix_io) April 18, 2025
Warwick made it clear that if sufficient participation isn’t observed once the user interface goes live, he is prepared to exert “the stick” on stakers within the sUSD 420 pool to ensure the mechanism’s success.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
Community outrage forced Synthetix to scrap $27M Derive acquisition, with concerns including token dilution and the sUSD depeg
Synthetix has called off its proposed $27 million acquisition of crypto options platform Derive.
This decision was made after the initiative received strong criticism from both communities involved.
Public Backlash The proposed acquisition, first announced in a May 14 blog post, involved a token exchange at a rate of 1 SNX to 27 DRV. The plan was designed to combine Synthetix’s established market presence and on-chain expertise with Derive’s off-chain matching engine to build a leading decentralized derivatives platform.
However, the deal was subject to approval from both platforms’ communities, support that failed to materialize.
“Synthetix has withdrawn SIP-415, the proposal to acquire Derive after reviewing community and stakeholder feedback,” said the protocol in an update.
According to the team, the feedback revealed dissatisfaction with the token exchange terms and Derive’s valuation.
On the crypto options platform’s public forum, one user named “Ramjo” said the token exchange rate “poorly reflects the value of Derive,” calling it the “equivalent of selling the bottom.” Another community member, “AlvaroHK,” described the deal as a “terrible proposal” that wouldn’t benefit it at all.
They pointed out that Derive earns more revenue than Synthetix and warned about possible risks linked to the latter. This includes the recent depegging of its stablecoin sUSD, which fell to $0.68 in April, and its potential impact on the protocol’s treasury and token supply.
You may also like: Important Ripple (XRP) Deadline Concerning Many Users CZ Says AI Agents Could Drive Crypto’s Next Adoption Wave Analyst Predicts ‘Massive Bull Rally’ if US-Iran Peace Deal Is Signed In a follow-up, the user questioned why there was no mention of what would stop Synthetix from continuing to print more tokens, revealing that they found guidance showing plans to raise the SNX supply from 330 million to 500 million. They argued that this undisclosed detail would dilute the Derive offer by another 60%.
Battle for Dominance Derive started as part of Synthetix in 2021 under the name Lyra, but later rebranded and moved to operate independently. This included shifting away from using the sUSD stablecoin and liquidity.
If the re-acquisition had gone through, the company would have been issued with up to 29.3 million SNX tokens, with a lock-up period of three months followed by nine months of gradual release. However, with the token trading nearly 97% below its all-time high of $28.53 recorded in February 2021, the dilution risk and reduced value likely contributed to community hesitation.
Despite ending the proposal, Synthetix said it will continue to look for strategic opportunities to achieve its goal of building a top decentralized derivatives platform on the Ethereum mainnet.
This comes at a time of growing competition in the crypto derivatives space, with platforms like Binance, dYdX, and Hyperliquid all competing for dominance. Coinbase also recently announced a $2.9 billion deal to acquire Deribit, the largest digital asset options exchange.
Synthetix founder: sUSD is expected to fully return to its anchor at the end of the month
PANews reported on August 9th that Synthetix founder Kain posted on the X platform: "(The price) is coming back soon. This period has been difficult, but I am optimistic that it will fully return to the anchor by the end of the month, when the mainnet pre-deposit activity will be launched, and finally get us back on track." sUSD previously de-anchored due to Synthetix's introduction of a shared debt pool mechanism in SIP-420, falling to as low as $0.73.
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SNX price looks set for a deeper correction as technicals remain bearish for the asset, while its algorithmic stablecoin sUSD fails to maintain its peg to the U.S. dollar.
Summary
SNX price is down 10% over the past 7 days. Synthetix’s sUSD stablecoin lost its peg to the U.S. dollar. Price action has been confined within a descending parallel channel. According to data from crypto.news, Synthetix (SNX) was trading at $0.66, down 9.5% over the last 7 days and 70% under its year-to-date high.
The main reason why SNX has been in a downtrend is the ongoing crisis in its sUSD stablecoin.
The stablecoin has failed to maintain its peg to the U.S. dollar ever since it introduced changes to how sUSD is issued and backed under an improvement proposal in April 2025.
The stablecoin’s price fell as low as $0.73 shortly following the move. While it managed to recover to $0.97 over the next two months, the stablecoin’s price faced another major drop to $0.841 in July. At press time, sUSD was trading at $0.987, still short of its intended $1 peg.
sUSD’s failure to maintain its peg reflects a critical protocol weakness, which could continue to weigh on investor sentiment and dampen confidence in the broader Synthetix ecosystem.
Data from CoinGlass shows that open interest for SNX has dropped by 1% to $19.6 million, while the long/short ratio has fallen below 1. It reveals that a growing number of traders are positioned bearishly on SNX in the short term.
SNX price analysis SNX had been trading within a descending parallel channel for the past week on the 4-hour chart. A descending parallel channel is formed when an asset’s price forms lower highs and lower lows. This is considered a solid sign of bearish continuation.
SNX price has formed a descending parallel channel on the 4-hour chart — Sep. 5 | Source: crypto.news When adding the Moving Average Convergence Divergence indicator to the mix, it had also turned downward. As such, it is safe to say the momentum for now would most likely be bearish.
On top of this, the RSI was at 45, which places it within neutral-to-weak territory, which is another confirmation that the price may continue heading downwards from current levels.
Considering the above, SNX is likely to target the $0.60 support level, which marks a 10% drop from the current price level.
If this support fails to hold, it could open the door to further losses, with a potential retest of its August low of $0.54 possible.
Conversely, a breakout above the upper boundary of the descending channel would invalidate the bearish setup and could signal the beginning of a short-term trend reversal.
CRH (CRH - Free Report) closed at $112.02 in the latest trading session, marking a +1.58% move from the prior day. The stock outpaced the S&P 500's daily loss of 0.1%. Meanwhile, the Dow experienced a rise of 0.35%, and the technology-dominated Nasdaq saw a decrease of 0.43%.
Shares of the building material company have appreciated by 8% over the course of the past month, outperforming the Construction sector's gain of 5.84%, and the S&P 500's loss of 1.34%.
Analysts and investors alike will be keeping a close eye on the performance of CRH in its upcoming earnings disclosure. On that day, CRH is projected to report earnings of $1.96 per share, which would represent year-over-year growth of 1.03%. Simultaneously, our latest consensus estimate expects the revenue to be $10.67 billion, showing a 4.57% escalation compared to the year-ago quarter.
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In terms of valuation, CRH is currently trading at a Forward P/E ratio of 18.64. This represents no noticeable deviation compared to its industry average Forward P/E of 18.64.
One should further note that CRH currently holds a PEG ratio of 1.92. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. As of the close of trade yesterday, the Building Products - Miscellaneous industry held an average PEG ratio of 1.55.
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On June 24, 2026, Principal Financial Group Inc (PFG) shares fell 5.1% to a current price of $106.66. This drop occurs within a 52-week range of $75.00 to $112.
On June 24, 2026, Mettler-Toledo International Inc (MTD) shares rose 4.0% to $1203.18, reflecting a positive shift in market sentiment. Despite today's move, th
In the latest trading session, Dominion Energy (D - Free Report) closed at $69.26, marking a +1.18% move from the previous day. This move outpaced the S&P 500's daily loss of 0.1%. Meanwhile, the Dow experienced a rise of 0.35%, and the technology-dominated Nasdaq saw a decrease of 0.43%.
Heading into today, shares of the energy company had gained 1.74% over the past month, outpacing the Utilities sector's loss of 0.41% and the S&P 500's loss of 1.34%.
Analysts and investors alike will be keeping a close eye on the performance of Dominion Energy in its upcoming earnings disclosure. The company is forecasted to report an EPS of $0.82, showcasing a 9.33% upward movement from the corresponding quarter of the prior year. At the same time, our most recent consensus estimate is projecting a revenue of $3.92 billion, reflecting a 2.79% rise from the equivalent quarter last year.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $3.59 per share and revenue of $17.78 billion. These totals would mark changes of +4.97% and +7.73%, respectively, from last year.
Investors should also take note of any recent adjustments to analyst estimates for Dominion Energy. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability.
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The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. At present, Dominion Energy boasts a Zacks Rank of #3 (Hold).
Digging into valuation, Dominion Energy currently has a Forward P/E ratio of 19.05. Its industry sports an average Forward P/E of 18.25, so one might conclude that Dominion Energy is trading at a premium comparatively.
The Utility - Electric Power industry is part of the Utilities sector. With its current Zacks Industry Rank of 156, this industry ranks in the bottom 37% of all industries, numbering over 250.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
SAN FRANCISCO, June 24, 2026 (GLOBE NEWSWIRE) -- Verra Mobility Corporation (NASDAQ: VRRM) faces a securities class action lawsuit after revelations that one of the company’s three largest Commercial Services customers (Avis Budget Group) terminated renewal negotiations. The suit seeks to represent investors who purchased or otherwise acquired Verra common stock between February 24, 2026 and May 26, 2026.
The firm encourages Verra investors who suffered substantial losses to submit your losses now. The firm also encourages persons with knowledge of events surrounding Verra’s receipt of Avis’ termination notice who may be able to assist the investigation to contact its attorneys.
View our latest video summary of the allegations: youtu.be/FVEw5XACoGA
Class Period: Feb. 24, 2026 – May 26, 2026
Lead Plaintiff Deadline: Aug. 4, 2026
Visit: www.hbsslaw.com/investor-fraud/vrrm
Contact the Firm Now: [email protected]
844-916-0895
Verra Mobility Corporation (VRRM) Securities Class Action:
The complaint alleges Verra made false and misleading statements and did not disclose important information to investors about the true state of the Verra/Avis relationship and the likelihood of Verra receiving an Avis contract renewal.
Investors’ expectations were dashed when the truth was revealed on May 26, 2026. That day, Verra disclosed that it received a termination notice effective September 2026 from Avis regarding the companies’ contract, that it is taking immediate actions to cut costs, adapt operations, and reposition its business, and revised its 2026 outlook that significantly deviated from that given just twenty days prior.
Verra also revealed that it was reviewing the parties’ negotiations and handling of confidential information.
The news promptly sent the price of Verra shares 70% crashing lower on May 27, 2026, amputating $1.4 billion from the company’s market capitalization in a single day.
Five days after the bombshell announcements, on May 31, 2026, CEO Roberts departed from his employment and from the board of directors.
“Our investigation is focused on the extent to which and when Verra and its executives knew that renegotiations with Avis were far from constructive, as the May 26 surprise reveals,” said Reed Kathrein, the Hagens Berman partner leading the firm’s investigation.
If you invested in Verra and have substantial losses, or have knowledge that will assist the firm’s investigation, submit your losses now.
If you’d like more information and answers to other frequently asked questions about the Verra case and the firm’s investigation, read more.
Whistleblowers: Persons with non-public information regarding Verra should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman’s team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
ThunderCore is one of the latest projects that is trying to solve the blockchain trilemma. That constant struggle between Decentralization, Scalability and Security.
The project is the culmination of years of scientific research. It was only launched recently and has already started achieving interesting results. Trading volumes in the Native Thunder Token has also picked up at a rapid pace.
However, can the project really achieve these ends?
In this ThunderCore review I will attempt to answer that. I will also analyse the long term use cases and adoption potential of the Thunder Tokens.
ThunderCore SolutionAs mentioned, the blockchain Trilemma is a pertinent one. Quite simply, it is the notion that any blockchain technology is only able to achieve two of the three following traits at the same time:
DecentralizationScalabilitySecurityThe most famous proponent of this idea is Ethereum’s founder Vitalik Buterin. However, the ThunderCore protocol offers an elegant solution to the problem and believes it has found a way to deliver all three traits at the same time.
It will solve the problem by combining a standard blockchain, which they are calling the “slow chain” and such as you would find on Bitcoin, Ethereum or any other Proof-of-Work chain, with another chain they are calling the “fast path.”
How the Accelerator Network will work
The fast path is a Proof-of-Stake chain that is secured by a committee of 300 stakeholders and is coordinated by the central authority called the “Accelerator.” The Accelerator exists to linearize transactions and data on the fast chain and was created as a simple way to accomplish this task, which is quite difficult to do in a decentralized fashion.
By combining the slow chain and fast path in this manner ThunderCore achieves the following blockchain behavior:
When the network is working properly i.e. not under attack or compromised, it supports instant confirmations and high throughput.If the network does come under attack the blockchain security is maintained as long as the slow chain remains secure and as long as a majority of the stakeholders remain honest. This is true even if the Accelerator is corrupted and acting maliciously.ThunderCore was built and developed with the application developer community in mind. Not only was it built around developer needs, but it also collects data, feedback, and insights on how the platform is being used by developers to create decentralized applications.
Daily Active Users of top 3 dApp platforms. Image via Official Blog
This data is then used to ensure the platform best supports the developer community. One of these supports is that Ethereum dApps can be ported to ThunderCore in under five minutes.
ThunderCore Roadmap and GrowthThe ThunderCore development team spent six months analyzing the data from their testnet and cleaning up bugs in the code before launching a Pre-Release mainnet on February 28, 2019. The Pre-Release Mainnet was only different from a Public Mainnet in that TT tokens could not be staked on the Pre-Release Mainnet.
The number of addresses and transactions seen on the Pre-Release Mainnet was significant, with the total number of addresses growing to more than 40,000 by the end of April 2019, and the number of transactions climbing to nearly 200,000.
On May 14, 2019, the ThunderCore team announced the launch of the official mainnet, which came following the ICO on May 9. Because of the full compatibility ThunderCore has with the Ethereum Virtual Machine dApps can be quickly and easily migrated to the mainnet.
ThunderCore's Extended Roadmap. Image via Official Blog
Now that the mainnet has officially launched the ThunderCore development team will focus on three key areas of the protocol:
Research and Design of the ProtocolBlockchain ImplementationDeveloper and User EnhancementsThe first area of focus has mostly been completed at this time, with the mainnet launch and the implementation of the Proof-of-Stake incentives. This is bringing about large-scale consensus and committee elections.
The third area of focus is also nearly complete for the time being, with the team looking to add portal enhancements for developers. This is expected to be completed sometime in the third quarter of 2019.
The largest changes in the second half of 2019 will be made in the area of Blockchain Implementation. This will see the next release of ThunderCore called Haikili released sometime in the fourth quarter of 2019, and will bring developer funded gas and cross chain assets to ThunderCore.
The final scheduled upgrades on the roadmap are increased privacy support and the ThunderCore Raijin release, which will add additional blockchains to the protocol as fallback measures. These changes aren’t expected until the second quarter of 2021.
The ThunderCore TeamThe ThunderCore team is global, but the majority of the more than 60 team members are located in San Francisco, CA. The core team of ThunderCore consists of highly dedicated blockchain professionals, all of whom have solid experience in blockchain, networking, security, software development and other areas of computer science.
The primary leaders of the team are CEO Chris Wang, co-founder Elaine Shi and co-founder Rafael Pass.
Chris Wang, the CEO of ThunderCore, received his Ph.D. in Computer Science from Carnegie Mellon when he was just 22 years old. He went on to become a co-founder of the gaming company Playdom, which was acquired by Disney in 2010 for $532 million, although it was later shut down.
Elaine Shi is the Chief Scientist at ThunderCore and is one of the co-founders of the project. She also received her Ph.D. in Computer Science from Carnegie Mellon, and in addition to co-founding ThunderCore, she is also a co-founder of the Initiative for Cryptocurrency and Contracts (IC3).
ThunderCore "Core" Team members
She is extremely experienced in the blockchain space and can be considered a pioneer as she was the first person to write an academic paper concerning Bitcoin and decentralized smart contracts. She has received numerous awards for her work and was the author of the Thunderella protocol, which became the basis for the ThunderCore protocol.
The other co-founder of ThunderCore is Rafael Pass, who received his Ph.D. in Computer Science from the Swedish Royal Institute of Technology. He also received an additional Ph.D. in Computer Science from MIT, and he currently works as a professor at Cornell University.
Pass is considered to be an expert on cryptographic protocols, consensus, and game theory. He was also a co-founder of IC3 alongside Professor Shi, and he helped create the highly scalable ANONIZE computation protocol implemented in the Brave browser with Abhi Shelat.
ThunderCore PartnershipsI normally don’t mention partnerships because in many cases in the blockchain space partnerships are not very meaningful, often created between two blockchain companies neither of which have a viable product. This is not true in the case of ThunderCore and its partners, all of which are already leaders in the blockchain space with solid products.
The first of these partnerships is with TrustWallet, the official cryptocurrency wallet of the Binance Exchange, which now supports the TT token as well. The wallet will also give users access to all the dApps built on the ThunderCore platform.
TrustWallet & Thunder Token. Image via ThunderCore
A second critical partnership has been formed with BlockVigil, who will give ThunderCore advanced integration capability by delivering a transparent API layer to users.
In order to ensure dApp vulnerabilities and protect developers and users, a partnership with Silicon Valley-based blockchain security firm AnChain.ai was formed. The technology developed by AnChain.ai will help determine if the dApps on the ThunderCore platform are safe to interact with.
Last, but not least, is the partnership formed with Liquidity Network, who will be launching their NOCUST payment hub on ThunderCore’s blockchain.
When it comes to increasing adoption and awareness of a cryptocurrency, the community behind said project can be powerful. Hence, I decided to get a better look at the size and engagement of community behind the ThunderCore project.
Firstly, it is important to point out that this project really is global in scope. They have three Telegram channels to support three of their most popular languages.
In the English Telegram channel, they have over 4,900 members. Their Korean channel is on the lighter side with 445 members but they have over 21,000 members in their Chinese channel!
I decided to jump into their English channel to get a better sense of the discussion that was taking place there.
Some of the Discussions in English Telegram
As you can see, the Admins are being quite helpful with those new to the channel and community. There was a bit of price banter and memes that were shared amoung the community but this is normal for most crypto telegram channels.
Taking a look at some other social channels, ThunderCore has a pretty active Twitter account that has just below 10k followers. This is less than we have seen on other official project accounts.
Finally, they also have a Reddit, Discord and official blog. The latter is perhaps one of the best ways to get important updates from the ThunderCore team.
The TT TokenThe TT Token is an ERC-20 token for the ThunderCore blockchain. It acts as a store of value and provides the gas for transaction fees on the blockchain and to underwrite the smart contracts that are created on the ThunderCore blockchain.
It will also be used to build and monetize dApps on ThunderCore. Finally, it can be staked in order to become one of the committee stakeholders or to become the Accelerator and receive incentives for securing the network and processing transactions.
ThunderCore first raised $50 million in private equity during three rounds of private investment. On May 9, 2019, they held an IEO on Huobi Prime Lite, raising $500,000 and selling tokens at $0.015 each.
Thunder Token Price History since IEO. Image via CMC
Given the very short time the token has been in existence its notable that it is currently in the 122 position on CoinMarketCap with a market capitalization of just over $46.5 million.
After its release on May 10, 2019, the TT token immediately jumped higher, hitting its all-time high of $0.02818 on its first day of trading. It dropped quickly and spent the next several weeks trading between the $0.02 and $0.025 level.
By the end of June, it dipped below the $0.02 level however and hit its all-time low of $0.013012 on June 27, 2019. At the time of writing (July 1, 2019) the token is trading at $0.016044.
Buying & Storing Thunder TokensGiven that the Thunder Token was issued in an IEO that took place on the Huobi Exchange, (now HTX), it only makes sense that this would have the most trading volume. However, there is reasonable amounts of volume on exchanges such as Hotbit and Upbit.
What was surprising to me was that the token is not yet listed on Binance. TrustWallet is owned by Binance and they have already started offering support Thunder Token so it looks like a natural fit.
Irrespective of this though, there appears to be decent trading turnover for the Thunder Tokens on the exchanges where they are listed. This means that liquidity should not be an issue when executing large block orders.
Register at HTX and Buy TT Tokens
When you have bought your Thunder Token then you will want to take them off of the exchanges. This is no doubt one of the most prudent things to do given the numerous examples of large exchange hacks.
Given that ThunderCore was built on top of the Ethereum Blockchain, you can store the tokens in any ERC20 compatible wallet. However, you are perhaps best suited to use a secure offline alternative like a hardware wallet.
Having said this, the ThunderCore team is working with other wallet developers to add support for Thunder Token.
ConclusionThe ThunderCore project is an interesting take on smart contracts and dApp creation with a goal of improving blockchain technology across the board. The team behind the project is an impressive one, and the adherence to their own timeline is notable. Now that the public mainnet has launched we can see how well ThunderCore stacks up against its competitors.
The first 10 weeks saw ThunderCore attract 10,000 active users to its platform. The speed of user acquisition was far faster than similar platforms, although that might be due to the maturing dApp communities. We will have to wait and see if growth continues at that pace.
One concern for the project comes in connection with their recent IEO. The price of that IEO was far below the price at the private funding rounds, which were $0.01 in the first round, $0.02 in the second round, and $0.10 in the final round of private funding.
It’s an unwritten rule that the large investors who buy in these private funding rounds are supposed to get the best price for tokens, but ThunderCore has undercut private investors by 85% in their public sale. That could create problems long term, especially if the project intends on securing additional funding.
Business concerns aside, the technical team is a strong one, and they seem to have a good grasp on what they need to do to accomplish their goal of scalability, security, and decentralization in a blockchain.
Updated Jun 15, 2026, 8:13 a.m. Published Jun 15, 2026, 7:52 a.m.
2 min read
Cathie Wood's Ark Invest bought $500 million worth of SpaceX stock. (CoinDesk archives)Summary
ARK Invest built a stake of nearly 3.3 million SpaceX shares worth more than $500 million on the day of the company’s record-setting IPO.Cathie Wood’s firm sold more than $325 million of stock across at least 13 companies in the days around the listing.ARK’s shift of risk capital from crypto toward high-growth names like SpaceX, alongside its $2.5 trillion base-case valuation target for the company by 2030, underscores how institutional investors are favoring AI and space IPOs over digital assets in the near term.ARK Invest bought nearly 3.3 million shares of SpaceX (SPCX) as Elon Musk's company went public in the largest IPO ever on Friday, building a stake worth more than $500 million by the end of the day.
The shares, priced at $135 for the sale, closed at $160.95, rising more than 19.2% on their first day.
The Cathie Wood-owned firm liquidated almost $280 million of stock in the week before the listing, then sold another roughly 948,000 shares across 13 companies worth at least $48 million on Friday, including Advanced Micro Devices, Roku and Baidu, according to daily emailed statements over the period.
The ARK Innovation ETF (ARKK) did the bulk of the buying, ending the day with SpaceX at 3.28% of its portfolio.
A first-day pop of almost 20% on the largest IPO in history signals institutions are paying up for high-beta innovation risk again. While bitcoin is the highest-beta asset in the group, the hottest trade in the market is now a wave of AI and space listings, with OpenAI and Anthropic also filing to go public.
There is a finite amount of risk capital, and when even a bitcoin bull like Wood is rotating toward it rather than adding to crypto, it's a sign that funds are likely to continue being sucked out of the crypto markets in the near term.
An ARK model targets a $2.5 trillion enterprise value for SpaceX in 2030, with a bull case near $3.1 trillion, built off the company's $350 billion private valuation in 2024.
ARK also runs a spot bitcoin ETF, and Wood has been among the most vocal institutional bitcoin bulls, with long-term price targets running into seven figures.
PANews reported on June 15th that, according to CoinDesk, Cathie Wood's Ark Invest purchased nearly 3.3 million shares of SpaceX on its first day of trading, worth over $500 million. The stock closed at $160.95, a 19.2% increase from the IPO price of $135. Ark sold nearly $280 million worth of other company stock in the week leading up to the IPO, and then sold approximately 948,000 shares on the first day, involving 13 companies including AMD, Roku, and Baidu. The ARK Innovation ETF (ARKK) was the primary buyer, with SpaceX accounting for 3.28% of its portfolio.
Ark projects SpaceX's enterprise value at $2.5 trillion by 2030, and approximately $3.1 trillion in an optimistic scenario. Ark also operates a spot Bitcoin ETF, and Wood has consistently been one of the most bullish institutional investors on Bitcoin. Analysts point out that with limited risk capital, when Bitcoin bulls like Wood shift towards stocks rather than increasing their crypto holdings, it indicates that funds may continue to flow out of the crypto market in the short term.
Key Highlights ARK Invest acquired 3.29 million SpaceX shares totaling approximately $529.7 million during the company’s trading debut SpaceX stock rallied 19% on its first trading day, propelling Elon Musk’s wealth beyond the $1 trillion threshold ARK divested holdings in AMD, Tesla, Roku, Baidu, and Cloudflare during portfolio restructuring ARK Innovation ETF has declined 2.85% year-to-date compared to the S&P 500’s 8.56% gain Cathie Wood forecasts interest rate reductions and positions AI as a deflationary force On June 12, Cathie Wood’s ARK Invest executed one of its most substantial investment maneuvers in recent history, acquiring over $529 million in SpaceX stock during its inaugural public trading session.
The ARK family of funds secured 3,291,184 shares of Space Exploration Technologies Corp at a final price of $160.95 per share. The aerospace company’s stock experienced a 19% surge on its debut, contributing to Elon Musk’s milestone achievement of surpassing $1 trillion in personal wealth.
Space Exploration Technologies Corp., SPCX
This wasn’t Wood’s initial investment in SpaceX. ARK originally acquired shares in the final months of 2023, with SpaceX eventually becoming the dominant position in the firm’s approximately $1 billion private venture portfolio prior to going public.
Elon Musk established SpaceX in 2002 with the vision of developing reusable rocket technology. Currently, the company’s sole revenue-generating segment is Starlink, its satellite-based internet service. Financial disclosures in the company’s prospectus reveal an accumulated deficit totaling $41.3 billion through March 31.
Market observers have expressed reservations about the IPO’s framework. Technical analyst James DePorre highlighted the 30% retail investor allocation—significantly exceeding the standard 5-10% range—suggesting this could trigger downward pressure as initial investors cash out their gains.
ARK Reduces Technology Holdings Simultaneously with its SpaceX acquisition, ARK was liquidating other positions. The investment firm disposed of 80,536 Advanced Micro Devices shares valued at $39.3 million across its various ETF products. Additional sales included positions in Tesla, Roku, Baidu, and Cloudflare.
The Tesla divestment amounted to $15.9 million, while Roku shares totaled $11.8 million, Baidu reached $7.8 million, and Cloudflare represented $2.5 million. ARK additionally liquidated $2.6 million in Strata Critical Medical stock.
These transactions signal a strategic reallocation from traditional technology investments toward the space industry sector.
ARK’s Current Track Record ARK’s primary investment vehicle, the Innovation ETF, has experienced challenges throughout the current year. The fund has declined 2.85% in 2026, contrasting sharply with the S&P 500’s 8.56% appreciation during the identical timeframe.
Looking at a five-year period ending June 12, the ARK Innovation ETF generated an annualized loss of -8.06%. By comparison, the S&P 500 delivered 11.84% annual returns during this same stretch, based on Morningstar data.
Between 2014 and 2024, the fund eliminated $7 billion in investor capital, securing its position as the third-largest wealth destroyer among both mutual funds and ETFs, according to Morningstar’s comprehensive analysis.
Investor withdrawals from the ARK Innovation ETF totaled approximately $294.27 million during the twelve-month period concluding June 11, based on data from ETF analytics provider VettaFi.
Morningstar analyst Bella Albrecht identified two ARK funds among the poorest-performing ETFs during the first quarter of 2026.
Despite these headwinds, Wood maintains an optimistic economic outlook. She has characterized AI as a “great acceleration,” contending that AI training expenses are plummeting 75% annually, while inference costs are collapsing between 85% and 98% each year.
She remains attentive to Federal Reserve policy decisions. On June 5, Wood stated her expectation that incoming Fed Chair Kevin Warsh will implement rate cuts as productivity advances and inflationary pressures subside.
Key Highlights ARKK ETF divested 665,136 Roku shares valued at $95.5 million on June 15 AMD position reduced by 141,408 shares across three ARK funds totaling $72.3 million Rocket Lab holdings decreased by 171,176 shares representing $17.5 million Additional reductions made in Tesla, Amazon, Palantir, and other portfolio holdings These transactions reflect an ongoing trend of position downsizing in these companies Cathie Wood’s investment management firm ARK Invest executed substantial portfolio reductions on Monday, June 15, 2026. The transactions were revealed through ARK’s routine daily disclosure filings and impacted several exchange-traded funds under management.
The most significant divestment involved Roku. ARK disposed of 665,136 shares via its flagship ARKK ETF, representing a transaction value of $95,553,437. This wasn’t an isolated decision. The firm had previously shed 98,835 Roku shares on the preceding Friday, indicating a strategic downsizing of this holding.
Roku, Inc., ROKU
AMD Holdings Reduced Across Multiple ARK Funds Advanced Micro Devices represented the second-largest divestment of the day. The firm liquidated 141,408 shares distributed among ARKK, ARKQ, and ARKX funds, amounting to $72,340,090. This transaction followed another sale of 80,536 AMD shares during the prior week.
Combined, the Roku and AMD liquidations accounted for over $167 million in transactions within a single session.
Rocket Lab experienced the next major reduction. ARK decreased its position by 171,176 shares across ARKQ and ARKX portfolios, with a combined value of $17,526,710. The firm had similarly sold 50,746 Rocket Lab shares the previous Friday.
Tesla wasn’t spared from the selling pressure. ARK liquidated 44,488 shares with a market value of $18,081,257. This continues a pattern of Tesla position reductions the investment firm has executed over recent months.
Amazon experienced a reduction of 46,783 shares from the ARKK ETF, valued at $11,160,084. Meanwhile, 10X Genomics saw 53,496 shares sold, totaling $15,428,448.
Additional Portfolio Adjustments Moving down the transaction list, ARK divested 66,259 Palantir shares for $8,480,489 and unloaded 166,427 Veracyte shares worth $7,876,989.
CoreWeave experienced a sale of 51,498 shares valued at $5,178,123. Iridium Communications had a more modest reduction of 3,168 shares, representing $149,909.
The divestments spanned ARK’s ARKK, ARKQ, and ARKX portfolios. This diversified approach indicates the portfolio adjustment was comprehensive rather than sector-specific.
ARK Invest hasn’t issued a public statement explaining the rationale behind these specific transactions. While the firm maintains transparency by publishing daily trade activity, detailed explanations for individual moves aren’t always provided.
The magnitude of Monday’s trading activity is noteworthy. Liquidating more than $95 million of a single equity in one session represents an unusually large move, even for an actively managed ETF of ARK’s size.
Roku shares have faced headwinds recently as the company’s advertising revenue stream encounters challenging market dynamics. AMD has experienced volatility as market participants evaluate artificial intelligence chip opportunities against broader economic uncertainties.
Investors who monitor ARK’s portfolio moves as a barometer for sentiment toward growth-oriented and technology stocks will scrutinize these transactions carefully.
Complete details of all June 15 transactions remain accessible to the public through ARK’s daily transparency reports published on the firm’s official website.
ARK Invest, led by Cathie Wood, poured in more than $18 million into the Coinbase stock. Thereafter, the COIN share price gained in the pre-market trading session today despite a notable dip on Wednesday.
Cathie Wood’s ARK Invest Makes Bullish Trade On Coinbase Stock Cathie Wood seems to have bought the dip in Coinbase stock, which closed $164.92, down by 2.57% on June 17. For context, ARK Invest purchased $18.4 million worth of COIN shares through three funds.
ARK Innovation ETF (ARKK) made the largest addition by buying 82,556 shares of Coinbase worth $13.61 million at close, per a recent disclosure. Meanwhile, ARK Next Generation Internet ETF (ARKW) bought 20,268 shares of Coinbase worth around $3.34 million.
Coinbase stock price chart. Source: Yahoo! Finance Further, ARK Fintech Innovation ETF (ARKF) raked in additional 8,975 COIN shares valued at $1.48 million. With this, the Cathie Wood-led firm added a total of 111,799 shares of Coinbase.
After ARK Invest’s disclosure, the COIN price today surged 2.30% to $168.70 in the pre-market trading session on Thursday, June 18.
Meanwhile, Coinbase’s recent System Update event has kept Wall Street analysts guessing about the company. Despite the latest product launches, Barclays reiterated its underweight stance on the Coinbase stock and kept its price target for Barclays at $107.
Others were more positive. Benchmark maintained its ‘buy’ rating and $270 price target. It stated that Coinbase is becoming more than just a crypto brokerage and could attract users and institutions from other industries to its platform.
In addition, Bernstein retained its buy rating and held onto its Street high price target of $330. Meanwhile, Cantor Fitzgerald also doubled down on its buy rating on COIN stock and $250 price target. For this target, it spotlighted the on-going product development and expansion efforts as important growth drivers.
Other Trades By ARK Invest In Crypto & AI Sector Along with ARK’s new acquisition of Coinbase, Cathie Wood’s team made other major stock movements. The firm sold 275,572 shares of Robinhood Markets worth $28.5 million via ARKK, during a bullish session for the stock.
On Wednesday, Robinhood stock rallied 8.78% to close at $105.20, which could suggest a profit taking move on the part of ARK. Meanwhile, ARKK made an investment in Block Inc. for 236,759 shares for $17.24 million.
Moreover, the Coinbase stock acquisition comes on the heels of another big ARK investment. Recently, Cathie Wood bought over 3.29 million shares of SpaceX stock during the June 12 IPO across four ETFs. Its stake has surged in value from around $529.7 million to over $631 million within days.
Quick Summary Cathie Wood’s ARK Invest acquired $18.4 million worth of Coinbase stock across multiple ETFs on June 17 The investment firm dumped approximately $29 million in Robinhood shares, despite the stock remaining a top-five ARKK position ARK divested $33 million in Roku stock while adding $46 million in pharmaceutical giant Eli Lilly Robinhood surged 8.78% on Wednesday while Coinbase declined 2.57% The Coinbase purchase follows the company’s rollout of tokenized stock trading and AI-driven advisory tools Cathie Wood’s investment management firm, ARK Invest, executed a flurry of significant portfolio adjustments on Wednesday, June 17, increasing exposure to Coinbase and Eli Lilly while reducing holdings in Robinhood and Roku.
The firm acquired 111,799 shares of Coinbase distributed among its ARKK, ARKW, and ARKF exchange-traded funds, representing approximately $18.4 million in value. The cryptocurrency exchange’s stock nevertheless declined 2.57% to close at $164.92. Coinbase shares have shed nearly 13% over the trailing 30-day period.
Coinbase Global, Inc., COIN
ARK additionally purchased 236,759 shares of Block Inc. via the ARKK ETF, amounting to approximately $17.2 million. Block’s stock similarly finished in negative territory, sliding 2.46% to $72.84.
Portfolio Trimming: Robinhood and Roku Positions Reduced On the divestment front, ARK disposed of 275,572 Robinhood shares via its ARKK fund, representing roughly $26.7 million. This transaction follows a prior sale of 167,741 Robinhood shares the preceding Thursday, indicating a deliberate downsizing of the position.
Despite ARK’s selling activity, Robinhood delivered strong performance on Wednesday, surging 8.78% to close at $105.20. The trading platform continues to occupy the fourth-largest position in ARKK’s portfolio at 4.87%, valued at $339.6 million.
ARK simultaneously divested 239,267 shares of Roku distributed across ARKK, ARKW, and ARKF, totaling approximately $33 million. This followed more substantial Roku liquidations earlier in the week, including a 665,136-share sale on Monday.
Major Pharmaceutical Investment in Eli Lilly The day’s most substantial acquisition involved the pharmaceutical sector. ARK purchased 41,138 shares of Eli Lilly distributed between its ARKK and ARKG ETFs, deploying roughly $46.2 million. Eli Lilly shares declined 0.94% on Wednesday, closing at $1,112.
Coinbase now ranks as ARKK’s eighth-largest holding, constituting 3.71% of the fund’s assets at $258.6 million.
The timing of ARK’s Coinbase purchases came just one day after the cryptocurrency platform unveiled multiple product innovations. On Tuesday, Coinbase announced plans to enable users to purchase, trade, and maintain tokenized representations of U.S. equities. The company simultaneously rolled out a platform enhancement incorporating an AI-driven financial advisor and consolidated global liquidity spanning its spot cryptocurrency and derivatives operations.
Benchmark Equity Research maintained its Buy recommendation on Coinbase following these developments, noting the new offerings demonstrate the company’s evolution beyond pure cryptocurrency trading toward comprehensive financial infrastructure.
Robinhood also generated headlines Tuesday with an announcement of workforce reduction affecting 10% of full-time employees. Management characterized the restructuring as part of an initiative to establish a more streamlined operational framework.
Bernstein analysts indicated earlier this week that Robinhood stands to gain from increased prediction market engagement connected to the World Cup, with daily transaction volume escalating from $2.2 billion on June 11 to $4.8 billion on June 12.
ARK executed additional smaller transactions, including purchases of Alamar Biosciences and Generate Biomedicines shares, while reducing positions in Strata Critical Medical and Twist Bioscience.
Robinhood (NASDAQ: HOOD) stock price closed trading at $105 on June 17, its highest level in almost six months, prompting Cathie Wood’s Ark Invest to book profits with a sale of 275,571 shares valued at $28.5 million.
ARK’s sale did not dent the HOOD stock price rally or dent the sentiment, with Bernstein and Deutsche Bank reiterating a “buy rating” on the shares after the recent restructuring plan that saw Robinhood reduce its workforce by 10%.
HOOD shares were up by 2.38% in pre-market trading on June 18, as buy-side pressure continues to rise.
HOOD Stock Defies Profit-Taking as Price Approaches 2026 Highs Robinhood shares created one of their biggest daily candles on June 17 as they opened trading at $95 and soared to a daily high of $110 before closing at $105.
HOOD Stock (Source: Yahoo Finance) The rise to $110 for the first time since January 23, 2026, occurred despite reports that ARK Invest sold 275,572 shares barely a week after it sold another 167,741 HOOD shares on June 11.
The two sales appear to be ARK Invest taking profits after the price of Robinhood shares increased by 38% in the last month, since May 18. Still, Wall Street is betting that the rise might continue.
On June 17, Bernstein and Deutsche Bank affirmed a “buy” rating for HOOD stock, with Bernstein predicting that the price will reach $130.
Robinhood’s Restructuring Plan is Fuelling The Rally Robinhood recently announced a $28 million restructuring plan that will be reflected in its Q3 2026 earnings, which are expected to come out in August 2026.
In this plan, the brokerage company will trim 10% of its workforce, with Robinhood CEO Vlad Tenev saying that the company is shifting away from being a “heavily-layered organization.”
“Robinhood’s business has never been stronger… Because our financial position is strong, we are making this change proactively,” Tenev said.
Since the announcement came out on June 16, HOOD stock price has surged from $94 to $105.
The stock’s rise also comes days after Bernstein gave a forecast on World Cup prediction markets, saying the segment will drive a 286% increase in Robinhood’s revenues in 2026 to $586 million.
The surge could lift HOOD’s Q3 earnings after Robinhood’s Q2 earnings missed Wall Street estimates, with revenues coming in at $1.07 billion, below the expected $1.14 billion.
HOOD Stock Prediction: Key Levels to Watch The 200-day SMA level of $102 is the first key level to watch in HOOD stock after the price rose above it on June 17.
A move past the $200-day SMA suggests that the long-term outlook is favoring bulls, but the stock needs to make three straight daily closes above it to confirm the continuation of the uptrend.
The 161.8% Fib level of $126 is the next resistance level to watch if bulls can flip the 200-day SMA into support.
The psychological support level lies at $100, and if HOOD drops below it, bears may retest the next support at the 61.8% Fib level of 87.
HOOD Stock Price (Source: TradingView) However, the RSI reading of 69 shows that the current momentum is favoring bulls, with the rising RSI line further confirming strong buy-side pressure.
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Key Highlights ARK Invest purchased 54,815 shares of Tesla valued at approximately $21.9 million on Thursday By June 12, ARK’s SpaceX holdings reached approximately 3.29 million shares following the company’s IPO SpaceX shares declined 5% on Wednesday and an additional 3.6% on Thursday, settling at $185 after peaking at $225.64 ARK divested 721,279 Roku shares valued at approximately $99 million ARK acquired 223,690 Snowflake shares worth approximately $52.4 million Cathie Wood’s investment firm ARK Invest re-entered Tesla on Thursday following a previous week’s divestment. This strategic move followed closely on the heels of ARK’s significant investment in SpaceX during its initial public offering.
On June 18, ARK accumulated 54,815 Tesla shares distributed across two of its exchange-traded funds. The acquisition was divided between the ARK Innovation ETF and the ARK Next Generation Internet ETF, representing approximately $21.9 million based on Tesla’s session close at $400.49.
Tesla, Inc., TSLA
Within ARK Innovation, Tesla maintains its position as the largest holding, accounting for 9.7% of total assets. In the ARK Next Generation Internet fund, it ranks as the second-largest position at 8.6%.
This Tesla acquisition followed ARK’s decision to reduce its stake during the preceding week. The earlier sale appeared designed to accommodate SpaceX, which launched its public offering on June 12.
SpaceX Holdings at ARK As of June 12’s close, ARK controlled approximately 3.29 million SpaceX shares distributed throughout multiple ETFs. Whether these shares were obtained via IPO allocation, secondary market transactions, or what acquisition price ARK secured remains undisclosed.
SpaceX experienced a robust debut following its $135 IPO pricing. The stock surged to an intraday peak of $225.64, representing a 67% increase. However, momentum reversed with a 5% decline on Wednesday followed by a 3.6% drop on Thursday, finishing at $185.
Brett Winton, ARK’s Chief Futurist, published analysis this week suggesting SpaceX could emerge as a competitive force in artificial intelligence by leveraging orbital server infrastructure to deliver more economical computing power than terrestrial competitors.
Wood has consistently characterized Tesla as transcending its electric vehicle identity. ARK’s investment thesis emphasizes autonomous taxi services, robotics applications, and energy storage solutions. The firm maintains a $2,600 price projection for Tesla shares by 2029.
Roku Divestment and Snowflake Expansion Roku emerged as the most actively traded security in ARK’s Thursday transactions. The firm liquidated 721,279 shares generating roughly $99 million in proceeds. This sale extended an ongoing trend of position reduction in Roku throughout recent trading sessions.
On the acquisition front, ARK also secured 223,690 Snowflake shares representing approximately $52.4 million in investment. This purchase demonstrates sustained conviction in the cloud-based data platform provider.
Within the biotechnology sector, ARK expanded positions in Eli Lilly, Generate Biomedicines, and Alamar Biosciences. Conversely, the firm reduced holdings in Strata Critical Medical, Twist Bioscience, and Baidu.
The trading activity illustrates ARK’s deliberate reallocation from Roku toward Tesla, SpaceX, and Snowflake.
SpaceX concluded its inaugural trading week beneath its intraday peak but maintained substantial gains above its IPO pricing. ARK’s stake positions it among the more significant institutional shareholders of the recently public aerospace company.
