Iranian parliament to pass Hormuz Strait “sovereignty jurisdiction” plan
Salimi, a member of the Iranian Parliament’s Presidium, stated that Iran’s plan to “exercise sovereign jurisdiction” over the Strait of Hormuz is set to be approved by the parliament and is expected to be enacted as permanent legislation.
According to the Iranian Students’ News Agency (ISNA), Salimi said only Iran and Oman have the authority to decide on the management of the Strait of Hormuz. Iran has already initiated communications with Oman, which has expressed preliminary agreement; the relevant plan is expected to be finalized in the near future.
[Xinhua News Agency]
LPL playoffs upset: Polymarket whale’s prediction of BLG’s victory results in a $157,500 loss
On May 30th, according to on-chain analyst Ai Yi’s monitoring, the 2026 LPL playoffs saw a huge upset. BLG, the first place team in the regular season, lost to WE, the eighth place team, with a score of 1:3, suffering a “black eight” elimination. Prior to the match, Polymarket data showed that BLG had a 95.5% chance of winning, with the market overwhelmingly favoring their victory.
Affected by this, the well-known account TrevorPlovdivBulgariaForHisBirthday accumulated losses of $157,500.00 due to heavily betting on BLG’s victory. This defeat ended BLG’s 12-game winning streak in BO5 matches and also caused heavy losses for high-odds bettors.
[PANews]
Cosmos-based Gravity Bridge drained of $5.4 million in suspected key compromise, researchers say
Gravity Bridge, a cross-chain protocol that moves assets between Ethereum and the Cosmos ecosystem, was drained of roughly $5.4 million early Saturday in what security researchers believe was a compromised signing key rather than a smart contract bug.
The unusual outflows were first flagged by onchain analyst Specter and later corroborated by security firm PeckShield. Specter said it appears the bridge’s signing keys may have been compromised, allowing the attacker to push out a series of unauthorized withdrawals.
The stolen funds break down to about $4.3 million in USDC, 274 wrapped ether worth roughly $553,000, $434,000 in tether and 14.16 PAXG tokens worth about $64,000, according to PeckShield’s tally. The assets were routed to an address ending in 7C62da1F9, with the drained contract identified by Specter as one ending in 1F2D906.
“There was an unfortunate incident on Gravity,” the team wrote on X Saturday. “Validators should halt their validators and orchestrators while this incident is being investigated.” In a follow-up post, the team said the bridge is currently halted while it investigates the attack.
The attacker began moving funds almost immediately. PeckShield said a portion of the haul has already been laundered through the instant-swap service ChangeNow and through Binance, while the theft wallet was still holding around 2,100 ETH, or about $4.23 million, at the time of its report. An Arkham snapshot shared by Specter showed a related wallet holding roughly $4.16 million in ether.
Gravity Bridge works by locking tokens on the Ethereum network and minting mirrored versions of the tokens on Cosmos, with validator signatures authorizing each transfer. If an attacker obtains enough valid signing keys, the system treats forged withdrawals as legitimate. That mechanism seems consistent with the researchers’ early read that the breach sits at the authorization layer rather than in the contract logic.
If confirmed, the incident would fit the ongoing pattern of 2026’s bridge attacks, in which key security issues provide the vulnerabilities rather than flaws in the underlying smart contract code. A similar root cause surfaced in the KelpDAO and Resolv exploits earlier this year, where audited code was not the weak point.
At $5.4 million, the Gravity Bridge loss is modest next to the year’s headline bridge hacks, but it adds to a recent major uptick in incidents, with April being the most-hacked month on record. Bridges have been a significant attack surface in 2026 and a primary driver of a year in which crypto hack losses have run to the billions, per TRM Labs. The category has a long track record as one of crypto’s most lucrative targets, from the $190 million Nomad exploit in 2022 to the $81.5 million Orbit Bridge hack in 2024.
Gravity Bridge, built by contributors including the Althea team and secured by its native Graviton (GRAV) token, has not yet released a postmortem, leaving the exact entry point unconfirmed. The Block was unable to immediately reach Gravity Bridge or Althea for comment.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. [The Block]
$204 million in contracts were liquidated across the entire network in the past 24 hours, with both long and short positions liquidated.
May 30th news, according to CoinAnk data, the entire cryptocurrency market network contract liquidation in the past 24 hours was $204.00 million, of which long orders liquidated $87.96 million and short orders liquidated $116.00 million.
The total liquidation amount of BTC was $56.25 million, and the total liquidation amount of ETH was $37.84 million.
[PANews]
Gravity Bridge halted after $5.4M drain hits Ethereum-Cosmos link
Gravity Bridge has lost about $5.4 million following an early Saturday drain that security researchers linked to a possible signing key compromise. On-chain analyst Specter first flagged the unusual withdrawals, saying the pattern suggested that the bridge’s signing keys may have been compromised rather than its smart contract code.
Security firm PeckShield later posted a similar assessment and shared a breakdown of the stolen assets. The stolen assets included about $4.3 million in USDC, 274 wrapped ether valued at around $553,000, $434,000 in USDT, and 14.16 PAXG worth around $64,000. The firm said the funds moved to a wallet ending in 7C62da1F9, while Specter identified the affected Gravity Bridge contract as an address ending in 1F2D906.
The Gravity team later confirmed an incident on X and asked validators to stop their validators and orchestrators while the investigation continues. In another update, the team said the bridge had been halted as it reviewed the attack. Gravity Bridge connects Ethereum with the Cosmos ecosystem by locking assets on Ethereum and minting mirrored tokens on Cosmos, with validator signatures authorizing asset movement across the bridge.
According to Specter’s early assessment, an attacker who controls enough valid signing keys could make withdrawals appear legitimate to the system. The Gravity team has not released a postmortem, so the exact entry point remains unconfirmed. Its public updates have only confirmed the incident, the halt, and the ongoing investigation.
PeckShield said part of the stolen funds had already moved through ChangeNow and Binance after the attack. The firm also reported that the stolen wallet still held about 2,100 ETH, valued near $4.23 million, when it published its update. A wallet snapshot shared by Specter through Arkham showed a related address holding roughly $4.16 million in ether.
Gravity Bridge was built by contributors, including the Althea team, and is secured by the Graviton, or GRAV, token. The protocol has not yet explained whether validator infrastructure, private keys, or another operational weakness allowed the withdrawals. If the early assessments are confirmed, the Gravity Bridge incident would join other 2026 bridge attacks where key-management failures, rather than audited contract code, played a central role.
Swedish prosecutors suspect that information leaks led to the early exposure of rumors about SIVE’s dual listing, causing stock price fluctuations, and have now launched an investigation.
Swedish Economic Crime Authority prosecutor Jonas Myrdal stated that he believes it is not a coincidence, but highly likely involves information leakage, regarding a message on social platform X about Sivers Semiconductors (SIVE) considering a dual listing in the United States, which was leaked in advance and officially confirmed by the company approximately 48 hours later.
Jonas Myrdal pointed out that the relevant information was released and continuously promoted on the X platform by an anonymous account with approximately 200,000 fans before it was officially disclosed, which subsequently caused the company’s stock price to rise sharply several times in a short period of time. This behavior pattern is similar to a previous “pump-and-dump” manipulation case, in which three people were convicted of serious market manipulation. He further suggested that the Nasdaq exchange should launch an investigation into this incident and assess whether there have been any violations of the EU’s Market Abuse Regulation (MAR). Currently, the source of the relevant information leakage is still under investigation.
Previously, “New Stock God” Serenity posted on the X platform, suspected of “recommending” Sivers, and stated that after further reviewing the latest financial report conference call content of Sivers Semiconductors, he was optimistic about its prospects. The company’s management stated that “regarding ecosystem partners as competitors is not the right approach in a super cycle where demand far exceeds supply,” reflecting the current strong demand in the photonics industry. In addition, the photonics business pipeline has grown rapidly in the past five months, driving overall revenue pipeline growth by 77%.
[Odaily]
US Senator: If the 《CLARITY Act》 is not passed, China may dominate the rule-making for the next financial era.
On May 31, according to Cointelegraph, U.S. Senator Cynthia Lummis stated that if Congress fails to pass the cryptocurrency market structure bill—the Digital Asset Market Clarity Act (the CLARITY Act)—the United States risks falling behind other countries, including China, in leadership on crypto regulation.
She noted that enacting a comprehensive crypto regulatory framework would help ensure that other countries do not write the rules for the next financial era.
Previously, the U.S. Senate Banking Committee voted in May to advance the bill; however, it still requires passage by both chambers of Congress and the President’s signature before taking effect.
[TechFlow]
SEC sues Privvy founder over $12.3 million crypto scheme as AI ‘bots’ turn out to be neither
The SEC charged a Cypress, Texas resident with running a $12.3 million crypto fraud scheme that leaned on fake AI trading bots, in a complaint filed Thursday in federal court in Houston.
Nathan Fuller, the founder and sole member of Privvy Investments LLC, raised the money from about 150 investors across nine states and two foreign countries between October 2022 and mid-2024, the agency said. He also did business under the assumed name Gateway Digital Investments.
Fuller told investors that proprietary AI-based bots autonomously scanned crypto trading platforms to capture small price gaps through high-frequency arbitrage, promising returns of 40% to 50% within 30 to 45 days, according to the SEC. Some were told they could earn guaranteed profits topping 100% in as little as 21 days.
The bots did not work as advertised. To the extent the code ran at all, it carried no AI or stop-loss functionality, and Fuller used only about $380,000, roughly 3% of the funds raised, to actually buy crypto, generating no profit, the complaint says.
Instead, the SEC alleges, Fuller misappropriated at least $6.2 million on a roughly $1 million house, gambling, trading cards, travel and a Jeep, and routed about $5.5 million back to earlier investors in Ponzi-like payments.
To quiet investor concerns, Fuller falsely claimed he held a Texas money-transmitter license and a surety bond, that funds were FDIC-insured, and that a professional-liability policy backed the venture, the agency says. None of it was real. The complaint says Fuller invented an insurer called Texas Guarantors & Securities, and altered a genuine but short-lived biBERK certificate to show $5 million in professional-liability coverage that the policy explicitly excluded.
In a twist for an AI-branded scheme, the cover-up also ran on AI. As investors tried to withdraw funds in June 2024, Fuller spun up a fake firm called Blockchain Audit Solutions and used ChatGPT to draft a phony letter telling investors their accounts had been moved and needed “KYC verification” before any payout, according to the complaint.
The civil case is not Fuller’s first trip through federal court over Privvy. Last September, a Texas bankruptcy court denied him a discharge of more than $12.5 million in debt after he admitted, according to the Justice Department, to operating Privvy as a Ponzi scheme and fabricating documents to advance it, as The Block previously reported.
Fuller filed for Chapter 7 in October 2024 after investors sued him in Texas state court and a receiver seized his assets, the DOJ said. The SEC’s complaint does not reference that bankruptcy judgment or his prior Ponzi admission.
The case was assisted by the SEC’s Cyber and Emerging Technologies Unit. The unit, launched in early 2025, built its profile on cases like PGI Global founder Ramil Palafox, charged last year over a $198 million scheme the SEC said masked a fake AI-powered auto-trading platform. It also follows the SEC’s December action against a network of fake crypto platforms and “AI investment clubs” accused of a $14 million scam, part of a wider run of fraud cases pairing AI branding with promises of guaranteed crypto returns.
The SEC charged Fuller with violating the registration and antifraud provisions of the Securities Act and the Exchange Act, and is seeking permanent injunctions, disgorgement with prejudgment interest, civil penalties and a bar from participating in securities offerings.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
[The Block]
DxSale responds to security incident: BSC atomic transaction vulnerability affects v1 staking, v2 and later versions are secure
DxSale responded to the previous security incident on X, stating that the recent vulnerability originated from BSC’s newly launched atomic swap feature, which affected the v1 staking contract launched in 2021. The source of the issue has now been identified. Staking contracts v2 and above are secure and have passed Certik audit; staked assets under v2 and above are unaffected.
Previously, DxSale was accused of exploiting a backdoor to drain over 1,400 liquidity pools, withdrawing approximately $7.3 million in liquidity funds.
[PANews]
Duan Yongping Reassesses Pop Mart: From “Don’t Understand, Don’t Touch” to Becoming the Second-Largest Shareholder; Calls Wang Ning “Jobs-like”
Pop Mart previously disclosed a change in the equity of its major shareholders, with well-known investor Duan Yongping and H&H International Investment, LLC simultaneously increasing their holdings in the company, becoming the second-largest shareholder and triggering mandatory disclosure requirements. Duan Yongping’s purchase of Pop Mart is most easily understood by the outside world as a bet on Labubu. However, based on his recent public statements, what he truly values seems to be Wang Ning and his team’s IP operation capabilities.
When a netizen asked Duan Yongping in an investor community how he would evaluate Wang Ning, Duan Yongping responded that Wang Ning’s understanding and pursuit of his products are “at the same level” as Jobs (乔布斯), or at least will be in the future; Wang Ning’s understanding of business “seems to be a little stronger than Jobs”.
According to official Pop Mart WeChat account data, LABUBU joined the 10 billion club during the reporting period, and 6 other IPs had revenues exceeding 2 billion. At the same time, leading IPs such as SKULLPANDA, CRYBABY, MOLLY, and DIMOO are also simultaneously increasing in volume, forming a complete echelon structure.
In the first quarter of 2026, Pop Mart’s growth continued. According to the preliminary earnings report for the first quarter, Pop Mart’s revenue increased by 75%-80% year-on-year during the period. By region, revenue in the Chinese market increased by 100%-105% year-on-year; among them, offline channels increased by 75%-80% year-on-year; online channels increased by 150%-155% year-on-year.
[Odaily]
Today’s Market Pulse
The crypto market faces heightened security risks as bridge vulnerabilities and fake AI schemes result in significant losses, while regulatory uncertainty persists globally.
Key Themes
Security Vulnerabilities Exposed
Gravity Bridge suffered a $5.4 million exploit due to suspected signing key compromise, highlighting the persistent risks in cross-chain infrastructure. This incident follows a pattern of 2026 bridge attacks where key management failures, rather than smart contract bugs, are the primary vulnerability. DxSale also addressed a security breach affecting its v1 staking contract, though newer versions remain secure. These incidents reinforce that audited code doesn’t guarantee security when operational weaknesses exist.
Market Volatility & DeFi Risks
Crypto markets experienced significant liquidations with $204 million worth of contracts wiped out in 24 hours, with shorts taking heavier losses ($116M) than longs ($87.96M). Meanwhile, a Polymarket whale lost $157,500 betting on a favored esports team, demonstrating how even highly confident predictions can result in substantial losses. This volatility underscores the risks in both traditional derivatives and emerging prediction markets.
Geopolitical & Regulatory Crossroads
US Senator Cynthia Lummis warned that failure to pass the CLARITY Act could allow China to dominate crypto regulation, emphasizing the critical juncture in establishing clear regulatory frameworks. Meanwhile, Iran’s plans to assert “sovereign jurisdiction” over the Strait of Hormuz could impact global energy markets and indirectly affect crypto adoption in the region. These developments highlight how geopolitical tensions increasingly intersect with crypto markets.
Corporate Developments & Market Sentiment
Swedish prosecutors are investigating suspected information leaks surrounding Sivers Semiconductors’ dual listing, potentially involving market manipulation. In contrast, Pop Mart showed strong growth with revenue increasing 75-80% YoY, attracting significant investor interest. These corporate stories reveal how information asymmetry and genuine business performance both influence market sentiment.
RichSilo Verdict
Sophisticated investors should prioritize security assessments of cross-chain protocols and be particularly wary of projects promising AI-driven returns without verifiable track records. The CLARITY Act’s progress will be a critical catalyst for US crypto regulation, while monitoring how geopolitical events like Iran’s Hormuz plans could create both risks and opportunities in emerging markets. As bridge attacks continue despite increased scrutiny, expect institutional adoption to remain contingent on demonstrable security improvements across DeFi infrastructure.
