China Brokerages Face Crackdown Amid Crypto Security Risks (2026-05-22)

Huobi HTX will list SFP (SafePal) at 20:00 today.

Huobi HTX’s announcement shows that Huobi HTX will open the deposit service for SFP at 18:00 on May 22 (GMT+8). The SFP/USDT spot trading will open at 20:00 on May 22 (GMT+8). The withdrawal service for SFP will open at 20:00 on May 23 (GMT+8).

It is reported that SafePal is a cryptocurrency wallet brand founded in 2018, dedicated to helping users protect and increase the value of their digital assets. SafePal provides hardware and software wallets, and users can pair and manage all products uniformly through the SafePal application.

In addition, SafePal is also the first hardware wallet brand to receive investment and support from Binance.

[Odaily]

Futu Holdings responds: The proportion of clients with assets in mainland China has dropped to 13%.

Futu responded: It had already fully ceased opening accounts for applicants with mainland Chinese identities and has been continuously striving to combat fraudulent account openings; over the past two years, it has rejected tens of thousands of account opening applications that did not comply with its rules.

Futu has consistently engaged in active communication with regulatory authorities and adhered to their rectification requirements. As of the end of Q1 2026, the proportion of clients with assets from mainland China accounted for 13% of the Group’s total clients with assets.

[Securities Times]

Huobi HTX will list SFP (SafePal) today at 20:00.

According to the announcement of Huobi HTX, Huobi HTX will open the deposit service of SFP at 18:00 on May 22. The SFP/USDT spot trading will be opened at 20:00 on May 22. The withdrawal service of SFP will be opened at 20:00 on May 23.

SafePal is a cryptocurrency wallet brand established in 2018, dedicated to helping users protect and increase the value of their digital assets. SafePal provides hardware and software wallets, and users can pair and manage all products through the SafePal application. In addition, SafePal is also the first hardware wallet brand to receive investment and support from Binance.

[Foresight News]

Polymarket’s internal operations address private key was leaked, and approximately $600,000.00 was transferred out.

PANews, May 22: According to Bubblemaps, a vulnerability was allegedly exploited in Polymarket—a prediction market platform—resulting in the attacker withdrawing approximately 5,000 POL tokens every 30 seconds, for a total loss of roughly $600,000.

On-chain analyst zachxbt noted that the compromised address is Polymarket’s UMA CTF adapter contract, and the attacker has already distributed the stolen funds across 15 addresses.

Polymarket subsequently responded, stating that the issue stemmed from a leaked private key belonging to a wallet used for internal operations and reward distribution. User funds and market settlement contracts remain unaffected, and core infrastructure is secure. Further updates will be released shortly.

[PANews]

Solana ecosystem Perp DEX Bulk co-founder hints at allocating 30% of tokens for user rewards and airdrops

The co-founder of Solana ecosystem Perp DEX BulkTrade hinted that the platform will allocate 30% of its tokens for user rewards and airdrops.

[Odaily]

Futu Holdings Responds to Penalty: Current Customer Account Assets and Services Are Not Affected

May 22nd, according to 21 Finance, Futu Holdings’ U.S. stock fell more than 40% in pre-market trading.

In terms of news, the China Securities Regulatory Commission intends to confiscate all illegal gains of Tiger, Futu, and Changqiao’s related entities at home and abroad, and severely punish them in accordance with the law.

In response, the company’s hotline staff stated that the company has noticed the relevant regulatory developments and is carefully studying the relevant content. The company will make a unified response after the information is complete. At present, the company’s business operations are normal, and customers’ account assets and various services are not affected.

[PANews]

Polymarket Admin Wallet Exploited on Polygon, Says ZachXBT

Popular on-chain sleuth ZachXBT warned earlier today that an admin address of Polymarket appeared to have been compromised on the Polygon blockchain.

At first, he noted that the stolen amount was around $520,000. However, follow-up updates from Bubblemaps and Lookonchain explained that the actual amount might have surpassed $600,000.

Bubblemaps was the first to share the exploit and identify that it was a Polymarket UMA CTF adapter contract. The attacker has already split the funds across 15 addresses.

Polymarket’s Shantikiran Chanal acknowledged the attack on X, saying that the team is “aware of the security reports linked to rewards payout” before adding that “user funds and market resolutions are safe.”

Chanal also explained that the team is investigating whether any other internal secrets may have been affected and that they are rotating their backend services.

Binance Postpones Opening of GENIUS and OPG Trading to 12:00

According to the official announcement, Binance has postponed the trading launch of GeniusTerminal (GENIUS) and OpenGradient (OPG), originally scheduled for May 22, 2026, at 11:00 UTC, to 12:00 UTC.

[Odaily]

Futu Holdings responds: The proportion of clients with assets in mainland China has dropped to 13%.

The China Securities Regulatory Commission (CSRC) and the Securities and Futures Commission (SFC) of Hong Kong jointly issued notices on May 22 to update guidance regarding mainland Chinese investors’ cross-border securities, futures, and fund activities. Futu stated that these guidelines and regulations constitute unified industry-wide requirements, and it will steadily advance its compliance efforts strictly in accordance with regulatory requirements.

Futu emphasized that it had already fully suspended account openings for applicants holding mainland Chinese identities and has continuously strengthened efforts against fraudulent account openings—rejecting tens of thousands of non-compliant account applications over the past two years.

Futu has consistently engaged in proactive communication with regulators and adhered to their rectification requirements. As of the end of Q1 2026, the proportion of asset-holding customers from mainland China among the Group’s total asset-holding customers had declined to 13%.

[ChainCatcher]

Changqiao Securities Responds: Will strictly implement various rectification requirements and promote relevant arrangements in accordance with laws and regulations.

On May 22nd, according to a report by CaiLian Press, in response to the China Securities Regulatory Commission (CSRC) filing an investigation and proposing administrative penalties against Chang Bridge Securities’ domestic and overseas related entities, Chang Bridge Securities responded that its licensed entities are regulated by overseas regulatory agencies such as the Hong Kong Securities and Futures Commission (SFC).

Chang Bridge emphasized that client funds are completely segregated from the company’s operating funds and are kept in independent custodian bank accounts as required by regulations; its holdings of US stocks and Hong Kong stocks are respectively托管 by the Depository Trust & Clearing Corporation (DTCC) and Hong Kong Securities Clearing Company Limited (HKSCC), and are protected by the Hong Kong Investor Compensation Fund (ICF).

At the same time, the company will strictly implement various rectification requirements and promote relevant arrangements in accordance with laws and regulations.

[PANews]

Can Solana price overcome double-top resistance and rally above $100?

Solana price has recovered from recent market weakness, with bulls now attempting to overcome double-top resistance near the $100 level. Across the crypto market, risk appetite improved modestly after Bitcoin reclaimed ground above $77,000 following several sessions of macro-driven weakness tied to geopolitical tensions and volatility in oil markets. The rebound helped major altcoins recover intraday losses, although traders remain cautious ahead of further U.S. inflation data and Federal Reserve commentary that could influence liquidity conditions across risk assets.

At the same time, institutional activity surrounding Solana has continued to strengthen despite the recent correction. A fresh catalyst emerged after Morgan Stanley reportedly refiled a Solana ETF product with staking support under the “MSOLsec” ticker, adding to growing expectations that regulated SOL investment vehicles could eventually mirror the success of spot Bitcoin and Ethereum products. The filing arrived as asset managers continue expanding their exposure to staking-enabled crypto funds in search of yield-bearing digital assets.

Meanwhile, capital inflows into Solana-linked investment products have remained comparatively resilient during May’s choppy trading conditions. Products managed by firms such as Bitwise continued attracting attention from institutional allocators even as several other altcoins experienced declining flows. Analysts say the ability of Solana products to maintain steady demand during a corrective phase suggests longer-term positioning rather than speculative short-term trading.

On-chain fundamentals have also remained constructive. In April 2026, Solana-based DePIN ecosystems generated a record combined revenue of roughly $2.9 million, according to ecosystem tracking data. Projects including Helium, Render, and Hivemapper contributed heavily to the surge as decentralized infrastructure demand continued expanding across AI compute, mapping, and wireless connectivity markets. Enterprise adoption narratives have continued building underneath the market. Payment giant Visa has already integrated Solana infrastructure into parts of its stablecoin settlement operations, while Meta has reportedly explored USDC-based creator payouts utilizing Solana rails. Traders increasingly view these commercial integrations as a long-term valuation support layer that differentiates Solana from purely speculative Layer-1 ecosystems.

Solana remains trapped beneath a significant resistance zone after forming another local double-top pattern on both the daily and weekly timeframes. The charts show repeated rejection near the $95 to $100 region, an area that has capped upside attempts multiple times since late 2025. On the daily chart, Solana (SOL) continues trading below the 200-day moving average near $107.89, while short-term moving averages around $86–$89 are beginning to flatten. Price action has compressed into a tight consolidation range after rejecting near $98 earlier this month, suggesting bulls and bears remain locked in a directional battle.

Momentum indicators have weakened but have not fully rolled over into bearish territory. The MACD histogram on the daily timeframe remains negative, although selling momentum has gradually faded over the past several sessions. Weekly MACD readings have also started stabilizing after months of persistent downside pressure, raising the possibility of a medium-term trend reversal if buyers reclaim higher resistance levels. From a structural perspective, traders are closely monitoring the 0.382 Fibonacci retracement region between $87 and $90. Analysts view sustained closes above that area as an early confirmation that Solana may be transitioning out of its post-double-top consolidation phase. A breakout above $90 could expose liquidity near $95 before opening the path toward the key psychological barrier at $100.

According to analyst Javon Marks, Solana is once again holding a long-term support area that previously triggered explosive rallies. In a recent market update, Marks said one historical rebound from the level generated an 80% rally while another produced gains exceeding 270%. “With prices showing strength off of this support level again, we are watching for an over 165% climb to test a key technical level at $233.8 again,” Marks wrote in a May 22 X post. Everyone loved $SOL at $295. Nobody wants it at $86. That’s usually the point. $SOL is trading at $86.83 on the weekly chart 70% down from the $295 highs and sitting just below the dotted support zone around $95. The weekly EMA 50 at $124 was lost earlier this year and has been… pic.twitter.com/aSFn6rV4xQ

Beyond directional price action, derivatives positioning suggests a sharp volatility move could emerge if resistance levels begin failing. CoinGlass liquidation heatmaps show dense liquidation clusters concentrated between $90 and $95, with another large band sitting just above current price levels. A decisive move into that region could trigger forced short liquidations and accelerate upside momentum through a classic squeeze setup. Market data cited by traders indicates short sellers recently absorbed nearly five times more liquidation pressure than longs. Open interest has also started rising gradually after several weeks of deleveraging, suggesting traders are rebuilding directional positions ahead of a potential breakout attempt. Funding rates, while not excessively bullish, have stabilized near neutral territory, a setup many derivatives traders consider healthier than heavily crowded long positioning.

Meanwhile, Solana’s total value locked has shown signs of stabilizing after months of contraction. Analysts tracking on-chain liquidity argue that a sustained TVL recovery would likely strengthen spot demand for SOL tokens while reinforcing confidence in Solana’s decentralized finance ecosystem. Historically, periods of expanding TVL have coincided with stronger medium-term price performance for SOL.

Despite improving sentiment, several downside risks continue threatening the bullish setup. The most immediate concern remains Bitcoin’s fragile position near major support levels as global macro uncertainty continues pressuring risk assets. Oil markets remain highly sensitive to developments surrounding U.S.-Iran negotiations and shipping disruptions near the Strait of Hormuz. Any renewed spike in crude prices could reignite inflation concerns and reduce expectations for Federal Reserve rate cuts, creating another wave of risk-off pressure across crypto markets.

At the same time, Solana’s technical structure still carries meaningful bearish risk unless buyers reclaim the $95–$100 resistance band decisively. Repeated rejections beneath double-top resistance often weaken bullish momentum over time, particularly if accompanied by declining spot demand. Failure to hold the $84–$85 support region could expose lower liquidity zones near $80 and potentially reopen the path toward the March lows. CoinGlass heatmap data already shows notable downside liquidation pockets sitting below current prices, meaning volatility could accelerate rapidly if sellers regain control. The longer-term weekly chart also shows SOL continuing to trade well below its 2025 highs despite recent stabilization. Until the asset reclaims the major breakdown region near $104, some traders may continue treating rallies as temporary relief bounces within a larger bearish market structure.

Still, improving institutional narratives, expanding enterprise adoption, growing DePIN revenues, and mounting short-side leverage continue giving bulls a credible case for another breakout attempt. If Bitcoin stabilizes and macro conditions avoid further deterioration, Solana may soon test whether the market still has enough momentum to finally clear the stubborn double-top ceiling and reclaim triple-digit territory. Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

Futu Holdings Responds: Currently, clients’ account assets and various services are not affected.

Futu Holdings’ U.S. stock pre-market trading plunged over 40%.

According to news reports, the China Securities Regulatory Commission (CSRC) plans to confiscate all illegal gains from Tiger Brokers, Futu Holdings, and Longbridge’s domestic and overseas entities, and impose severe penalties in accordance with the law.

A reporter from Yicai News contacted Futu Holdings posing as a client. A customer service representative stated that the company has taken note of the relevant regulatory developments and is carefully reviewing the related content. Futu will issue an official response once information is complete. Currently, the company’s business operations are running normally, and customers’ account assets and all services remain unaffected.

[Yicai Finance]

Pyth oracle Pythnet/Hermes has been down for over 4 hours, affecting Price Feeds services

According to the official Pyth status page, Pythnet/Hermes has been down for more than 4 hours, and both Price Feeds and Sponsored Feeds are affected.

The page shows that the root cause of the problem has been located, and the validators are coordinating to restart the network, which is expected to resume service at 20:30.

[Foresight News]