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Bitcoin Price Falls To $62,000 As Hawkish Fed Shift Raises Risk Of Deeper Pullback

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Bitcoin Price Falls To $62,000 As Hawkish Fed Shift Raises Risk Of Deeper Pullback

Bitcoin price slipped below key support near $64,000 after a hawkish shift from the Federal Reserve erased gains tied to easing geopolitical tensions, placing the market at risk of a deeper pullback toward the $60,000 range.

The bitcoin price fell from a June 17 high of $66,315 to an intraday low near $62,000 during early June 18 trading, marking a 4% decline. Price action stabilized near $62,500, though momentum remains fragile as macro pressure builds.

The Federal Reserve held its benchmark rate steady at 3.50% to 3.75% but signaled a tighter policy path through updated projections. Policymakers reduced expectations for rate cuts and left open the possibility of further hikes. Chair Kevin Warsh also indicated a shift away from forward guidance, adding uncertainty across financial markets.

The reaction triggered a broad risk-off move. Crypto markets declined alongside equities tied to growth and liquidity, while the U.S. dollar index climbed to its highest level in over a year. Rising yields and a stronger dollar tend to weigh on assets such as Bitcoin that rely on abundant liquidity.

The decline came despite a supportive geopolitical development. The United States and Iran implemented an interim agreement that reopened the Strait of Hormuz and allowed Iranian oil exports to resume. Oil prices fell toward $75 per barrel, a move that would usually support risk assets. 

Bitcoin failed to respond, underscoring the dominance of monetary policy in shaping near-term sentiment.

According to Bitcoin Magazine Pro data, attention has also turned to the upcoming June 26 Bitcoin options expiry, which carries roughly $10.5 billion in open interest. Call options cluster near the $80,000 strike, while put demand has built near $60,000. The current “max pain” level sits near $74,000, far above spot prices, leaving many bullish positions under pressure and increasing the likelihood of hedging flows.

Bitcoin price levels

Bitcoin price momentum has cooled. The relative strength index has moved toward neutral territory, while money flow indicators show reduced buying pressure. 

On the daily chart, Bitcoin price remains below key resistance levels, including the 61.8% Fibonacci retracement near $65,000 and a broader trend resistance near $68,400. Trend indicators continue to favor sellers, reflecting the continuation of the downtrend that began after May highs.

Liquidity data highlights clear battleground levels. Significant clusters of liquidation interest sit above price near $65,000 to $67,000, while downside liquidity concentrates around $63,500 and $62,000. These zones may act as magnets for price as leverage builds.

Market participants are watching whether the $62,000 level can hold. A sustained move below this range could open a path toward $60,000 and the June low below $60,000. A deeper retracement remains possible if macro conditions tighten further, with extreme scenarios pointing toward the $50,000 region based on past cycle behavior.

Institutional flows present another challenge. U.S.-listed spot Bitcoin ETFs have recorded outflows in recent sessions, signaling reduced demand from large investors. At the same time, the Coinbase Premium Index remains negative, suggesting weaker buying activity from U.S.-based participants.

There are, however, mixed signals beneath the surface. Large Bitcoin holders have increased accumulation, with wallets holding at least 1,000 BTC reaching their highest levels since March. 

Exchange reserves have also declined, pointing to continued long-term holding behavior.

For now, Bitcoin price appears range-bound between $60,000 and $70,000 as markets search for direction. A reclaim of $65,000 followed by a move above $67,000 could restore bullish momentum and shift focus toward $70,000. 

Failure to hold current support, however, would reinforce downside risks as macro headwinds remain in control.

China Central Bank Monitors Stablecoins’ Cross-Border Role

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China Central Bank Monitors Stablecoins’ Cross-Border Role

China’s central bank is paying closer attention to stablecoins as privately issued digital currencies take on a potentially larger role in the international monetary system and cross-border payments.

Wang Xin, director general of the Research Bureau at the People’s Bank of China (PBOC), urged authorities to closely monitor the impact of stablecoins while improving international coordination and regulation, Chinese news outlet The Paper reported on Wednesday. 

“We also need to pay attention to several new areas, such as whether stablecoins will play a more important role in cross-border payments, and how regulation, international coordination and cooperation should proceed,” Wang reportedly said, according to a machine translation. 

He also warned that growing uncertainty and a potential weaponization of payments could disrupt normal cross-border transactions. 

The remarks reflect growing attention among Chinese regulators to the potential role of stablecoins in cross-border payments and the international monetary system.

Related: Chinese court treats Bitcoin as property in 107 BTC memory theft case

While Wang advocated for stronger oversight and cautious exploration, he did not endorse stablecoins or announce policy changes. 

In addition to stablecoins, Wang warned about central bank digital currencies (CBDCs). He said the role of CBDCs in cross-border payments also warrants closer observation, along with improved policy cooperation. 

China’s stablecoin scrutiny comes amid rapid growth

Wang’s remarks come months after the PBOC and seven other Chinese agencies banned the unauthorized issuance of renminbi-pegged stablecoins and tokenized real-world assets on Feb. 6. 

The rules applied to foreign and domestic entities and covered onshore and offshore versions of the yuan, requiring issuers to obtain government approval, reinforcing China’s preference for state-controlled digital money over privately issued tokens.

Stablecoin market cap dropped back to $315 billion after rising to as high as $322 billion. Source: DefiLlama

Stablecoins account for a growing share of digital asset market activity. In the first quarter of 2026, the overall stablecoin supply grew by about $8 billion to reach $315 billion for the first time, according to data from CEX.io.

CEX.io said that stablecoin transaction volume exceeded $28 trillion in the quarter, while representing 75% of the total crypto trading volume. Despite this, CEX.io estimated that bots generated roughly 76% of the transaction volume.

Magazine: Vietnam preps crypto pilot, HK pushes tokenization: Asia Express

FV Bank Becomes First U.S.-Chartered Depository Bank to Offer Stablecoin Invoicing

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FV Bank Becomes First U.S.-Chartered Depository Bank to Offer Stablecoin Invoicing

  • FV Bank has launched Stablecoin Invoicing, allowing businesses to send itemized invoices payable in USDC or PYUSD directly from their banking dashboard, with payments settling in USD within seconds.
  • The rollout is part of FV Bank’s broader regulated infrastructure platform combining stablecoin settlement, custody, cross-border rails, API-managed accounts and programmable finance.

FV Bank has combined stablecoin settlement, digital asset custody, programmable payments and cross-border banking rails inside a regulated banking environment.

The company says the platform is designed for businesses, fintechs, marketplaces and AI-native commerce platforms that need to move money across both fiat and blockchain-based rails.

The first product to go live is Stablecoin Invoicing.

The feature allows businesses to create itemized invoices from the FV Bank dashboard and accept payments in USDC or PayPal’s PYUSD.

According to FV Bank’s existing stablecoin payment infrastructure, USD balances can be converted into USDC or PYUSD for outbound payments, while incoming stablecoin payments can be converted into USD.

FV Bank says invoice recipients can pay through WalletConnect, QR code or direct transfer from a wallet or exchange.

The bank said funds settle in USD within seconds after the stablecoin payment is received. That makes the product part of a broader push to use stablecoins for business receivables, where companies want faster settlement than card networks, international wires or correspondent banking can typically provide.

The launch is aimed at global B2B businesses, SaaS platforms, marketplaces, freelancers and cross-border operators.

For those users, the value proposition is not only crypto acceptance. It is faster access to cash, clearer reconciliation and fewer delays between invoice payment and usable bank balance.

FV Bank previously introduced virtual accounts for SWIFT, ACH, domestic wire and stablecoin deposits to improve fund attribution and reconciliation.

“Modern finance has always been fragmented. Banking, payments, and digital assets have evolved on separate rails for too long. FV Bank is bringing those capabilities together through our regulated infrastructure, allowing clients to move faster, operate more efficiently, and build on infrastructure designed for the future of finance and commerce,” FV Bank CEO, Miles Paschini, said in a statement shared with AlexaBlockchain.

The announcement comes as stablecoins move deeper into regulated financial infrastructure.

FV Bank already supports direct stablecoin deposits and payments in USDC, USDT and PYUSD, with direct USD-to-stablecoin payments available for USDC and PYUSD. Users can send payments worldwide in USDC or PYUSD without holding stablecoin balances, with USD automatically converted into stablecoins before being sent to the recipient’s wallet.

That model is suitable for businesses as they do not want to manage crypto balances, private keys or exchange accounts.

They want stablecoin speed inside familiar banking workflows. FV Bank’s platform strategy is built around that demand: bank accounts, digital asset custody, stablecoin conversion, APIs, invoicing and payment tools in one environment.

The company said additional products will roll out through the second and third quarters of 2026.

These include cross-border settlement connected to local-currency payout rails in more than 45 currencies, API-managed accounts, unified payment collection, developer tools and agentic-ready virtual cards designed for AI systems making autonomous purchases.

The AI payment angle is becoming more important.

As software agents begin to make purchases, renew services or trigger payments on behalf of companies, financial infrastructure needs authorization rules, spending limits, compliance checks and audit trails that can operate without constant human involvement. Recent research on agentic stablecoin payments has also pointed to the need for compliance-aware controls when financial transfers are delegated to automated systems.

FV Bank’s argument is that those controls should sit inside regulated banking infrastructure, not only inside crypto wallets or smart contracts.

That positioning reflects a wider market shift. Stablecoins are increasingly being used for cross-border settlement, treasury operations and payment workflows, rather than only for crypto trading.

The regulatory backdrop has also changed.

The U.S. GENIUS Act was enacted on July 18, 2025, creating a regulatory framework for payment stablecoin activity. The Office of the Comptroller of the Currency said the law generally prohibits anyone other than a permitted payment stablecoin issuer from issuing a payment stablecoin in the United States.

In February 2026, the OCC requested public comment on proposed rules to implement the GENIUS Act.

The agency said the proposal addresses stablecoin regulations under its jurisdiction, while Bank Secrecy Act, anti-money laundering and sanctions-related rules would be handled separately in coordination with the Treasury Department.

That clarity has encouraged banks, card networks and payment companies to move faster.

Visa launched stablecoin settlement in the United States in December 2025, allowing select U.S. issuer and acquirer partners to settle VisaNet obligations using Circle’s USDC instead of only fiat. Visa later said its stablecoin settlement pilot supported nine blockchains and had reached $7 billion in volume.

Circle has also pushed stablecoin payments further into institutional infrastructure.

In April 2026, Circle launched CPN Managed Payments, a full-stack settlement platform designed to let payment service providers, fintechs, banks and global platforms adopt regulated stablecoin payments without holding or managing digital assets directly.

JPMorgan has taken a different route with tokenized bank deposits.

Its JPMD deposit token is described by Coinbase as a digital representation of U.S. dollar deposits held at JPMorgan, designed for institutional use and programmable settlement on selected blockchain networks.

PayPal’s PYUSD is another comparable effort.

FV Bank added PYUSD for direct deposits and outbound payments in January 2025, allowing account holders to receive PYUSD into USD accounts with automatic real-time conversion and send PYUSD payments globally. Coinbase later waived transaction fees for PYUSD and enabled direct redemption for U.S. dollars as part of a broader push to expand the stablecoin’s payment utility.

FV Bank’s strategy sits between those models.

It is not only issuing a stablecoin, running a card network pilot or offering a tokenized deposit for large institutions. It is trying to make stablecoins usable from a bank dashboard, with custody, compliance, invoicing, settlement and APIs packaged for businesses.

That could make the product useful for companies that want stablecoin settlement but do not want to become crypto operators.

The risk is that stablecoin payments still depend on issuer reserves, blockchain uptime, redemption mechanics, compliance screening and operational controls. Research published after the GENIUS Act has warned that stablecoin stability depends not only on reserve quality, but also on market infrastructure, liquidity and blockchain reliability.

FV Bank thinks that regulated banking rails can reduce some of that friction.

“We have made significant long-term investments in the compliance, custody, and operational infrastructure necessary to bridge traditional banking with digital asset settlement and programmable finance,” said Nitin Agarwal, Chief Revenue Officer of FV Bank.

“As demand accelerates for real-time and programmable financial infrastructure, FV Bank is uniquely positioned to provide clients with a platform that combines speed, flexibility, and regulatory oversight within a single environment,” Nitin added.

The broader story is not simply that another bank has added a stablecoin feature.

It is that stablecoin payments are moving from wallets and exchanges into the software layer businesses already use: invoices, bank accounts, APIs, cards and cross-border settlement tools.

If that shift continues, businesses may use blockchain rails without thinking of them as crypto rails at all.

The above article “This is the First U.S.-Chartered Depository Bank to Offer Stablecoin Invoicing” was first published on AlexaBlockchain. Read the complete article here: https://alexablockchain.com/first-u-s-chartered-depository-bank-to-offer-stablecoin-invoicing/

Read Also: Polygon’s 5,000 TPS Upgrade Could Make Stablecoin Payments Viable for Payroll, Remittances and B2B Settlement

Disclaimer: The information provided on AlexaBlockchain is for informational purposes only and does not constitute financial advice. Read complete disclaimer here.

CME Group To Sue CFTC Over Bitcoin Perpetual Futures Approval In Clash Over Dodd-Frank Classification

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CME Group To Sue CFTC Over Bitcoin Perpetual Futures Approval In Clash Over Dodd-Frank Classification

The CME Group said that it plans to file a lawsuit against the Commodity Futures Trading Commission (CFTC) over the agency’s approval of crypto perpetual futures, setting up a direct legal confrontation between the world’s largest futures exchange operator and its own regulator.

Outgoing CME CEO Terrence Duffy made the announcement on CNBC’s “Fast Money,” saying the company would file litigation today. CME later confirmed the plans to Reuters. The lawsuit targets the CFTC’s decision in late May to allow prediction market platform Kalshi to offer bitcoin perpetual futures — a first for the United States.

At the center of the legal argument is a classification dispute under the Dodd-Frank Act. Duffy contends that perpetual futures, known as “perps,” are not futures at all but swaps, and therefore subject to a different set of clearing, reporting, and trading-venue requirements.

“Under the Dodd-Frank Act, it defines what a swap is and what a future is, and when there’s two parties exchanging payments to each other, that’s deemed a swap,” Duffy told CNBC.

Perpetual futures are derivatives contracts with no expiration date. Rather than settling on a fixed date, they rely on periodic funding payments exchanged between traders. The products can carry leverage of up to 50-to-1, magnifying both gains and losses. Long a fixture on offshore crypto exchanges, they have never before been offered through domestic, regulated venues in the United States.

Kalshi and Coinbase get CFTC clearance 

The CFTC changed that in late May when it approved Kalshi’s bitcoin perp contract. The agency then cleared Coinbase to connect U.S. customers to offshore perpetual futures trading. CFTC Chair Michael Selig has defended both decisions as a way to bring a major segment of crypto derivatives activity under domestic regulation.

“It’s time to approve regulated futures contracts that have no expiration date,” Selig told CNBC’s “Fast Money” earlier this week. “We’re going to make sure the product’s available, but it’s well regulated here in the U.S.”

The CFTC pushed back against CME’s legal threat. A spokesperson told Reuters the agency looked forward to addressing the claims and called the lawsuit “frivolous.”

Duffy said he had spent eight months preparing the challenge with CME’s board and made clear the company viewed the approval process itself as flawed, arguing the CFTC had cleared a novel instrument faster than typical review procedures would allow. 

He also pointed to CME’s exclusive licenses on key market benchmarks, arguing that competing perpetual contracts would need to route through CME regardless of how the products are classified.

“We have an exclusive license with every single provider of the benchmarks,” Duffy said. “All of these would have to go through CME regardless of the perpetual.”

The announcement came the same day CME named Duffy’s successor. He will step down in March 2027, handing the chief executive role to President and CFO Lynne Fitzpatrick, who will become CME’s first female CEO.

CME’s lawsuit arrived on a day that proved difficult for the CFTC on another front. A federal judge in the Western District of Michigan, Paul L. Maloney, denied Polymarket’s request for a preliminary injunction against Michigan regulators and ruled that sports-related prediction market wagers are not swaps and therefore fall outside CFTC jurisdiction.

 Maloney wrote that the agency’s interpretation of its own authority over derivatives was “so vast that it would encompass vast swaths of activity never understood to be associated with the financial industry.”

Tether’s $23 Billion Gold Hoard Is Moving Into Crypto-Backed Lending

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Tether’s $23 Billion Gold Hoard Is Moving Into Crypto-Backed Lending

  • Tether’s gold-backed token XAU₮ is moving into lending through Ledn.
  • It allows eligible XAU₮ holders to borrow against tokenized gold without selling their exposure.

Tether is moving its gold strategy from reserves into credit.

The stablecoin issuer, now one of the world’s largest private holders of bullion, is supporting the launch of Tether Gold-backed loans on Ledn, the digital-asset lender known for Bitcoin-secured borrowing.

The new product will allow eligible clients borrow against XAU₮, Tether’s tokenized gold asset, without selling their gold exposure.

Ledn said the loans will roll out across most jurisdictions where it operates, though they are not currently available in Canada or the European Union.

The move reflects a broader shift in crypto finance.

Bitcoin-backed loans have been available for years. Tokenized gold is now being tested as collateral on similar rails, bringing one of the world’s oldest stores of value into a digital lending structure.

Gold has long been used as collateral by central banks, bullion banks and large trading desks.

For most retail holders, however, turning gold into liquidity usually meant selling it, pawning it or using specialized lenders. Tokenization is intended to make that process faster, more divisible and easier to integrate into digital credit products.

XAU₮ is the mechanism behind the product.

Each Tether Gold token represents one fine troy ounce of physical gold held in Swiss vaults. The asset can be transferred on blockchain rails while the underlying bullion remains in custody.

That structure makes gold easier to use as collateral.

A borrower can pledge tokenized gold, access liquidity and retain exposure to the underlying asset. Client collateral will not be lent out, used to generate yield or used to fund the company’s business, Ledn said.

“As digital assets become an increasingly important part of the global economy, demand is growing for solutions that combine long-term ownership with financial flexibility. The addition of XAU₮, USD₮, and USA₮ expands those opportunities and reflects the growing role of digital assets in modern financial markets,” Tether CEO, Paolo Ardoino, said in a statement shared with AlexaBlockchain.

For Ledn, the launch extends a business model built around Bitcoin-backed credit.

The company says it has originated more than $10 billion in loans since 2018. It also publishes loan-book and custody data through its open-book reporting framework.

Ledn has also moved Bitcoin-backed credit into institutional markets.

In 2026, the company’s Bitcoin-backed asset-backed security received a BBB- rating from S&P Global Ratings, a milestone for structured digital-asset lending.

“This is not a move away from Bitcoin. Bitcoin stays at the center of how our clients build wealth. Gold sits beside it, the same hard-asset thinking applied to the oldest store of value there is,” said Adam Reeds, co-founder of Ledn.

The timing is important.

Tether has been building a major gold position. Reuters reported that Tether held about 154 metric tons of gold across reserves backing USDT and XAU₮ as of the first quarter of 2026.

Tether’s gold exposure has grown alongside its stablecoin business.

Reuters reported that the company held about 132 metric tons of gold backing USDT, valued at about $19.8 billion, and another 22 tons backing XAU₮. Together, that put Tether among the top global holders of gold.

Tether has also signaled that gold is becoming a strategic allocation.

In January, Reuters reported that Ardoino aimed to allocate 10% to 15% of Tether’s investment portfolio to physical gold, in addition to bullion reserves backing its products.

The Ledn product is not the first time XAU₮ has been used in lending.

Bitfinex added Tether Gold as collateral for borrowing in 2022. Binance added XAU₮ as a collateral asset for Flexible Rate Loan and VIP Loan products in March 2026.

The difference is Ledn’s positioning.

Exchange-based lending products often serve traders and margin users. Ledn is presenting XAU₮ loans as part of a longer-term borrowing model for holders who want liquidity without selling a hard asset.

The launch also comes as digital collateral moves further into traditional finance.

Better Home & Finance and Coinbase announced a crypto-backed mortgage product tied to Fannie Mae-backed mortgages, allowing borrowers to pledge Bitcoin or USDC as collateral rather than sell those assets for a down payment.

In June, Better and Coinbase said they had completed the first token-backed mortgage fund backed by Fannie Mae.

The product initially supports Bitcoin and USDC, showing how digital assets are being tested inside mainstream credit markets.

That comparison matters for gold.

Bitcoin, a 16-year-old asset, is now being used in mortgage-linked credit. Gold, a multi-thousand-year store of value, has remained more constrained for ordinary holders despite its deep institutional role in collateral markets.

Tokenized gold could narrow that gap.

If adoption grows, holders may be able to retain gold exposure while accessing cash or stablecoin liquidity. That could make bullion more useful in personal finance, not just reserve management or institutional trading.

The model still carries risks.

Gold prices can fall. Collateral values can change. Borrowers can face liquidation if loan-to-value levels breach platform thresholds. Tokenized gold also depends on custody, issuer transparency, redemption mechanics and regional regulation.

The product gives XAU₮ a more active role.

The token is no longer just a digital representation of bullion. It is becoming collateral inside a lending market, alongside Bitcoin, USDT and other digital assets.

It expands Ledn’s hard-asset lending thesis.

Bitcoin remains the center of the platform. Gold now sits beside it as another scarce, non-sovereign asset that clients can use to access liquidity without selling.

The broader story is not that gold is becoming crypto.

It is that crypto lending infrastructure is moving toward assets outside crypto’s original base. Gold is the latest test of whether tokenization can turn passive stores of value into usable collateral.

The above article “Tether’s $23 Billion Gold Hoard Is Moving Into Crypto-Backed Lending” was first published on AlexaBlockchain. Read the complete article here: https://alexablockchain.com/tethers-23-billion-gold-hoard-is-moving-into-crypto-backed-lending/

Read Also: Polygon’s 5,000 TPS Upgrade Could Make Stablecoin Payments Viable for Payroll, Remittances and B2B Settlement

Disclaimer: The information provided on AlexaBlockchain is for informational purposes only and does not constitute financial advice. Read complete disclaimer here.

Grayscale Applies Wall Street Valuation Models to AAVE

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Grayscale Applies Wall Street Valuation Models to AAVE

Aave’s native cryptocurrency could reach $175 under a one-year base-case scenario as asset managers increasingly apply traditional finance valuation models to decentralized finance (DeFi) tokens, according to a new report by Grayscale Research.

The digital asset manager said Aave could generate about $60 million in net income in 2026 and placed the token’s current fair value at $80 to $100. The analysis used discounted cash flows, earnings multiples and comparisons with banks and fintech companies. Aave traded at $75 on Thursday, according to CoinGecko.

Grayscale said Aave’s revenue rose more than sixfold between 2023 and 2025, while the protocol operates at an estimated 50% margin. It argued that Aave’s lending activity, GHO stablecoin and institutional products could support future earnings growth.

However, protocol revenue alone doesn’t guarantee token value, the research added. Fees may be paid to liquidity providers, used for operating costs or retained by a decentralized autonomous organization, while token holders generally lack legally enforceable claims held by shareholders. 

Grayscale’s analysis applies valuation methods commonly used for equities, banks and fintech companies to a DeFi protocol, reflecting the firm’s view that some crypto assets generate sufficiently measurable revenue and earnings to be evaluated using traditional financial frameworks.

Cumulative DeFi fees. Source: Grayscale Research

CoinShares applies long-term valuation models to HYPE and Ether 

CoinShares has taken a similar approach to Hyperliquid’s HYPE token and Ether (ETH), using protocol fees, buybacks and other economic drivers to create long-term valuation frameworks. The asset manager’s 2031 base case values HYPE at $147 and ETH at $4,935, although most of the projected ETH value comes from the token’s collateral and monetary role rather than cash flows. 

CoinShares described Hyperliquid as a more direct example of token-level value accrual because 99% of protocol fees are used to buy back HYPE through its Assistance Fund. For Ether, it used a sum-of-the-parts framework combining projected cash flows with a larger monetary and collateral premium. 

Related: Botanix to shut down after 4 years, cites weak demand for Bitcoin DeFi

The valuation work by Grayscale and CoinShares comes as some financial institutions forecast stronger growth in DeFi markets.

Standard Chartered forecasts that tokenized assets could lift DeFi assets to $2.7 trillion by 2030. The bank said Uniswap is positioned to become a major venue for tokenized markets, adding that traditional finance partnerships could help Uniswap attract more activity.

Magazine: The end of anon? AI could unmask crypto’s hidden identities

Stellar (XLM) jumps 10% while index declines

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Stellar (XLM) jumps 10% while index declines

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

The CoinDesk 20 is currently trading at 1750.15, down 0.9% (-15.97) since 4 p.m. ET on Wednesday.

Three of 20 assets are trading higher.

Leaders: XLM (+10%) and HBAR (+0.2%).

Laggards: ICP (-4.1%) and SUI (-4%).

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

Second $2.1M Exploit Hits Aztec in Less Than a Week: SlowMist

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Second $2.1M Exploit Hits Aztec in Less Than a Week: SlowMist

Deprecated Aztec infrastructure has suffered a second exploit within days, adding to concerns about the security of abandoned smart contract infrastructure.

Aztec’s private rollup bridge was exploited on Thursday for 1,158 Ether (ETH), 150,000 Dai (DAI) and 0.46 renBTC (RENBTC), totaling about $2.15 million, according to Cos, the co-founder of cybersecurity company SlowMist.

His preliminary analysis found that the attacker used a false rollup proof to trick the protocol into releasing assets from its reserves to the attacker’s address.

Aztec Labs confirmed the exploit, adding that about $2 million was transferred from an immutable smart contract of a payment product deprecated in 2022, for which Aztec Labs held no admin keys or ability to pause transactions.

Aztec Labs said the incident is separate from the $2.1 million stolen from Aztec Connect’s smart contract on Sunday. Aztec Connect was a privacy-focused rollup that was deprecated in March 2023, with the team halting deposits and shifting resources to the next-generation Aztec Network.

Cointelegraph reached out to Aztec Labs for additional details about the vulnerability but had not received a response by publication.

Etherscan record of the Thursday exploit transaction. Source: Etherscan

Related: AI models led to a ‘vulnerability apocalypse’ in crypto security: Immunefi CEO

Old smart contracts raise new security concerns

The two Aztec exploits, along with the $1.3 million stolen from decentralized exchange Raydium earlier in June, renewed concerns about deprecated smart contracts, as the three incidents stemmed from vulnerabilities in abandoned infrastructure.

“Old contracts continue to be bug bounties available to any hackers. With protocols removing their responsibility to maintain them, they can become even more tempting,” wrote risk analysis platform Blockful in a Tuesday X post.

Despite Aztec Connect being deprecated, the attacker extracted over $2.1 million in the initial exploit as the immutable contract was still holding legacy user assets, wrote SlowMist in a post-mortem analysis of the incident.

First Aztec exploit, attack overview. Source: SlowMist

For protocols with deprecated smart contracts that still hold legacy assets, SlowMist advised an orderly asset migration to eliminate the risks of ongoing cybersecurity exposure.

Magazine: The legal battle over who can claim DeFi’s stolen millions 

Kentucky Sues Prediction Markets Over Sports Event Contracts

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Kentucky Sues Prediction Markets Over Sports Event Contracts

Kentucky has sued five prediction market platforms, including Kalshi and Polymarket, adding to a wave of US states launching legal fights with prediction markets over sports event contracts.

State Attorney General Russell Coleman said in a statement Wednesday that his office filed lawsuits in state court against Polymarket and Kalshi — also naming Kalshi partners Coinbase, Robinhood and Webull — accusing them of “operating unlicensed and illegal sports betting and gambling platforms.”

“Kalshi and Polymarket are operating illegal sportsbooks in Kentucky and breaking our laws,” Coleman said. “These multi-billion dollar corporations and their legal fictions don’t pass the sniff test. As one of our state legislative leaders said it best, ‘If it looks like a duck and quacks like a duck…’”

Kalshi and Polymarket together recorded $25 billion in monthly trading volume in May, per Token Terminal. Lawsuits from multiple US states risk locking them out of some of the largest markets in the US.

Kentucky Attorney General Russell Coleman gives a speech in April. Source: YouTube

At least 17 other states have taken prediction market operators to court, attracting the involvement of the US Commodity Futures Trading Commission and the White House.

Multiple state authorities have argued that event contracts tied to sports are sports betting and require state-level licenses. Prediction markets have argued that their event contracts are swaps regulated under federal commodities law.

That position is backed by the CFTC, which has sued eight states after they took action against prediction markets, claiming they were stepping on its authority.

Kentucky’s lawsuits claimed that Polymarket, Kalshi and their partners are “doing business without a Kentucky gaming license or following state regulations” and that their sports event contracts “fall squarely within the definition of ‘sports wagering’ under Kentucky law.”

The state also alleged the platforms offer users “few or no resources” to identify or seek help for a gambling problem as required by state law. 

A Polymarket spokesperson told Cointelegraph Kentucky’s action “runs counter to the CFTC’s established framework for regulating prediction markets. We look forward to addressing these claims through the appropriate legal process.”

Kalshi spokesperson Jacki McGavick told Cointelegraph that “Kalshi is a federally regulated exchange — the CFTC is our regulator, not the states. Courts have already recognized this, and we’re confident they will here too.”

The CFTC did not immediately respond to a request for comment.

Related: Prediction market battle gets closer to Supreme Court

Kalshi and Polymarket, through a coalition of platforms, are already tied up in legal action with Kentucky after suing the state on Friday to claim its first-in-the-country 14.25% tax on prediction market transaction fees is discriminatory and oversteps federal law.

Kentucky’s action comes after authorities in Montana, Nevada, Utah, Iowa, Illinois, Ohio, Tennessee, New York, New Jersey, Connecticut and Maryland had issued cease-and-desist letters to prediction markets and were subsequently sued by the platforms.

Washington, Arizona, New Mexico, Wisconsin, Michigan, Massachusetts and Kentucky have also chosen to sue prediction market platforms, including Kalshi.

Some of the legal battles have so far reached appeals courts and have seen mixed results. On Wednesday, a Michigan federal judge ruled against Polymarket in its lawsuit against the state, finding that its sports event contracts are not swaps under the CFTC’s authority.

Other courts have also sided with prediction markets, such as the Third Circuit Court of Appeals’ ruling in April that New Jersey regulators could not prevent Kalshi from offering sports event contracts in the state.

US President Donald Trump, whose son Donald Trump Jr. is on the advisory board for Polymarket and is an adviser to Kalshi, said in May that it was “critically important that the CFTC’s exclusive authority over Prediction Markets is maintained.”

Magazine: Should users be allowed to bet on war and death in prediction markets?

Oman Launches Mandatory National Bitcoin Mining Pool In State-Backed Push For Regulatory Control

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Oman Launches Mandatory National Bitcoin Mining Pool In State-Backed Push For Regulatory Control

Oman has taken one of the most direct steps by any government to bring bitcoin mining under formal state oversight, launching a mandatory national mining pool that licensed operators across the sultanate are required to join.

The pool, Omanhash.com, was launched by Oman’s Ministry of Transport, Communications and Information Technology and will run in cooperation with Frontier Technologies LLC, an Omani blockchain and Web3 company. 

Enegix Global, a vertically integrated digital energy and infrastructure company, built the technology platform and liquidity infrastructure behind it. The company called it the official national cryptocurrency mining pool of the Sultanate of Oman.

Under the approved regulatory framework, Omanhash.om is the sole official and mandatory mining pool for all licensed cryptocurrency mining companies in the country. The pool is expected to consolidate roughly 10 exahashes per second of computing power in its initial phase — a measure of the total computational work directed at securing the Bitcoin network and, by extension, minting new coins.

That hashrate matters for Bitcoin in a direct way. The more concentrated and regulated that hashrate becomes within a national framework, the greater the government’s visibility into mining revenue, energy consumption, and the flow of newly minted bitcoin. It seems the country is not trying to ban or restrict the activity — it is pulling it into a structured, trackable system.

Oman’s mining push

The country has been one of the most active jurisdictions in the Middle East for industrial-scale mining investment since 2022, when the ministry launched a $370 million hydro-cooled mining facility in Salalah. 

Total investments in mining and data center infrastructure in the Salalah Free Zone have since surpassed $700 million, including two major facilities built in 2022 and 2023. Alps Blockchain, an Italian firm, brought a 150 MW facility in Salalah to full operation in mid-2025. Oman’s Omanhash.om reflects the government’s next phase: pulling that accumulation of capacity into a regulated, transparent national architecture.

For Enegix, the mandate is its second sovereign-pool contract. The company built and operates btcpool.kz in Kazakhstan, where a 2023 digital assets law requires licensed miners to operate through government-accredited pools and report revenue to tax authorities through an automated system. 

The addition of Omanhash.om brings Enegix’s combined pool operations to about 25 EH/s across three pools.

“This is our second sovereign mandate, and it validates the model we have been building since Kazakhstan,” said Olzhas Amirov, chief business development officer of Enegix Global in a company press release, noting that licensing frameworks help miners operate within the law, avoid punitive taxation, and communicate with regulators.

Oman’s approach stands as a contrast to jurisdictions that have pushed back against mining with outright bans or heavy tax burdens. Instead, the sultanate has embedded mining within a broader economic diversification strategy — and is now adding a layer of centralized control that keeps bitcoin production inside the country’s regulatory reach. 

Enegix said its next target is to grow its combined pool hashrate to 30 EH/s.

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