Iranian provincial officials confirmed that Israeli missile strikes damaged the Karun Petrochemical Plant.
An explosion occurred at the Karun Petrochemical Complex in Khuzestan Province, Iran.
Iranian provincial officials confirmed that Israeli missile strikes damaged the Karun Petrochemical Plant.
[Golden Ten]
BIT: Stablecoin funds continue to flow out, Bitcoin faces liquidity pressure
BIT tweeted, “Buying pressure from Strategy may decrease, but despite the market’s current general focus on Strategy in the crypto market, two rules have always been important: go with the trend, and follow the money flow. When liquidity reverses, it usually means the market environment is changing, and the risk of bottom-fishing too early is extremely high.
During this bull run, the monthly change in stablecoin supply had previously remained positive, but the market is currently experiencing a second wave of stablecoin outflows. In the past 30 days, the net outflow has been approximately $5 billion to $6 billion. The slowdown in capital inflows, coupled with rising volatility, has significantly weakened the market’s support from the liquidity environment.
This not only puts pressure on crypto assets but also affects stablecoin issuers. Therefore, the current consolidation or oscillation may continue until the money flow recovers.”
[Foresight News]
MGBX Event Contract Bonus: 50% immediate compensation for losses on your first Event Contract trade.
The MGBX platform will launch the “Event Contract First Order Loss Compensation Activity” from June 8 to June 14, 2026 (SGT), open to users participating in event contract trading for the first time. During the activity period, if a user’s first event contract transaction completed through the MGBX APP results in a loss, the platform will compensate 50% of the loss amount, with a maximum of 100 USDT in cash compensation per user.
Event contracts are ultra-short-term predictive derivatives that allow users to participate by simply predicting the direction of the underlying asset’s price movement, without needing to calculate opening prices, leverage, margin, or liquidation prices.
[Odaily]
AI Job Displacement Concerns Push US Senators to Demand Action
US lawmakers are urging Congress to confront AI-driven job losses, warning that automation could displace workers as layoff data and blunt warnings from bank chiefs intensify pressure. Senators Elizabeth Warren and Bernie Sanders led the latest calls.
Warren said Congress cannot wait years to measure layoffs before acting, arguing workers need protection now. Sanders went further, blaming industry money for the stalemate. The concern crosses party lines, as Republican Senator Josh Hawley has put jobs at the center of his warnings about AI, citing an Economist report that nearly one in five US workers expect AI or automation to take their jobs. Hawley argued that such fear should not be brushed aside with promises of long-term gains.
The warnings come as new data showed AI behind 38,579 US job cuts in May, the highest monthly total since tracking began. For the year, employers have tied 87,714 cuts to AI, a total that already tops the 54,836 blamed on the technology in all of 2025.
The pressure now reaches various sectors. JPMorgan’s Jamie Dimon has said AI will eliminate jobs, and Citigroup’s Jane Fraser expects some roles to become unnecessary. According to Debasish Patnaik of QuantumBlack AI unit, banks are reducing junior analyst classes by as much as two-thirds. Standard Chartered plans to cut more than 15% of corporate function roles by 2030 as AI use rises, and customer service also sits directly in the path now.
Not everyone shares the alarm. Andreessen Horowitz partner David George has rejected the AI job apocalypse as a myth. Economist Tyler Cowen makes a similar case, arguing that AI lets small teams accomplish far more than before, which should spawn more companies, projects, and nonprofits.
[BeInCrypto]
Progress made in asset disposal in the case of 16,000 Chinese victims seeking 60,000 Bitcoin assets in the UK.
June 8th news, according to Caixin, on June 5th local time, the UK High Court held a procedural hearing regarding the disposal of assets related to the Qian Zhimin case. Regarding the approximately 60,000 Bitcoin and other involved assets, about 16,000 Chinese victims have registered through multiple UK law firms to participate in the civil recovery proceedings under the UK’s Proceeds of Crime Act. The relevant registration window closed on May 22nd.
A key agenda item for this hearing was how multiple law firms would share the common litigation costs. The judge ultimately decided that each law firm would deposit its corresponding share of 190,000 British pounds into the court account in proportion to the number of victims they represent, with the deadline being 4 PM on June 26th.
The “choice of law issue” to determine whether Chinese victims can claim ownership of the involved assets will be heard in a dedicated hearing in July.
[PANews]
Whale Loracle’s ZEC 10x long position has an unrealized profit of over $2,800,000.00
According to Onchain Lens monitoring, whale Loracle’s 10x long position in ZEC is currently showing a floating profit of over $2.8 million.
However, their positions in HYPE, NEAR, WLD, TON, ASTER, and XMR remain in significant loss.
[Foresight News]
South Korean exchanges have again triggered the circuit breaker mechanism for the Korea Securities Dealers Automated Quotations (KOSDAQ) index.
South Korean exchanges activated the circuit breaker mechanism for the KOSDAQ index, halting trading for 20 minutes due to an 8% decline in the index.
[Odaily]
Hong Kong police launched the “Gobi and Wind Shield” operation to crack down on illegal gambling during the World Cup and investigate virtual asset betting.
The World Cup will kick off on June 11, and the Hong Kong police have launched Operation Gobi and Windshield to combat illegal offshore gambling from the perspectives of publicity, education, intelligence, and law enforcement. The police pointed out that illegal gambling has shown a digital trend in recent years, including online betting, social media recruitment of gamblers, and settlement of bets using virtual currency. The police stated that they still have the ability to track down participants.
According to the law, betting with offshore bookmakers is punishable by a maximum of 9 months imprisonment and a fine of HK$50,000. Receiving bets is punishable by a maximum of 7 years imprisonment and a fine of HK$5,000,000. Money laundering is punishable by a maximum of 14 years imprisonment and a fine of HK$5,000,000.
The police also shared a case of a young man who was addicted to offshore gambling, with debts reaching HK$160,000 at its peak. A police clinical psychologist warned that those who start gambling before the age of 18 have a risk of developing gambling disorder as high as over 80%.
[ChainCatcher]
Iran launches missiles at Israel
The Israeli military confirmed that missiles have been launched from Iran toward Israeli territory.
[Odaily]
Aeon developer: The team pledges not to sell tokens; any OTC transactions will be announced in advance.
The Base ecosystem’s open-source AI Agent framework aeon developer Aaron Elijah Mars tweeted that his team will adhere to the following principles:
No Token Allocation: Team members will not receive project token allocations. Compensation will be entirely from ETH generated by project fees, with no founder allocations, advisor shares, or any linear unlocks.
Never Sell Tokens: The team commits to never selling tokens. If there are future OTC trades, they will be announced in advance, and buyers will be subject to a lock-up period of at least 30 days.
Fee Revenue for Operations: ETH fees generated by the project will be directly used to pay for computing power, contributors, and other operational costs.
[Foresight News]
South Korean trading platform triggers circuit breaker due to 8% drop in KOSDAQ index
On June 8, according to JIN10, the Korean exchange launched the circuit breaker mechanism for the KOSDAQ index. Trading was suspended for 20 minutes due to an 8% drop in the index.
[PANews]
Bitwise CEO: Crypto investors should broaden their horizons and focus on fundamentals rather than short-term prices.
Bitwise CEO Hunter Horsley posted on X, stating that the crypto industry needs to take a long-term view. Unless you are a trader, investors do not need to pay attention to weekly or monthly price fluctuations.
Instead, focus on fundamentals: usage, on-chain technology with product-market fit, integration and construction by large enterprises and institutions in the crypto space, and team quality and execution. From 2022 to 2026, fundamentals are undoubtedly leaping forward. This is a long game.
[PANews]
A man in China memorized a mnemonic phrase by rote and stole 107 Bitcoin, receiving a sentence of 10 years and 9 months for theft.
On June 7, the Supreme People’s Procuratorate disclosed a novel cryptocurrency theft case. A man from Shandong Province, Zhang Mou, had long assisted his acquaintance Feng Mou with cryptocurrency transactions. After gaining Feng’s trust, Zhang proactively suggested that Feng switch to a more user-friendly digital wallet.
The asset recovery phrase (i.e., seed phrase or private key) for this type of wallet is generated by the system through random selection of 12 words from a standardized list of 2,048 common English words—serving as the core password for securing cryptocurrency assets. While Feng was manually writing down the recovery phrase, Zhang—relying solely on his eyesight and exceptional memory—memorized 11 full words and also recalled the first letter of the 12th word.
That same evening, using fragmented memory, Zhang repeatedly tested and combined possible word sequences until he successfully cracked Feng’s digital wallet. He then transferred 107 Bitcoin from Feng’s wallet and later sold them illegally for a profit of ¥660,000. Ultimately, the court convicted Zhang of theft and sentenced him to 10 years and 9 months’ imprisonment, along with a fine of ¥100,000.
[ChainCatcher]
Binance Futures will launch 8 U.S. Dollar-denominated TradFi perpetual contracts today.
On June 8, according to an official announcement, Binance Futures will launch the Blackstone (BX) USDT perpetual contract at 17:00 (UTC+8) on June 8, 2026; the Hewlett Packard Enterprise (HPE) USDT perpetual contract at 17:05; and the Applied Materials, Inc. (AMAT) USDT perpetual contract at 17:10.
The CrowdStrike (CRWD) USDT perpetual contract will go live at 17:15; the Credo Technology (CRDO) USDT perpetual contract at 17:20; the Applied Optoelectronics (AAOI) USDT perpetual contract at 17:25; and the iShares USDT perpetual contract at 17:30.
[PANews]
New Polymarket market: “Zcash Orchard privacy pool confirmed to have been exploited via vulnerability”
Polymarket has launched a new prediction market: “Was Zcash’s Orchard shielded pool exploited?”.
On June 4, the Zcash core development team revealed that they had deployed an emergency network upgrade to fix a critical cryptographic vulnerability in the Orchard shielded pool that could allow malicious attackers to infinitely mint ZEC out of thin air. Due to the characteristic of this technical vulnerability that “it is impossible to cryptographically prove whether it has been exploited in the past,” the independent support organization Shielded Labs subsequently proposed on June 5 to investigate the existence of forged tokens during the NU7 upgrade at the end of July by deploying a new shielded pool and implementing strict “Turnstile-accounting” for tokens exiting Orchard.
According to the settlement rules of this prediction event, if official sources or mainstream credible media confirm that the vulnerability was effectively exploited on the mainnet before it was fixed, before December 31, 2026, the event will be settled as YES.
Odaily Seer Prophet Channel continues to follow the prediction market, seeing changes before pricing.
[Odaily Seer Prophet Channel]
Austin Griffith: slop.computer has not yet established an X account; be cautious of fake accounts.
Austin Griffith, Head of Developer Growth at the Ethereum Foundation, tweeted that the on-chain podcast project slop.computer has not yet opened an X account, and users should be vigilant against fake accounts.
[Foresight News]
Justin Sun’s HTX drops USD 1 as WLFI freeze fight grows
HTX has delisted USD1, the stablecoin issued by Trump-linked World Liberty Financial, after the exchange said WLFI froze certain on-chain addresses linked to the platform. The exchange, associated with crypto entrepreneur Justin Sun, said the freeze limited the movement of assets tied to those addresses. HTX said it removed USD1 to protect user assets and reduce trading risk.
HTX said World Liberty Financial “unilaterally imposed a freeze” on specific HTX on-chain addresses following sanctions compliance checks. The exchange said the action restricted circulation of some WLFI-linked assets. It also said the freeze came without enough prior communication, clear legal basis, or due process.
HTX has suspended USD1 deposits and conversion services. It also halted trading for WLFI/USDT, USD1/USDT, BTC/USD1, and ETH/USD1 pairs. The exchange said eligible USD1 balances will be converted into Tether’s USDT at a 1:1 rate. HTX said more details on timing will be shared separately.
Announcement on the Delisting of USD1 (USD1) and Conversion of User Assets to USDT on HTX: As USD1 is an asset issued by the WLFI project team, and in order to mitigate potential risks, safeguard user assets, and maintain a fair trading environment, HTX will delist USD1 at 03:00… https://t.co/pkYx4bT9rl
World Liberty Financial has not publicly confirmed whether it froze HTX-linked addresses. The project posted on X that “in light of recent sanctions updates, World Liberty Financial maintains risk-based sanctions compliance controls.” The dispute follows UK sanctions announced on May 26 against Huobi Global S.A., formerly linked to the HTX brand. UK authorities said they had grounds to suspect the entity supported Russia through financial services. HTX rejected the link to its current online exchange. It said Huobi Global S.A. is separate from the operating HTX platform and should not affect users.
The USD1 delisting adds another layer to the public fight between Justin Sun and World Liberty Financial. As previously reported by crypto.news, Sun and World Liberty have been locked in a legal dispute after WLFI froze Sun’s tokens. Sun sued the project in April, claiming his assets were frozen and threatened without proper reason. World Liberty later sued Sun for defamation. The project claimed he made false statements and broke WLFI token sale rules through alleged transfers, short-selling, and straw purchases. Sun has been linked to HTX and has served on its global advisory board. The exchange has said it may seek legal remedies to protect user rights.
USD1’s removal from HTX comes at a difficult time for stablecoin issuers and crypto exchanges. The case shows how compliance actions can quickly affect token access, trading pairs, and user balances. The stablecoin had gained attention because of its link to World Liberty Financial, a project tied to U.S. President Donald Trump and his family. Donald Trump, Donald Trump Jr., Eric Trump, and Barron Trump are listed as advisers. HTX said its main goal is to protect users while asking WLFI to reverse the freeze. For now, USD1 trading on HTX remains suspended, and users must wait for the exchange’s conversion update.
Arthur Hayes denies re-establishing a position in HYPE: no buying operations have been carried out yet.
Today, on-chain analysts reported that Arthur Hayes, co-founder of BitMEX, purchased 33,979 HYPE tokens via an associated address; however, Hayes himself responded, “No purchases have been made yet.”
[ChainCatcher]
The UK High Court held a hearing on the asset disposal of 60,000 Bitcoin in the Qian Zhimin case, with 16,000 Chinese victims registering to claim their assets.
According to Caixin, the UK High Court held a procedural hearing on June 5 regarding the disposition of assets related to the Qian Zhimin case.
Approximately 16,000 Chinese victims have registered through multiple UK law firms to participate in the civil recovery proceedings under the UK’s Proceeds of Crime Act; the registration window closed on May 22. This figure represents less than 13% of the roughly 128,000 victims in the Blue Sky Greentech case overall, and duplicate registrations will need to be removed subsequently.
[Foresight News]
Today’s Market Pulse
Crypto markets face mounting pressure as stablecoin outflows reach $5-6B over the past 30 days, creating liquidity constraints exacerbated by escalating geopolitical tensions between Iran and Israel, while South Korean exchanges triggered circuit breakers amid market volatility.
Key Themes
Liquidity Squeeze
Stablecoin funds continue to exit the market at a rate of $5-6B over the past 30 days, significantly weakening market support. This liquidity reversal coincides with rising volatility, creating a challenging environment where early “bottom-fishing” carries substantial risk. Whale activity shows mixed signals, with one ZEC position reporting over $2.8M in unrealized profits while other positions remain deeply underwater.
Geopolitical Uncertainty
Escalating Middle East tensions with Iran launching missiles at Israel and confirming Israeli strikes on Iranian petrochemical facilities are adding market uncertainty. Simultaneously, South Korean exchanges triggered circuit breakers as the KOSDAQ index declined 8%, highlighting regional market fragility.
Regulatory Developments
HTX has delisted USD1 stablecoin following sanctions compliance issues with World Liberty Financial, affecting multiple trading pairs and forcing user conversions to USDT. In the UK, the High Court advanced proceedings for the disposal of 60,000 Bitcoin tied to the Qian Zhimin case, with 16,000 Chinese victims registered to claim assets. Hong Kong police have launched “Gobi and Wind Shield” operation targeting virtual asset betting, reflecting continued regulatory scrutiny.
RichSilo Verdict
Smart money should treat stablecoin outflows as a critical liquidity indicator, monitoring whether this represents temporary or structural market shift. The Zcash vulnerability investigation creates significant uncertainty for privacy coins, while the HTX-WLFI dispute may set precedents for compliance actions affecting stablecoin access. Geopolitical tensions could drive flight-to-safety flows into traditional markets or potentially Bitcoin as a geopolitical hedge, depending on market interpretation. As Bitwise CEO suggests, long-term investors should focus on on-chain fundamentals rather than short-term price movements, particularly usage metrics and institutional integration.
