Iranian parliament to pass Hormuz Strait “sovereignty jurisdiction” plan
On May 30, according to Xinhua News Agency, Iranian parliament’s presiding board member Salimi said that Iran’s plan to “exercise sovereign jurisdiction” over the Strait of Hormuz is about to be approved by the parliament and is expected to be adopted in the form of a permanent law.
According to the Iranian Student News Agency, Salimi said that only Iran and Oman have the right to make decisions on how the Strait of Hormuz is managed. Iran has communicated with Oman, and Oman has expressed preliminary agreement. The relevant plan is expected to be finalized soon.
[PANews]
UK Sanctions 18 Crypto Firms Tied to Russia’s $90B War Network
The UK has targeted 18 crypto platforms, banks, and financial networks used by the Kremlin-backed “A7” payment network to bypass international economic restrictions. The sanctioned entities are accused of processing more than $90 billion in 2025 to fund Russia’s invasion of Ukraine.
A TRM Labs report reveals that Huobi, Exmo Exchange, Bitpapa, and Rapira Group were some of the targeted exchanges, with Huobi alone sending more than $4.9 billion in on-chain transactions to UK-sanctioned entities and the A7 network since 2021. Additionally, $1.13 billion of this occurred 14 months after the March 2025 takedown of Russian crypto exchange Garantex, with $838 million directed specifically to the A7 network last year.
According to TRM’s findings, the crypto activity associated with Russia did not slow down after the Garantex collapse but was instead migrated to successor exchanges and payment platforms like Rapira, Aifory Pro, Grinex.io, and ABCex. Exmo exchange is said to have directly transacted over $19.5 million with sanctioned entities like Garantex and Chatex, while BitPapa was also reported to have transferred millions to these actors.
The report notes that Rapira moved more than $543 million, including $375.6 million tied to Grinex.io, while Aifory Pro transferred over $189 million, of which $175.2 million was attributed to ABCex. Meanwhile, ABCex itself recorded $355 million in transactions across the restricted firms, sending $175.2 million to Aifory Pro, $133.4 million to Garantex, and $38.1 million to Rapira.
The government has now added all 18 sanctioned entities to the UK Consolidated List, with businesses operating in the country now required to freeze any assets connected to them and block transactions involving the listed companies.
“If the Kremlin thinks it can evade our sanctions by hiding behind crypto networks and shadow financial systems, it is gravely mistaken,” said the Foreign Secretary Yvette Cooper. She added that the restrictions were being made to cut off the financial flows sustaining Putin’s war in Ukraine.
- Bitcoin Reclaimed $80K After Trump Announced Russia-Ukraine Ceasefire
- Ripple (XRP) Sees Big Adoption Boost in Russia: Here’s What You Need to Know
- Garantex Successor Grinex Collapses Days After Coordinated Wallet Exploit
The new measures also extend to target individuals linked to the A7 network. In its report, the government says that the group is backed by a Kyrgyz bank suspected of processing payments within the system, alongside a major global crypto exchange that is believed to have transferred more than $1.5 billion back into Kremlin-linked financial channels.
Meanwhile, a separate TRM Labs analysis discovered that illicit crypto activity went up sharply last year. According to the company, most of that was related to Russian-linked trades, with A7’s A7A5 token contributing $72 billion worth of trades alone while the group’s own wallets accounted for another $39 billion. Most of that money reportedly flowed through Garantex and Grinex.
[TRM Labs]
A smart money investor bought $1.549 million for the UEFA Champions League final, in which Arsenal defeated Paris Saint-Germain.
Odaily Seer’s prophet channel monitoring shows that in the “UEFA Champions League Winner” prediction event on Polymarket, an account with profits exceeding $840,000.00 (address: 0x65b54274eba5c76dee6f0fab18a590653811e82f) purchased a total of $1.549 million USD worth of Arsenal winning against Paris Saint-Germain one hour ago, with an average opening price of 44¢. As of now, the total transaction volume of this prediction event has reached $263.00 million USD.
The 2025-2026 Champions League final will kick off at midnight on May 31st, Beijing time, at the Puskás Aréna in Budapest, Hungary. The two sides are defending champion Paris Saint-Germain and Arsenal, who are returning to the final after 20 years. The two teams have previously played against each other 5 times in the Champions League, with “PSG” slightly ahead with 2 wins, 2 draws and 1 loss.
Odaily Seer’s prophet channel continues to pay attention to the prediction market, seeing changes before pricing.
[Odaily Seer]
Alephium Ethereum cross-chain bridge was attacked, with approximately $815,000.00 in assets stolen within 7 minutes.
On May 30th, according to Blockaid, the Alephium TokenBridge Ethereum cross-chain bridge suffered a vulnerability attack. The attacker controlled 3 of the 4 Guardian keys, forged verification information to steal coins, and the entire process took only 7 minutes, stealing a total of approximately $815,000.00 worth of assets.
During the attack, the attacker created 13.76M wrapped ALPH out of thin air, far exceeding the original circulation, and USDT, USDC, WBTC, and WETH in the托管池 were also illegally unlocked.
Currently, the attacker’s address still holds approximately $815,000.00 in stolen assets and 13.76M uncollateralized wrapped ALPH, with the largest abnormal transaction being the creation of 13.76M wrapped ALPH out of thin air.
[PANews]
Grayscale: Hyperliquid Poised to Become a Financial Giant, Challenging Traditional Derivatives Markets
On May 30, according to Coindesk, Grayscale released a report stating that the decentralized trading platform Hyperliquid is expected to grow into a “financial services giant,” challenging traditional derivatives and exchange markets with its blockchain infrastructure.
The report pointed out that Hyperliquid, established less than three years ago, started as a crypto perpetual contract exchange, with revenue of approximately $800.00 million in 2025, perpetual contract trading volume of $2.90 trillion, and open interest of approximately $7.00 billion. Currently, its business has expanded to tokenized stocks, commodities, and prediction markets, building an all-weather global financial market.
Grayscale emphasized that Hyperliquid has no direct benchmark projects, and if executed smoothly, it will reshape the financial landscape. A FalconX report also believes that the platform is competing with traditional institutions such as the Chicago Mercantile Exchange (CME).
[PANews]
Custodia Bank Takes Fed Master Account Fight Toward Supreme Court
Custodia Bank has secured additional time to bring its dispute with the Federal Reserve before the US Supreme Court. Justice Neil Gorsuch granted the bank’s motion for an extension of time to file its certiorari petition. The Wyoming-chartered digital asset bank now has until July 11, 2026, to file its appeal. The petition challenges the Federal Reserve’s denial of a master account, per Supreme Court docket 25A1320.
Background to the Fed Account Denial: Custodia, founded by Caitlin Long, applied for a Kansas City Fed master account in October 2020. The Fed formally denied the application in January 2023. Officials cited safety and soundness concerns tied to the crypto-focused business model. A divided 10th Circuit panel ruled 2-1 in October 2025 that Reserve Banks retain discretion over master account access. The decision interpreted the Federal Reserve Act as granting the Federal Reserve authority to approve or deny eligible institutions. A 7-3 vote denied en banc rehearing in March 2026, prompting Custodia to seek Supreme Court review.
What a Supreme Court Review Would Decide: At stake is the Monetary Control Act of 1980. Custodia argues it requires Reserve Banks to provide equal payment access to eligible nonmember institutions. The Fed counters that the statute addresses pricing once services are provided, not entitlement to accounts. Banking trade groups have supported the Fed’s reading in amicus filings before the lower courts.
A Supreme Court decision in Custodia’s favor could limit the Fed’s ability to deny master accounts to statutorily eligible institutions. The outcome would carry implications for fintech firms and crypto-native banks seeking direct access to Fedwire and ACH. A denial of certiorari would instead affirm the Federal Reserve’s broad authority over payment system entry. Custodia is represented by Kannon K. Shanmugam of Davis Polk. Whether the Court grants review remains uncertain, given the high bar that statutory interpretation cases face.
Circle freezes Zama’s cUSDC contract pursuant to a court order, as the Overnight founder is accused of misappropriating over $15 million from the shared treasury.
Circle froze $12.60 million worth of Zama cUSDC on Saturday morning as a result of a court ruling in a class action lawsuit. The case is a class action lawsuit filed on May 28 in the U.S. District Court for the Northern District of California.
Three funds holding Overnight Finance OVN tokens accused the protocol’s founder, Maxim Ermilov, of misappropriating more than $15.00 million in shared treasury funds. Court documents state that Ermilov is a Russian citizen and resides in Abu Dhabi. Ermilov created Overnight Finance, a DeFi yield platform that issued the USD+ stablecoin and OVN governance token. Previously, the company completed an $850,000.00 seed round led by Hack VC in February 2022.
Maxim Ermilov transferred more than $15.77 million from the treasury wallet to a new address on May 11. Approximately $12.50 million of this was USDC, and a total of approximately $14.00 million was transferred to Ethereum via bridging transactions, with most of the funds eventually flowing into Zama’s confidential contracts.
The plaintiffs filed an emergency application along with the complaint, requesting the court to freeze the relevant assets, instruct Circle to blacklist them, and allow them to serve Ermilov with the lawsuit documents via email and Discord. On May 29, U.S. District Judge P. Casey Pitts issued an order, released only in text form, instructing Circle to freeze the USDC in the wallet and setting a hearing on the restraining order for Monday, June 1. Circle executed the freeze that evening (Eastern Time, i.e., early Saturday morning UTC).
One of the plaintiffs is Patagon Management, an entity known for malicious DAO takeovers and RFV looting protocols. Zama users will be indirectly affected by this legal dispute. Since cUSDC is a vehicle that encapsulates the USDC held by all confidential token holders, blacklisting the contract locks the entire pool, not just someone’s deposit. The frozen $12.60 million USDC is slightly higher than the amount of the disputed deposit, suggesting that other users’ funds are also involved.
[Foresight News]
Bloomberg Analyst: Bitcoin’s volatility converges with gold’s, while IBIT continues to significantly outperform U.S. equities
May 30th news, Bloomberg senior ETF analyst Eric Balchunas pointed out in a post on the X platform that Bitcoin’s volatility and correlation are getting closer and closer to gold levels. This trend is significantly underestimated in the current market adjustment and may be a positive signal in the recent market turmoil.
Despite the volatile market environment, BlackRock’s Bitcoin spot ETF (IBIT) has continued to outperform US stocks since the escalation of the Iranian conflict, and has achieved more than 2 times the excess return compared to the S&P 500 index ETF (SPY) in the performance since the approval of the BlackRock ETF.
Eric Balchunas added that according to the 60-day historical volatility comparison data of IBIT and Gold ETF (GLD) since their launch, it can be seen that the Bitcoin volatility structure is gradually approaching gold, indicating that its asset attributes may be changing.
[PANews]
a16z crypto: Prediction markets still need to solve the challenges of manipulation risk and information bias
a16z crypto published an article analyzing the unique value of prediction markets and the challenges they face. Prediction markets allow participants to trade on the outcomes of events, aggregating dispersed information through price signals to provide real-time probability estimates for future events.
Unlike traditional opinion polls, prediction markets offer real-time updating capabilities and incentivize participants to stake capital on their information, thereby improving forecast accuracy. The article notes that prediction markets are not only used by enterprises to forecast product launches and scientific experiments but are also leveraged by media outlets as a source of “crowd wisdom” for events spanning geopolitics to AI model performance.
Their core advantage lies in providing independent probability estimates for specific events, rather than relying on indirect signals derived from overall asset price movements. However, prediction markets still face challenges related to infrastructure and market design—including event resolution, contract settlement, participant information sufficiency, and potential manipulation risks.
a16z believes that if these issues are resolved, prediction markets could become an important tool for decision-making and information aggregation, expanding finance’s and society’s ability to gain insights into future events.
[Odaily]
Grayscale: Hyperliquid May Evolve into an On-Chain Financial Infrastructure Giant, Challenging Traditional Derivatives Markets
In its latest report, digital asset management company Grayscale pointed out that the decentralized trading platform Hyperliquid is rapidly evolving from a crypto perpetual contract exchange into a blockchain financial infrastructure platform, and may even challenge the traditional derivatives trading and exchange system in the future, and grow into a “financial services giant.”
The report shows that Hyperliquid achieved approximately $800.00 million in revenue in 2025, with a total perpetual contract trading volume of approximately $2.90 trillion for the year, and an open interest of approximately $7.00 billion, occupying a significant share of the crypto derivatives market. Grayscale believes that the platform is no longer limited to crypto trading, but is expanding to tokenized stocks, commodities, and prediction markets through the HIP-3 and HIP-4 systems, and is gradually building an all-weather on-chain trading infrastructure.
FalconX also pointed out in another report that Hyperliquid is launching competition against traditional derivatives exchanges such as CME Group and prediction market platforms such as Kalshi and Polymarket, and is making progress in new markets such as Pre-IPO. The report also emphasized that regulation is still a key variable. Although Hyperliquid currently restricts access for U.S. users, as the regulatory framework gradually becomes clearer and institutions such as Coinbase, Robinhood, and Kraken explore perpetual contract products, the track may usher in broader growth space in the future.
[ChainCatcher]
Samsung and SK Hynix stock prices surge, triggering fund limit selling, Goldman Sachs warns of additional selling pressure risk.
May 30th news, according to Bloomberg, global investors are flocking to Samsung Electronics and SK Hynix stocks, but high stock prices have hit the 10% limit on single-stock holdings for some funds, forcing funds to passively reduce their positions. It is reported that Zurich-based GAM Investment Management and Singapore-based Jupiter Asset Management have both adjusted their portfolios to comply with the position limit rules.
According to statistics, as of Thursday, global investors’ net sales of South Korean stocks were worth $63.60B, the largest monthly sell-off since 1999.
Goldman Sachs’s analyst team pointed out that if the market concentration of Samsung and SK Hynix continues to rise, they may still face additional selling pressure in the future, although most of the forced selling has been completed.
[PANews]
Recreating an upset, Polymarket users’ prediction of BLG’s victory resulted in a cumulative loss of $157,500.00.
According to on-chain analyst Ai Yi’s monitoring, the Polymarket account TrevorPlovdivBulgariaForHisBirthday predicted BLG’s victory in tonight’s LoL BLG vs. WE match, accumulating a loss of $157,500.00.
Before the match, BLG’s probability of winning was as high as 95.50%, but the match ultimately ended in a 1:3 defeat.
[Odaily]
Base mainnet withdrawal functionality is experiencing delays; the team is working on a fix.
According to developer donnoh, Base network state updates have stalled for over 30 hours due to a vulnerability discovered during recent upgrades. However, since withdrawals from Base to the Ethereum mainnet inherently require a ~7-day challenge period, most ordinary users have not yet noticeably perceived this anomaly.
Subsequently, Base’s official status page issued an announcement confirming that the issue originated from a fault related to the TEE (Trusted Execution Environment) enclave, which interrupted the network proposal process and consequently affected the state update process.
The official statement indicated that Base mainnet withdrawal functionality is currently experiencing delays, and the team is actively working on repairs. Aside from the withdrawal process, other core network components have not been directly impacted.
[ChainCatcher]
OpenAI has discussed participating in its IPO with Citigroup and JPMorgan Chase.
Sources familiar with the matter said that OpenAI has discussed participating in its upcoming IPO with Citigroup and JPMorgan Chase.
Sources said that Citigroup and JPMorgan Chase may join Goldman Sachs and Morgan Stanley in preparing for the listing. Sources familiar with the matter noted that discussions with Citigroup and JPMorgan Chase do not guarantee their final participation in this IPO. Other investment banks may also ultimately join in.
[Jin10]
OpenAI has discussed participating in an IPO with Citi and JPMorgan Chase.
May 30th news, according to Jinshi reports, sources said that OpenAI has discussed participating in its upcoming IPO with Citigroup, JPMorgan Chase and others.
Sources said that Citigroup and JPMorgan Chase may join Goldman Sachs and Morgan Stanley in preparing for the listing. Sources said that consultations with Citigroup and JPMorgan Chase do not mean that they will definitely participate in this IPO in the end. Other investment banks may also eventually participate.
[PANews]
Today’s Market Pulse
The crypto market continues its institutional transition as traditional financial systems increasingly engage with digital assets, while regulatory bodies tighten oversight on illicit flows and cross-border finance.
Key Themes
Institutional Convergence and Regulatory Scrutiny
What’s happening: Traditional finance is accelerating its crypto engagement, with Grayscale identifying Hyperliquid as a potential “financial services giant” challenging traditional derivatives markets. Meanwhile, the UK has sanctioned 18 crypto platforms processing over $90 billion for Russia’s war network, demonstrating regulatory enforcement.
Why it matters: This dual trend shows crypto’s growing legitimacy alongside increasing regulatory vigilance. Institutional players are recognizing crypto infrastructure’s value while governments target illicit flows that undermine sanctions.
Near-term implication: We’ll see continued institutional adoption of crypto platforms while compliance requirements become more stringent, potentially creating a two-tier market between compliant and non-compliant services.
Cross-Border Financial Sovereignty Tensions
What’s happening: Iran is advancing plans to assert “sovereign jurisdiction” over the Strait of Hormuz, while Custodia Bank fights for Fed access in the Supreme Court, highlighting tensions between traditional and alternative financial systems.
Why it matters: These developments reflect the broader geopolitical fragmentation of financial systems and the growing challenge to traditional banking monopolies on cross-border payments.
Near-term implication: Increased fragmentation of financial systems could drive more capital to decentralized alternatives, though regulatory uncertainty may create volatility.
Market Dynamics and Vulnerabilities
What’s happening: A $1.549 million prediction on Polymarket demonstrates sophisticated market participation, while an $815,000 attack on the Alephium bridge and Base network delays highlight persistent security challenges.
Why it matters: These contrasting stories show both the sophistication and vulnerabilities in crypto markets, with prediction markets emerging as valuable information aggregation tools despite security concerns.
Near-term implication: As prediction markets grow in influence and value, we’ll see increased attempts at manipulation and corresponding security enhancements.
RichSilo Verdict
Smart money should monitor the Custodia Supreme Court case as a potential catalyst for broader Fed banking access, while watching how UK sanctions reshape crypto compliance frameworks. The convergence of Bitcoin’s volatility with gold’s signals continued institutional adoption, but the Hyperliquid model’s expansion into traditional derivatives markets creates both opportunity and regulatory risk. Prediction markets represent an emerging asset class with significant informational value, though their susceptibility to manipulation remains a key concern. The most significant near-term catalyst could be a Supreme Court decision that reshapes the relationship between crypto-native banks and traditional financial infrastructure.
