Bitget Chief Legal Officer issues open letter, assisting users in recovering over $32.30 million in fraudulent funds last year
Bitget Chief Legal Officer Hon Ng released an open letter today, announcing that Bitget has officially launched its 2026 Global Anti-Fraud Month campaign with the theme “More Assets, Stronger Protection.”
In the letter, Hon Ng pointed out that as the platform expands from crypto assets to a multi-asset ecosystem, users enjoy broader market access while facing increasingly complex cybersecurity threats. He emphasized: The multi-asset era means greater responsibility. User protection is not a one-time effort, but the collective result of continuous risk monitoring, rapid response, security education, and industry collaboration.
The open letter also disclosed Bitget’s security and anti-fraud achievements in 2025. Data shows that Bitget intercepted over 150 million malicious attack requests throughout the year, identified more than 13,000 high-risk malicious IPs, handled 18,135 user protection cases, and assisted users in recovering approximately $32.30 million in funds related to security incidents and fraudulent activities.
Furthermore, Bitget’s security system achieved over 2.8 billion risk interceptions through custom protection rules, defended against over 1.5 billion DDoS attack attempts, and introduced machine learning-based behavioral analysis capabilities to further identify suspicious activities and potential risks.
[Odaily]
The UK Labour Party has accused Reform Party leader Nigel Farage of evading scrutiny over a grant from Tether billionaire.
The UK Labour Party has formally written to Nigel Farage, leader of Reform UK, accusing him of “avoiding reasonable scrutiny” regarding a £5 million (approximately $6.7 million) grant provided in 2024 by Christopher Harborne, a Tether shareholder and billionaire.
Harborne holds approximately 12% of Tether’s shares and has an estimated net worth of around $24.4 billion. Anna Turley, Chair of the Labour Party, stated that Farage must provide clear public explanations about how this funding was used and related matters—rather than continuing to evade inquiries from the media and regulatory bodies.
Currently, the UK Parliamentary Commissioner for Standards has launched a formal investigation into the matter to assess whether the funds were used for political activities. UK Prime Minister Keir Starmer has also publicly questioned why Farage has long concealed this donation.
Data shows that Harborne has donated approximately £12 million ($16 million) to Reform UK in total—including the largest single personal political donation in modern British political history. Additionally, Ben Delo, co-founder of BitMEX, donated £4 million to the party in Q1 2026, helping propel Reform UK to become one of the best-funded political parties in the UK.
[Decrypt]
Strive increased its BTC holdings by 32 BTC last week, with an average purchase price of approximately $63,911.
According to Reuters, citing SEC filings, Bitcoin treasury company STRIVE purchased 32 bitcoins at an average price of $63,911 between June 2 and 7, 2026.
[Foresight News]
edgeX pays half of June 2 losses now, delays rest until April 2027
edgeX has completed the first part of its goodwill payment program for users affected by the June 2 EDGE crash. The derivatives platform said approved users can now claim 50% of their verified compensation in USDC. The remaining 50% will arrive in the first week of April 2027, which edgeX plans to pay in EDGE tokens using the token’s seven-day average price at distribution.
The program covers users whose EDGE long positions were liquidated or stopped out on edgeX Perp V1 or V2 between 04:50 and 06:00 UTC+8. Compensation covers confirmed realized losses from the affected orders, while trading fees, funding costs, and unrealized profits do not qualify. Each approved user can receive no more than 100,000 USDC equivalent across both payment tranches.
The second half of the compensation will be distributed in EDGE tokens during the first week of April 2027, sourced from the Ecosystem and Community Allocation. This supply remains locked after the token generation event and starts vesting on March 31, 2027. The final token amount will depend on EDGE’s future average price.
As previously reported, edgeX said 174 addresses placed heavy EDGE sell orders into a thin PancakeSwap pool within one minute, cutting the token’s price by about 23%. edgeX reported $140.66 million in combined sell volume across Binance, OKX, Bybit, and its perpetual markets between 05:00 and 06:00 UTC+8. Long positions were crowded, with the long-short ratio at 68.2%, helping trigger forced liquidations as prices fell.
Blockchain investigator ZachXBT questioned edgeX’s explanation, noting, “We investigated ourselves and did not find ourselves guilty.” He claimed insiders controlled most of the token supply and called for the platform to disclose its market makers and related agreements. edgeX denied that its team sold token allocations during the crash, stating that early reviews from exchanges and liquidity providers did not find team-linked selling. The platform also announced a 200,000 USDC bounty for information that could identify the wallets behind the initial selloff.
Users who have not registered must submit a Discord claim by June 9 at 14:00 UTC+8. edgeX offered a final 24-hour grace period but warned that late users would lose eligibility for the goodwill program.
Iran announces the end of its military operations against Israel, warning that it will respond to any subsequent attacks.
According to Iran’s Fars News Agency, the Iranian armed forces announced the end of their military operations against Israel.
Iran also warned that if Israel resumes its attacks on Lebanon, Iran will take more severe retaliatory measures.
[Odaily]
Strategy purchased 1,550 BTC for $101.3 million last week.
According to market news, Strategy disclosed that it increased its holdings by 1,550 BTC last week at an average purchase price of $65,332, totaling approximately $101.3 million.
[ChainCatcher]
China court treats Bitcoin as property in 107 BTC theft case
A Chinese court sentenced a man to 10 years and nine months after he memorized a wallet recovery phrase and stole 107 Bitcoin. The case began in July 2023, when a Bitcoin holder identified as Feng asked an acquaintance, Zhang, to help convert 117 Bitcoin. Zhang had assisted with an earlier transaction, so Feng trusted him to set up a new digital wallet and handle the process. Feng wrote down the wallet’s 12-word recovery phrase while Zhang watched.
Prosecutors said Zhang memorized 11 words and the first letter of the last one. He later tested possible words, gained control of the wallet and transferred 107 Bitcoin to addresses he controlled. Feng noticed the missing Bitcoin the next day and contacted a blockchain security company before reporting the theft. Police opened an investigation in October 2023. Investigators used wallet records, transaction data and linked IP addresses to connect Zhang to the transfers.
Zhang admitted moving the Bitcoin but called it a “protective takeover” intended to prevent another theft. He also claimed he lost money while speculating and had not cashed out. Transaction records contradicted that account. Investigators traced the assets through several wallets and found more than 660,000 yuan, or about $97,000, in proceeds sent to a friend’s bank account.
“Current policies deny virtual currencies legal-tender status, but do not deny their property attributes,” the prosecutor handling the case said. The Licang District People’s Procuratorate argued that Bitcoin carries economic value and gives holders exclusive control through private keys and recovery phrases. Prosecutors said those features meet the criminal-law definition of property, allowing Bitcoin to serve as the object of theft. They used the realized cash proceeds to calculate the theft amount because China has no official Bitcoin exchange rate. The approach avoided assigning a market value to all 107 Bitcoin when determining Zhang’s sentence.
The Licang District People’s Court convicted Zhang of theft on April 28, 2025. It sentenced him to 10 years and nine months in prison and imposed a 100,000-yuan fine. The Qingdao Intermediate People’s Court rejected his appeal and upheld the ruling on Nov. 10, 2025.
The decision does not reverse China’s restrictions on cryptocurrency trading and related financial services. Bitcoin still lacks legal-tender status, and mainland regulators continue to classify many crypto business activities as illegal financial operations. As previously reported by crypto.news, China’s Supreme People’s Court said in May that it would study clearer judicial rules for virtual-currency disputes. Local courts have already treated Bitcoin as virtual property in cases involving theft, ownership and recovery. The Qingdao case adds another example of courts protecting crypto ownership while regulators restrict trading. It also shows how brief physical exposure to a recovery phrase can give another person full control of a self-custody wallet.
Visa and Mastercard are in talks with Stripe and Coinbase to form a stablecoin alliance.
Payment giants Visa and Mastercard are in talks with Stripe and Coinbase to form a stablecoin consortium and launch a stablecoin platform. If the plan materializes, it could reshape the current stablecoin market, which is dominated by USDT and USDC and valued at over 300 billion US dollars.
The consortium is expected to accelerate the adoption of stablecoins in retail payment scenarios. With the vast merchant networks of Visa, Mastercard, and Stripe, the new platform could drive merchant adoption of in-house stablecoins and create new revenue streams for participants, such as interest on reserves.
However, the plan is currently in the early stages of discussion, and no formal agreement has been reached.
[Fortune]
Ethereum spot ETFs saw a total net outflow of $4.8281 million on a single day, with BlackRock’s ETHA leading at a net outflow of $13.1547 million.
On June 8, according to SoSoValue data, Ethereum spot ETFs recorded a total net outflow of $4.8281 million on June 5 (U.S. Eastern Time).
On June 5, the Ethereum spot ETF with the highest net inflow was BlackRock’s Staked ETH ETF (ETHB), with a single-day net inflow of $4.0062 million. ETHB’s cumulative historical net inflow currently stands at $534 million.
Next was Grayscale’s Ethereum Trust ETF (ETHE), with a single-day net inflow of $3.1827 million. ETHE’s cumulative historical net outflow currently stands at $5.306 billion.
[PANews]
QCP Market: BTC holds the $60,000 mark, the market awaits CPI and Strategy developments
June 8th news: According to QCP Market analysis, dragged down by the sell-off in AI concept stocks, the Korean KOSPI plunged 8.4% intraday. Coupled with the cooling expectations of a Federal Reserve interest rate cut, USD/JPY returning to 160, and escalating tensions in the Middle East, risk assets are under pressure.
After a pullback of approximately 15% last week, BTC has temporarily stabilized above $60,000, with the options market remaining defensive.
The market is focusing on this week’s US CPI data and changes in Strategy Capital’s capital structure and BTC holdings. Their subsequent actions remain a key variable influencing cryptocurrency market sentiment.
[PANews]
UK Labour writes to Reform Party leader demanding explanation for £5 million grant from Tether billionaire
Anna Turley, Chair of the UK Labour Party, has formally written to Reform Party leader Nigel Farage, accusing him of “avoiding reasonable scrutiny” regarding a £5 million personal donation from Christopher Harborne, a shareholder of Tether, and demanding that he publicly provide a “clear and truthful explanation.”
Farage has offered two conflicting explanations for the donation: first claiming it was for lifelong personal security, then later stating it was a “reward” from Harborne for his role in driving Brexit. The UK Parliamentary Commissioner for Standards has launched a formal investigation into the matter.
Harborne holds equity in stablecoin issuer Tether and has donated over £12 million to the Reform Party to date.
[Foresight News]
Trump: Israel and Iran are seeking an immediate ceasefire, and peace negotiations are underway.
U.S. President Trump stated that Israel and Iran are seeking an immediate ceasefire. Final negotiations for peace are underway but could be hindered by ignorant or foolish actions.
The blockade will remain in place and fully effective until a final agreement is reached. Things should move forward swiftly.
[Jin10]
The UK Financial Conduct Authority (FCA) plans to allow authorized funds to hold up to 10% in crypto ETNs.
The UK’s Financial Conduct Authority (FCA) has proposed allowing authorized investment funds (including UCITS schemes and most non-UCITS retail schemes) to allocate up to 10% of their assets to crypto exchange-traded notes (ETNs). The proposal is included in the FCA’s 52nd quarterly consultation paper, giving the public and institutions five weeks to submit feedback, with a deadline of July 13.
The FCA stated that this move aims to bridge the regulatory gap between individual retail investors and authorized funds. After the FCA lifted its four-year ban on crypto ETNs for retail investors in August 2025, individual investors can directly invest in ETNs, but funds were previously still subject to an “effective prohibition.” The FCA emphasized that the 10% cap was deliberately set, as exceeding this proportion could force funds to be reclassified as restricted mass-investment products, affecting their retail fund status.
Under the proposal, professional and sophisticated investor schemes would not be subject to the cap; long-term asset funds and non-UCITS retail schemes operating as Alternative Investment Funds would be excluded. The FCA pointed out that cryptocurrencies do not align with the investment objectives of these funds.
From the industry perspective, the Investment Association supports the proposal, believing that accessing crypto assets through regulated listed products carries manageable risks, and the 10% cap helps manage fund risk. Fund managers will need to ensure holdings are consistent with the fund’s disclosed investment objectives and risk characteristics, and disclose significant crypto ETN holdings.
The FCA stressed that it is not currently considering allowing authorized funds to directly hold crypto assets for investment and will make a decision after assessing the impact of the upcoming crypto-asset regulatory regime and client asset protection rules.
[The Block]
United Nations Development Programme Establishes Blockchain Advisory Group to Explore Public Service Applications
The United Nations Development Programme (UNDP) recently announced the establishment of the Blockchain Advisory Group (BAG) during Proof of Talk 2026 in Paris, focusing on leveraging blockchain technology to optimize public systems and development governance.
The inaugural meeting was chaired by UNDP Deputy Administrator Haoliang Xu. The first in-depth topic was inclusive finance and digital finance, discussing barriers such as fragmented payment systems, limited digital identity solutions, insufficient interoperability, and institutional readiness—and assessing how blockchain can complement existing digital public infrastructure to enhance financial accessibility, efficiency, and transparency.
BAG plans to hold two meetings annually, advancing collaboration with the blockchain ecosystem around themes including digital governance and public trust, legal identity and inclusive societies, digital financial services, climate action and traceable accountability, and digital labor and the future of work.
[PANews]
UK FCA plans to allow authorized funds to allocate up to 10% to crypto ETNs
The UK’s Financial Conduct Authority (FCA) proposed in its 52nd Quarterly Consultation Paper to allow authorized investment funds—including UCITS funds and most non-UCITS retail funds—to allocate up to 10% of their assets to crypto exchange-traded notes (ETNs). The FCA stated that the 10% cap is intended to prevent such funds from being reclassified as “restricted mass-market investment products,” thereby preserving their mainstream retail product status.
Qualified investor funds—available exclusively to professional and sophisticated investors—are not subject to this cap; however, long-term asset funds and non-UCITS retail funds operating as alternative investment funds are entirely excluded. The consultation period for public feedback is five weeks, closing on July 13.
Previously, in August 2025, the FCA lifted a four-year ban on retail investors purchasing crypto ETNs. Following this, firms including 21Shares, Bitwise, WisdomTree, and BlackRock launched physically backed Bitcoin and Ethereum products on the London Stock Exchange.
[Foresight News]
Hyperliquid SpaceX market long-short ratio reached 85:15, implied valuation approximately 2.15 trillion USD
According to Hyperliquid market data disclosed by MLM, with the SpaceX IPO approaching, the current price for the SpaceX prediction market on Hyperliquid is approximately $166 per share, corresponding to an implied valuation of about $2.15 trillion.
Data shows that there are currently 4,528 traders holding open positions, with 3,865 long and 663 short, resulting in a long-short ratio of approximately 85:15. The open interest for this market is about $66.6 million, with cumulative trading volume exceeding $450 million, 2.333 million units traded, and over 917,000 transactions recorded within three weeks.
Regarding profitability, out of the 4,528 holding users, 1,001 are in a profitable state, accounting for 22%, while 3,527 are in a loss state, accounting for 78%. Based on nominal positions, the largest short seller currently holds approximately 27,100 SPCX, with a position value of about $4.5 million; market maker Cumberland ranks as the second-largest short seller, holding approximately 18,700 SPCX short positions worth about $3.1 million.
[Odaily Planet Daily News]
OKX will list X-Perp contracts.
According to an official announcement, OKX will officially launch USD-margined X-Contracts (X-Perp) on the web, app, and API on June 9, 2026, from 15:00 to 17:15 (UTC+8):
AAPLUSD UM (X-Perp) trading opens: June 9, 2026, 15:00 (UTC+8)
AMZNUSD UM (X-Perp) trading opens: June 9, 2026, 15:15 (UTC+8)
GOOGLUSD UM (X-Perp) trading opens: June 9, 2026, 15:30 (UTC+8)
METAUSD UM (X-Perp) trading opens: June 9, 2026, 15:45 (UTC+8)
MSFTUSD UM (X-Perp) trading opens: June 9, 2026, 16:15 (UTC+8)
NVDAUSD UM (X-Perp) trading opens: June 9, 2026, 16:30 (UTC+8)
TSLAUSD UM (X-Perp) trading opens: June 9, 2026, 16:45 (UTC+8)
QQQUSD UM (X-Perp) trading opens: June 9, 2026, 17:00 (UTC+8)
SPYUSD UM (X-Perp) trading opens: June 9, 2026, 17:15 (UTC+8)
[Odaily Planet Daily]
Strive increased its BTC holdings by 32 BTC last week, with an average purchase price of approximately $63,911.
According to an 8-K filing with the SEC, Strive purchased 32 Bitcoin between June 2 and June 7, 2026, at an average price of approximately $63,911.
As of June 5, 2026, Strive held a total of 19,032 Bitcoin, along with 505,000 shares of Strategy STRC preferred stock (fair value of approximately $47.20 million) and approximately $139.20 million in cash.
[ChainCatcher]
Trump: Iran and Israel seek immediate ceasefire, final peace agreement negotiations are progressing
On June 8, news reported that U.S. President Donald J. Trump posted on social media stating that both Israel and Iran wish to immediately reach a ceasefire, and the two sides are negotiating a final agreement on “peace.”
He said that the relevant blockade measures will remain in place and be fully enforced until the final agreement is reached. Trump indicated that the negotiation process is expected to advance rapidly but warned that “ignorance or foolishness” could become an obstacle.
[PANews]
Analysis: Bitcoin’s rebound is fragile, and large-scale IPOs by SpaceX and Anthropic may continue to drain liquidity.
Bitcoin’s recent rebound lacks solid support. This differs from the February 2 dip to $60,000, when ETF outflows were only $318 million, yet total weekly trading volume reached $46.15 billion—indicating panic selling and intense short-long confrontation in the market.
Last week’s situation was different: ETF outflows accelerated while trading volume remained low, suggesting the market is undergoing sustained capital outflow—not the typical localized bottom panic liquidation.
Therefore, the sustainability of Bitcoin’s rebound remains questionable. To push prices back onto a clear upward trajectory, a significant increase in ETF demand may be required. However, this appears unlikely under current conditions, as the upcoming IPOs of SpaceX and Anthropic could continue draining liquidity from the broader market—including the crypto asset market.
In the near term, Bitcoin still faces structural pressure; any rebound may be weak, and ETF demand alongside major IPO dynamics will serve as key barometers.
[CoinDesk]
Today’s Market Pulse
The dominant theme is institutional adoption accelerating amid regulatory evolution, while Bitcoin’s rebound appears fragile against competing liquidity demands from major IPOs and geopolitical tensions.
Key Themes
Corporate Bitcoin Accumulation & ETF Dynamics
Strive and Strategy continued BTC accumulation, purchasing 32 BTC at $63,911 and 1,550 BTC at $65,332 respectively, signaling confidence despite market volatility. Meanwhile, Ethereum spot ETFs saw net outflows of $4.8281 million, with BlackRock’s ETHA leading outflows at $13.1547 million, indicating divergent sentiment between BTC and ETH. This dichotomy suggests institutional preference for Bitcoin’s relative stability over altcoins in current market conditions.
Regulatory Evolution and Traditional Finance Integration
The UK FCA proposed allowing authorized funds to allocate up to 10% to crypto ETNs, bridging regulatory gaps between retail and institutional investors. Simultaneously, Visa and Mastercard are in talks with Stripe and Coinbase to form a stablecoin consortium, potentially reshaping the stablecoin market dominated by USDT and USDC. These developments represent significant steps toward mainstream financial system integration.
Security and Market Integrity Concerns
Bitget demonstrated commitment to security by recovering over $32.30 million in fraudulent funds in 2025, while edgeX began compensating users for losses from the June 2 crash, paying 50% in USDC now and the remainder in EDGE tokens by April 2027. A Chinese court recognized Bitcoin as property in a theft case, reinforcing legal protection for crypto assets while maintaining regulatory restrictions on trading.
Geopolitical and Macroeconomic Headwinds
Market sentiment remains influenced by Iran-Israel ceasefire negotiations and US CPI data expectations. SpaceX‘s prediction market on Hyperliquid shows extreme bullish sentiment (85:15 long-short ratio) with an implied valuation of $2.15 trillion, potentially diverting liquidity from crypto markets. Competition from large traditional asset IPOs could continue pressuring crypto valuations in the near term.
RichSilo Verdict
Smart money should monitor institutional Bitcoin accumulation patterns as a leading indicator of market sentiment and whether corporate treasuries continue purchasing at current levels. The US CPI data and Fed policy signals will be crucial for market direction, while the development of the Visa/Mastercard stablecoin consortium could reshape the stablecoin landscape if materializes. Key risks include further ETF outflows, unresolved security incidents like the edgeX insider trading allegations, and geopolitical escalation in the Middle East. The SpaceX IPO represents an underappreciated liquidity factor that could significantly influence crypto market dynamics in the coming weeks.
