Trump backed BTC & ETH ETF incoming!

President Trump’s Truth Social filed draft paperwork with the SEC today for a Bitcoin & Ethereum ETF aiming to list on NYSE Arca — as per Reuters

Arthur Hayes Releases New Essay: “Take a Position”

Key Idea
The golden rule of stablecoin investing: the success of any issuer depends entirely on distribution channels.
Without access to crypto exchanges, social media, or traditional banks — the project is doomed to fail.

https://cryptohayes.substack.com/p/assume-the-position

PumpFun Ban — What Happened?

Twitter suspended PumpFun and related accounts after a lawsuit revealed possible fraud.

Key claims:
• Pump-and-dump schemes
• No KYC/AML
• Harmful marketing and offensive tokens
• Founders accused of building a scam ecosystem

Tokens may violate the Howey Test — if ruled securities, exchanges could start mass delistings.

Some say the ban’s tied to using unofficial Twitter APIs and sniper bots.

Nothing confirmed yet, but the risk to the meme coin market is real.

This guy turned $990.5K into $10.02

Hard truth of memecoins

Eigen Labs has launched EigenCloud — a cloud platform for Ethereum restaking, backed by $70 million in funding from a16z.

PumpFun continues dumping $SOL.

Since May 19, 2024, PumpFun has sold around 4.1M $SOL worth $741M at an average price of ~$180.

— 264,373 $SOL sold for $41.64M USDC at $158
— 3.84M $SOL (worth $699M) sent to Kraken at $182

Mysterious trader AguilaTrades has started realizing losses on his $BTC position.

He deposited $7.5M $USDC into HyperLiquid to lower the liquidation price of his 20x leveraged long.

Aguila is now closing the position at a loss. His current unrealized loss exceeds $13.5M.

Source: https://hyperdash.info/trader/0x1f250Df59A777d61Cb8bd043c12970F3AFE4F925

Rumors suggest that PumpFun’s account on X was suspended for refusing to pay $5K/month for API access.

That’s just 0.35% of their revenue in the past 24 hours.

Thailand just approved a 5-year tax break on crypto profits — no capital gains tax until 2029.

But with this cycle? Nobody has gains anyway.
A rehab clinic for PumpFun victims would be more useful.

JPMorgan is launching the deposit token $JPMD on the Base blockchain.

This marks the bank’s first deployment on a public blockchain network.

The token represents U.S. dollar deposits and will initially be used by institutional clients.

Unlike stablecoins, $JPMD may eventually generate interest and be FDIC-insured.

Exploit of Iranian crypto exchange Nobitex.

On-chain sleuth ZachXBT reported a possible hack of Nobitex, Iran’s largest crypto exchange. According to him, $48.65M was drained from wallets linked to the platform on the Tron network.

The suspected attacker used a vanity address with a political message:
TKFuckiRGCTerroristsNoBiTEXy2r7mNX.