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According to Cointelegraph, South Korean police recently raided the cryptocurrency exchange Bithumb to investigate independent lawmaker Kim Byung-gi for allegedly using his influence to secure a job for his son. It is reported that Kim's son joined Bithumb in January 2025 and worked for about six months. The police are investigating whether there was any external pressure or special treatment during his hiring process.Additionally, the case also involves Dunamu, the operator of South Korea's largest cryptocurrency exchange Upbit, with the investigation scope expanding from simple recruitment issues to potential power rent-seeking and interest transfer. Investigators pointed out that while serving as a member of the South Korean National Assembly's Administrative Committee, Kim Byung-gi had repeatedly questioned Dunamu during meetings, raising suspicions about whether he was trying to benefit the company where his son worked.It is understood that the police had previously questioned executives from multiple cryptocurrency companies and had conducted searches at Bithumb's headquarters and Bithumb Financial Tower to gather evidence. Kim Byung-gi himself is under investigation for 13 charges, including employment arrangements, bribery for nominations, and requests related to university transfers, and he stated that he believes he will ultimately be able to prove his innocence.It is worth noting that Bithumb has recently faced ongoing regulatory pressure. In March of this year, South Korea's financial regulatory agency imposed a fine of approximately $24.5 million on Bithumb for KYC and anti-money laundering (AML) violations and issued a six-month partial business suspension order. However, a South Korean court temporarily suspended the enforcement of the penalty at the end of April, and the relevant legal procedures are still ongoing.

According to PR Newswire, AI-driven anti-fraud infrastructure InfoHawk announced the completion of a $2.25 million Pre-Seed round of financing, led by Moonshots Capital, with participation from former Chairman of the Federal Trade Commission Jon Leibowitz, AppNexus founder Brian O'Kelley, former head of advertising at Meta Rob Goldman, GitHub CTO Vlad Fedorov, and others.The new funds are intended to support its efforts to help businesses detect, analyze, and combat large-scale online fraud, phishing sites, brand impersonation, and deepfake attacks through AI content recognition and deep infrastructure analysis technology.

According to monitoring by Lookonchain, the newly created address "0x6436" has withdrawn 82,089 HYPE from the exchange in the past 2 hours, worth approximately 51.6 million USD.On-chain data shows that this address has withdrawn a total of 1,140,000 HYPE from the exchange in the past week, worth approximately 792.2 million USD, and has deposited all of it into Hyperliquid for staking.

According to SoSoValue data, last week's trading days (Eastern Time from June 1 to June 5) saw a net outflow of $1.72 billion from Bitcoin spot ETFs. The Bitcoin spot ETF with the highest net outflow last week was the Blackrock ETF IBIT, with a weekly net outflow of $1.337 billion, and the historical total net inflow for IBIT currently stands at $62.47 billion. The second highest was the Fidelity ETF FBTC, with a weekly net outflow of $202 million, and the historical total net inflow for FBTC currently stands at $10.39 billion.The Bitcoin spot ETF with the highest net inflow last week was the Morgan Stanley ETF MSBT, with a weekly net inflow of $35.05 million, and the historical total net inflow for MSBT currently stands at $26.8 million. As of the time of publication, the total net asset value of Bitcoin spot ETFs is $75.12 billion, with an ETF net asset ratio (market value as a percentage of total Bitcoin market value) of 6.08%, and the historical cumulative net inflow has reached $53.94 billion.

According to Jinshi reports, influenced by the outbreak of a new round of conflicts in the Middle East, the dollar remains high after reaching a two-month high overnight. Iran and Israel exchanged fire, marking the first direct attack between the two sides since the ceasefire agreement mediated by the United States took effect in early April. The market is awaiting the U.S. inflation data to be released on Wednesday, which will affect expectations for the Federal Reserve's interest rate decision in June. Deutsche Bank analysts stated that the reasons for raising interest rates are clearly stronger than those for lowering them, and last Friday's better-than-expected non-farm payroll report further reinforced this.

GoPlus posted on platform X that the Meta account recovery feature has been exposed to a high-risk design flaw, which could directly leak users' phone numbers, email addresses, and PII (Personally Identifiable Information). Attackers only need to input the META username without any login or verification to directly obtain the complete PII linked to the user, such as email addresses and phone numbers. This could pose significant risks to users, including: large-scale phishing attacks, SIM card swapping attacks, account takeover and identity theft, and targeted social engineering attacks.Recommendations: Remove or change the leaked email/phone number as a recovery method; modify related account passwords and enable 2FA; do not click on any emails or messages related to "account anomalies," "verification," or "password reset"; set up multi-channel verification, which can be verified through official documents or other official social media channels.

According to analyst Darkfost's data, Bitcoin has retraced and fallen below the 4% percentile of the Power Law model, entering an extremely undervalued range, a valuation level that has historically been present only 4% of the time. Darkfost emphasizes that this is a suitable time for long-term position building, not a short-term price prediction.

According to The Block, New York Supreme Court Judge Kathy J. King signed an order to suspend the litigation seeking to claim ownership of 39,069 dormant Bitcoin wallets, with a hearing scheduled for July 14 on a key amicus brief.The plaintiffs in the case are known as "Noah Doe" and two shell companies, seeking to claim these wallets under New York State's lost property law. Attorney Ian R. Cohen submitted an amicus brief opposing the plaintiffs' claims. He argues that the lost property law pertains to tangible items, while blockchain addresses are always visible to the world; if the original owner cannot access their assets due to a security breach, it constitutes a passive loss of access rather than a voluntary relinquishment.Cohen emphasized that the plaintiffs do not have the private keys, and the blockchain network "structurally disregards" judicial rulings; the court's declaration cannot truly transfer ownership of the assets and may instead be used by the plaintiffs to mislead exchanges and custodians.Previously, on May 26, it was reported that a U.S. man and two companies filed a lawsuit seeking ownership of over 39,000 dormant Bitcoin addresses.

According to Arkham monitoring, the German government has previously sold a total of 49,858 bitcoins, with an average selling price of approximately $57,900.If bitcoin drops about 6% from the current level, the price will fall near the German government's average selling price, which means that bitcoin is gradually approaching the cost range during large-scale sell-offs by sovereign institutions. Therefore, in the context of significant liquidation pressure facing the market this week, the area around $57,900 is worth paying close attention to. Since government sales typically exhibit characteristics such as non-voluntary nature and insensitivity to price, this price level may become an important reference range for the market to assess supply and demand relationships and subsequent trends.

According to monitoring by Lookonchain, F2Pool co-founder Chun Wang (@satofishi) is suspected of increasing his holdings in ETH. A wallet suspected to be related to Chun Wang (0xF42...b51) has withdrawn 17,560 ETH from Binance in the past 16 hours, worth 28.67 million USD.

According to Coinglass data, the total liquidation of ZEC contracts across the network in the past 24 hours reached 107 million USD, with long positions liquidated at 76.59 million USD and short positions liquidated at 29.98 million USD, with the liquidation amount only less than that of BTC and ETH. In the past 24 hours, the total trading volume of ZEC contracts across the network surged by 89.28%, reaching 11.555 billion USD; the open contract positions decreased by 38.56% to 836 million USD.

According to on-chain monitoring data, Gate's hot wallet transferred out 250,000 HYPE (approximately $15.6465 million).

According to Onchain Lens monitoring, a newly created wallet "0x115" further withdrew 3 million "Binance Life" from Binance, worth 3.43 million USD, and currently holds 11 million Binance Life, worth 7.85 million USD.

The U.S. cryptocurrency market structure bill, the "Clarity Act," is a "support for regulation, support for enforcement" bill that rebuts criticisms from some law enforcement agencies regarding its inadequacy in preventing financial crimes. As the midterm elections approach, the time window for Congress to pass this bill is narrowing. Senator Cynthia Lummis warned that if progress is not made this year, the bill may not be seriously reconsidered until after 2030. Currently, the Clarity Act still faces multiple controversies, including stablecoin yield arrangements, conflicts of interest arising from Trump-related cryptocurrency businesses, and whether anti-money laundering standards are stringent enough.The latest version also incorporates the "Blockchain Regulatory Certainty Act" (BRCA) pushed by DeFi supporters, aimed at clarifying that non-custodial developers should not be regarded as money transmitters. However, some law enforcement groups and lawmakers are concerned that the BRCA and certain provisions of the bill may weaken the ability to track illegal funds and recover victims' assets. Witt stated that lawmakers have responded to these concerns before the Senate Banking Committee vote and added provisions to strengthen regulatory and enforcement foundations.

The South Korean cryptocurrency exchange Upbit announced that due to the Injective (INJ) network upgrade, the deposit and withdrawal services for INJ will be suspended starting from June 4 at 19:00 Beijing time (20:00 Korean time) until the network stability confirmation is completed.The announcement indicates that this suspension only affects the deposit and withdrawal functions of INJ, while spot trading will continue as normal. Upbit reminds users that conducting on-chain transfers during the suspension period may lead to delays in arrival, and in extreme cases, there may even be a risk of irreversible loss.Upbit stated that it will maintain close cooperation with the Injective project team to ensure the safety of user assets and will issue a separate notice to resume deposit and withdrawal services once the network stabilizes.

Bitget was invited to attend the Trading Expo and was awarded the "Best Multi-Asset Trading Platform" award. This award is primarily evaluated based on dimensions such as asset coverage, richness of trading products, platform liquidity, user experience, globalization service capability, and product innovation, reflecting the industry's recognition of Bitget's contribution to the multi-asset trading ecosystem, and further confirming the ongoing influence of its UEX panoramic exchange strategy in the market.During the event, Bitget CEO Gracy Chen delivered a keynote speech titled "Why Blockchain Will Completely Change Finance." She stated that blockchain is reshaping global financial infrastructure, evolving financial markets towards a more open, efficient, and globally accessible direction, from asset issuance and trading matching to clearing and settlement. With the development of multi-asset trading products such as tokenized stocks, stablecoins, on-chain financial products, and CFDs, the boundaries between traditional finance and the crypto market are accelerating their convergence, allowing users to participate in global market opportunities within a more unified account system.

According to Bitcoin News, a Bitcoin wallet that has remained silent since 2011 transferred 35.55 BTC (approximately $2.54 million) yesterday to prove it has not been abandoned.Previously, the wallet was listed as a defendant in a lawsuit in New York, which claimed that nearly 3.8 million dormant Bitcoins are legally considered abandoned property. Earlier reports indicated that an American man filed a lawsuit against two companies to claim ownership of over 39,000 dormant Bitcoin addresses.

According to The Block, U.S. Senators Bernie Sanders and Elizabeth Warren, along with Representative Robert Scott, sent a letter to the Department of Labor requesting the withdrawal of a proposed rule that would allow 401(k) retirement plans to include alternative assets such as cryptocurrencies. The lawmakers stated in the letter that the proposed rule would create a so-called safe harbor for fiduciaries offering alternative investments, which would strip retirement savers of long-standing investor protections and encourage the use of riskier, more complex, and expensive investments.The Department of Labor announced the proposed rule in March, providing guidance steps for 401(k) plan managers to include alternative assets (including private equity, real estate, and digital assets) in their portfolios. Lawmakers expressed concerns about the volatility of digital assets and cited a Federal Bureau of Investigation report indicating that crypto-related fraud losses could exceed a record $11 billion in 2025. They also pointed out the Trump family's conflicts of interest in the crypto space, stating that the Department of Labor's proposed rule could enhance the president's interests at the expense of ordinary workers and retirees.