Crypto Market: Tensions Between Adoption and Regulation (2026-05-09)

Former Singaporean Military Officer Jailed for 6 Years and 10 Months for Stealing 1.70M USDT From Friend

On May 9, according to Lianhe Zaobao, Zhang Rongxuan (35 years old, transliterated), a former Singaporean naval officer, stole 1.7 million USDT (nearly S$2.3 million) after learning that a friend had stored cryptocurrency in a cold wallet. He spent the funds on luxury watches, gambling, and repaying his home mortgage, and was sentenced to six years and ten months’ imprisonment.

It is reported that at the time of the offense, Zhang Rongxuan served in the Naval Diving Unit—a specialized elite unit of the Singapore Navy—and held the rank of Captain. After meeting the victim, he co-founded a non-fungible token (NFT) trading platform with the friend; the platform operated under Upstairs Research Pte Ltd and was owned by DiGi Selection Holdings Pte Ltd.

After security firms traced the cryptocurrency wallets, Zhang Rongxuan admitted committing the crime due to massive losses incurred from the collapse of the FTX exchange.

[PANews]

Enterprise blockchain infrastructure provider Antier Solutions has raised $3.00 million in funding, led by GVFL.

According to PR Newswire, Antier Solutions, an enterprise blockchain infrastructure provider, has secured $3.00 million in funding, led by GVFL.

The funds raised will be used to support the development of secure transactions, verifiable workflows, and institutional-grade blockchain infrastructure; expand deployments in the government and banking, financial services, and insurance (BFSI) sectors; and grow operations in the U.S., Middle East, and Asia-Pacific markets.

[Foresight News]

Tether burned 2 billion USDT on Ethereum 7 hours ago

According to Onchain Lens monitoring, Tether burned 2 billion USDT on Ethereum 7 hours ago.

Since April 18, Tether has minted 5 billion USDT.

[Foresight News]

British sprinter Chijindu Ujah arrested on suspicion of cryptocurrency fraud

On May 9, according to Reuters, British sprinter and former world champion Chijindu Ujah was arrested on suspicion of cryptocurrency fraud and has since been released on bail. The UK’s Regional Organized Crime Unit stated that Ujah is one of 10 individuals arrested, with seven granted bail by magistrates and scheduled to appear in court on May 28; all face charges of conspiracy to commit fraud.

Police said the suspects belonged to an organized crime group allegedly involved in telephone scams where they impersonated police officers and staff from cryptocurrency companies to trick victims into revealing sensitive information—including recovery phrases—thereby stealing funds from their cryptocurrency wallets. One victim reportedly lost over £300,000 (approximately $410,000).

Ujah previously served a 22-month doping suspension, which led to the disqualification of the British team’s silver medal in the men’s 4x100m relay at the Tokyo Olympics.

[PANews]

Data: F2Pool co-founder Wang Chun withdrew 7461 ETH from Binance and deposited them into Spark, worth $17.27M.

On-chain analyst Ai Yi monitored that F2Pool co-founder Wang Chun withdrew 7,461 ETH from Binance 5 hours ago, worth 17.27 million USD.

Subsequently, the funds were deposited into Spark.

[ChainCatcher]

Bank of America: The Fed is unlikely to cut interest rates before 2027

Bank of America’s latest forecast indicates that the Federal Reserve will delay interest rate cuts until the second half of 2027, primarily due to elevated inflation and robust job growth. Bank of America Global Research had previously anticipated two rate cuts by the Fed this year—in September and October—partly based on expectations that Donald Trump would nominate Kevin Warsh to succeed Jerome Powell as Fed Chair, with Warsh steering policymakers toward looser monetary policy. However, this view has shifted amid changing economic conditions.

The bank’s economists now state, “We no longer expect the Fed to cut rates this year.” They also note that multiple shocks affecting the economy—including the Iran war, tariffs, and the rise of artificial intelligence—have made forecasting interest rate moves significantly more difficult.

[Odaily]

Bitget launches a new educational series, “UEX Roundtable,” which deconstructs advanced trading frameworks using real-world case studies.

Bitget has launched a new educational series titled “Panoramic Trading Room UEX Roundtable.” Targeting advanced traders, this series centers on the core philosophy of “Beyond the Chart,” covering professional topics such as advanced technical analysis, cross-asset allocation strategies, order flow interpretation, and risk management framework construction.

The series invites seasoned industry analysts who conduct in-depth breakdowns of real-world trading cases, helping traders bridge the critical gap between “reading charts” and “executing trades,” and gradually build a more systematic trading framework.

A Bitget UEX product lead stated: “The crypto market is never short of information—the truly scarce resource is a mature trading system. Most traders drown daily in an overwhelming volume of market signals, struggling to efficiently identify and practically apply them. ‘UEX Roundtable’ adopts a ‘one episode, one theme’ approach, deconstructing methodologies through hands-on case studies to ensure content is understandable, reusable, and actionable.”

The inaugural episode of “Panoramic Trading Room UEX Roundtable” premieres first on YouTube and is simultaneously distributed across community channels including X (formerly Twitter) and Telegram. Additionally, a viewer topic-voting mechanism is open to encourage co-creation of content, ensuring continuous delivery of professional, practice-oriented material aligned with real-time market dynamics.

[Foresight News]

Ondo Finance’s 153 Web3 Business Partners Illustrated: Wall Street’s Tokenized Stock and RWA Outsourcer

RootData, a Web3 asset data platform, has mapped Ondo Finance’s 153 partners and ecosystem participants across key segments including TradFi, public blockchains, custody, DeFi, exchanges, wallets, cross-chain bridges, payment providers, and service providers.

This list comprehensively illustrates how Ondo evolved over three years—from a single Treasury yield product to an RWA infrastructure platform. Its TVL has grown from approximately $534 million in 2024 to over $3 billion in 2026, and it now commands an estimated 58%–80% share of the tokenized equities market.

At the traditional finance layer, institutions such as BlackRock, Franklin Templeton, Fidelity Investments, Goldman Sachs, JPMorgan Chase, Mastercard, and PayPal appear prominently—indicating that Ondo is no longer merely serving traditional financial clients but is actively handling complex compliance packaging, on-chain issuance, and settlement capabilities during tokenization. In effect, Ondo has become a “blockchain-based outsourcing provider” for Wall Street assets.

At the custody and institutional capital layer, the participation of leading custodians—including Anchorage Digital, BitGo, Fireblocks, and Cobo—signifies that Ondo has secured the most critical entry permit for institutional capital.

At the on-chain liquidity layer, 15 public blockchains—including Ethereum, Solana, Sui, and Aptos—as well as DeFi protocols such as Pendle, Morpho, Curve, 1inch, and Euler collectively form Ondo’s liquidity network. Fundamentally, Ondo is transforming traditionally “static assets” from legacy finance into on-chain assets that are tradable, composable, and collateralizable.

At the trading and payment distribution layer, large-scale integration by Ripple, exchanges, wallets, and payment service providers signals that Ondo has expanded beyond simply selling yield products—now extending into trading, clearing, and payments, aiming to control the full circulation pathway of RWAs. Related compilation: [Ondo Finance Web3 Partner Network Compilation (Updated Regularly)]

Proactively showcasing partner networks has become a key method for crypto projects to enhance transparency and market trust. Notably, RootData welcomes Web3 project teams to claim their profiles and continues tracking and opening additional disclosure channels for business relationships. The platform has already published multiple editions of its crypto project ecosystem maps, highlighting Web3 ecosystem partners serving upstream clients such as Visa, Mastercard, and Coinbase.

If you wish to nominate your project for inclusion in future ecosystem maps, please complete the [RootData 2026 Industry Ecosystem Mapping] form to add your key customers and partners.

[ChainCatcher]

China’s gold production in Q1 2026 was 81.065 tonnes, down 7.08% year-on-year.

According to the latest statistics from the China Gold Association: In the first quarter of 2026, domestic raw material gold production was 81.065 tons, a year-on-year decrease of 6.178 tons, a year-on-year decrease of 7.08%; imported raw material gold production was 55.165 tons, a year-on-year increase of 1.578 tons, a year-on-year increase of 2.94%. A total of 136.230 tons of gold were produced from domestic and imported raw materials, a year-on-year decrease of 4.600 tons, a year-on-year decrease of 3.27%.

In the first quarter of 2026, China’s gold consumption was 303.292 tons, a year-on-year increase of 4.41%. Among them: gold jewelry was 84.620 tons, a year-on-year decrease of 37.10%; gold bars and coins were 202.062 tons, a year-on-year increase of 46.40%; gold for industrial and other uses was 16.610 tons, a year-on-year decrease of 7.43%.

[Odaily]

Bitcoin spot ETFs saw a total net outflow of $146 million yesterday, with Fidelity’s FBTC leading at a net outflow of $97.6041 million.

According to SoSoValue data, Bitcoin spot ETFs recorded a total net outflow of $146 million yesterday (May 8, Eastern Time).

The Bitcoin spot ETF with the highest single-day net inflow yesterday was Morgan Stanley’s ETF MSBT, with a single-day net inflow of $5.7385 million; MSBT’s cumulative historical net inflow currently stands at $194 million.

The Bitcoin spot ETF with the highest single-day net outflow yesterday was Fidelity’s ETF FBTC, with a single-day net outflow of $97.6041 million; FBTC’s cumulative historical net inflow currently stands at $11.134 billion.

[PANews]

Bitcoin Spot ETF saw a total net outflow of 145.65M USD yesterday, with only Morgan Stanley’s ETF MSBT achieving a net inflow

According to SoSoValue data, Bitcoin spot ETF saw a total net outflow of 145.65M USD yesterday (Eastern Time, May 8th).

The Bitcoin Spot ETF with the highest net inflow yesterday was Morgan Stanley’s ETF MSBT, with a daily net inflow of 5.74M USD, and the total historical net inflow of MSBT currently stands at 193.60M USD.

The Bitcoin Spot ETF with the highest net outflow yesterday was Fidelity’s ETF FBTC, with a daily net outflow of 97.60M USD, and the total historical net inflow of FBTC currently stands at 11.13B USD.

As of the time of publication, the total net asset value of Bitcoin Spot ETFs is 106.61B USD, with an ETF net asset ratio (market capitalization relative to the total Bitcoin market cap) of 6.67%. The historical cumulative net inflow has reached 59.34B USD.

Source: https://sosovalue.com/zh/assets/etf/us-btc-spot

Tether Sues Titan Holding in Brazil to Recover $300.00M Defaulted Loan

Tether Sues Titan Holding in Brazil to Recover $300 Million Defaulted Loan. The loan was issued by Tether Investments a year ago and was supposed to be repaid on March 28th of this year.

In the lawsuit, Tether is seeking an order to freeze bank account deposits, financial applications, investments, and any other financial assets held by defendants Titan Holding, Master Holding, and Master Participações.

Titan Holding is affiliated with the Master Group, which belongs to Daniel Vorcaro. Daniel Vorcaro was arrested last week, and his Banco Master bank was found to have a $2.20B shortfall in reserves.

[Foresight News]