Argentina's Anti-Corruption Office: Javier Milei's Libra tweet was a personal act and did not violate public morality regulations; Cetus Protocol was back online on June 8; BiT Global, associated with Justin Sun, withdrew its lawsuit against Coinbase over wBTC; James Wynn once again opened a BTC long position with 40x leverage.Argentina's Anti-Corruption Office: Javier Milei's Libra tweet was a personal act and did not violate public morality regulations; Cetus Protocol was back online on June 8; BiT Global, associated with Justin Sun, withdrew its lawsuit against Coinbase over wBTC; James Wynn once again opened a BTC long position with 40x leverage.

PA Daily | Trump says his relationship with Musk is over; Binance Alpha launches Open Loot (OL)

2025/06/08 17:14
15 min read

Today's news tips:

1. Next week's macro outlook: CPI data will test the patience of the Fed again, and gold will receive directional signals

2. Argentina Anti-Corruption Office: Javier Milei’s Libra tweet was a personal act and did not violate public morality regulations

3. Trump says his relationship with Musk is over

4. Hong Kong Treasury Department Xu Zhengyu: Stablecoins can be used as payment functions through blockchain, etc., and holders’ redemption requests must be completed within one working day

5. BiT Global, associated with Justin Sun, withdraws lawsuit against Coinbase over wBTC

6.Cetus Protocol will be back online on June 8

7. James Wynn once again opens a BTC long position with 40x leverage

8. Open Loot (OL) launched on Binance Alpha

Regulatory/Macro

Japanese listed company Remixpoint announced that it had purchased 44.8 bitcoins worth $4.7 million

Japanese listed company Remixpoint announced the purchase of 44.8 bitcoins worth $4.7 million.

Earlier news , Japanese listed company Remixpoint announced in a board resolution on May 26 that it would purchase an additional 1 billion yen worth of Bitcoin, bringing the company's total cryptocurrency investment to 12 billion yen (about 83.98 million US dollars).

The Monetary Authority of Singapore and the police plan to block the websites of unlicensed trading platforms Octa and XM from June 20

The Monetary Authority of Singapore and the police plan to block the websites of unlicensed trading platforms Octa and XM from June 20. After the blocking takes effect, users will not be able to log in through Singapore Internet service providers.

The Monetary Authority of Singapore and the police pointed out in a joint statement that the two platforms provided and promoted trading services such as leveraged foreign exchange trading, commodities, indices and stocks to local residents without obtaining licenses and qualifications, in violation of the Securities and Futures Act 2001. The two platforms also have cryptocurrency trading businesses. Most unregulated online trading platforms are located overseas, and the credibility of their operations is difficult to verify, with a high risk of fraud. It is reported that Octa is operated by Octa Markets and Uni Fin Invest, while XM is operated by XM Global.

Next week's macro outlook: CPI data will test the patience of the Fed again, and gold will receive directional signals

According to Jinshi, this week, major US stock indexes closed higher, with the S&P 500 hitting a more than three-month high on Friday. The Dow Jones Index also rose to a three-month high. A better-than-expected non-farm payrolls report eased market concerns about the economy, while Tesla (TSLA.O) rebounded from a sharp drop on Thursday and technology stocks continued to rise. However, as of June 4, US stock funds saw outflows for the third consecutive week due to continued concerns about US trade policy. In terms of commodities, gold prices fell considerably on Thursday and Friday, but still recorded an overall increase this week, closing at $3,311.68 per ounce. It is worth noting that although the number of new non-farm payrolls in the United States in May was slightly better than expected, Trump once again put pressure on the Federal Reserve on social media, urging it to cut interest rates by 100 basis points. The following are the key points that the market will focus on in the new week:

  • 09:30 on Monday, China’s May CPI annual rate;
  • At 22:00 on Monday, the monthly rate of wholesale sales in the United States in April;
  • Monday 23:00, US New York Fed 1-year inflation forecast for May;
  • Tuesday, to be determined, China's May M2 money supply annual rate;
  • Tuesday at 14:00, UK ILO unemployment rate for April, unemployment rate for May, number of unemployment benefit applicants for May;
  • At 15:10 on Tuesday, ECB board member Villeroy will deliver a speech;
  • Tuesday 18:00, US May NFIB Small Business Confidence Index;
  • At 20:30 on Wednesday, the US May CPI data
  • At 22:30 on Wednesday, the U.S. EIA crude oil inventory, Cushing crude oil inventory, and strategic petroleum reserve inventory for the week ending June 6
  • At 14:00 on Thursday, the UK's GDP monthly rate and manufacturing output monthly rate for the three months of April
  • At 14:00 on Thursday, the UK's seasonally adjusted goods trade account and industrial output monthly rate for April
  • At 20:30 on Thursday, the number of initial jobless claims in the United States for the week ending June 7 and the U.S. PPI in May
  • At 14:00 on Friday, the final monthly rate of German CPI in May
  • At 14:00 on Friday, the final monthly rate of French CPI in May
  • At 22:00 on Friday, the initial value of the US one-year inflation rate forecast for June and the initial value of the University of Michigan Consumer Confidence Index for June

The U.S. May CPI report, due next Wednesday, will test the market's optimism about rate cuts as it could show that the recent downward trend in inflation has stalled. In terms of other economic data, the U.K. will release its employment report for the three months to April next Tuesday, and the market will focus on whether there are more signs of layoffs.

Musk has deleted the tweet about Trump being in Epstein case

Musk has deleted the tweet that said "President Trump is in the files in Epstein case."

Argentina’s Anti-Corruption Office: Javier Milei’s Libra tweet was a personal act and did not violate public morality regulations

Argentina's Anti-Corruption Office (OA) said that the country's President Javier Milei acted in his personal capacity when promoting the Libra cryptocurrency ($LIBRA) and did not violate the country's public ethics regulations. The investigation report stated: "The promotional posts were not related to administrative actions, no public resources were allocated, and no institutional support was obtained. They should be interpreted as personal or private communications and did not produce any form of official public policy direction."

Javier Milei initially promoted the Libra cryptocurrency on his personal X account as a way to support small businesses and startups in Argentina. But he deleted the post after the token's market value plummeted 90% from its peak of more than $2 billion. The resulting scandal, dubbed "Cryptogate" by local media, led opposition politicians to call for Javier Milei's impeachment and triggered a lawsuit filed by the country's lawyers representing investors who lost money. Javier Milei asked Argentina's Court of Auditors (OA) to conduct an investigation to "determine whether there has been any misconduct by any member of the national government, including the president himself."

Trump says relationship with Musk 'over'

According to CCTV News, on June 7 local time, US President Trump said that if Tesla and SpaceX CEO Elon Musk funds Democratic candidates who oppose the Republican budget, he will face "very serious consequences."

Trump said: "If he does this, he will pay a price for it." But he did not disclose the specific measures. Trump added that he has no intention of repairing his relationship with Musk, "I think this relationship is over."

The two recently clashed publicly on social media over the Republican-led budget bill, with Trump saying Musk was "extremely disrespectful of the presidency." Earlier, Musk posted on the social media platform X criticizing the massive tax and spending bill pushed by the US government, attacking Trump, and even forwarding content related to Jeffrey Epstein's old news, which he later deleted.

Trump responded by calling the allegations about Epstein "old stuff" and denied any connection to him.

In addition, Trump also threatened to cancel government contracts and subsidies for Musk's companies, although no action has been taken so far. He stressed that the Republican Party is unprecedentedly united and is optimistic about the smooth passage of the budget.

Viewpoint

Hong Kong Treasury Department Xu Zhengyu: Stablecoins can be used as payment functions through blockchain, etc., and holders' redemption requests must be completed within one working day

On June 6, the Hong Kong SAR government published the Stablecoin Ordinance (Effective Date) Notice in the Gazette, specifying that August 1, 2025 is the implementation date of the Stablecoin Ordinance (Chapter 656). On June 7, Hong Kong Financial Services and the Treasury Bureau Director Paul Hui said in an interview that the underlying stablecoin is legal tender, which can be used as a payment function in the future in the form of electronic assets through blockchain and other technologies.

Xu Zhengyu said that the issuers of stablecoins are supervised by the Hong Kong Monetary Authority, and the general principles of supervision are similar to those of traditional financial assets. The relevant issuers must comply with regulations on reserve asset management and redemption, including properly separating customer assets. When stablecoin holders make redemption requests, they must be completed within one working day to meet user requirements.

When talking about the future application scenarios of stablecoins, Xu Zhengyu gave an example. Since stablecoins have payment characteristics, when services or projects are carried out in the "Belt and Road" region, and the local currency exchange rate fluctuates greatly or the financial system is not very mature, there will be certain risks if the local currency is used for payment. In this case, the other party can use stablecoins for payment purposes.

James Wynn: HyperLiquid never paid anyone and its referral program is terrible

James Wynn tweeted that HyperLiquid had never paid any compensation. "HyperLiquid has been contacted twice before, hoping to get some kind of cooperation agreement in return for the attention it brought to them. Although they seemed grateful, they did not offer such an agreement to anyone. Considering that their platform is decentralized and operates differently from ordinary exchanges, this makes sense."

James Wynn claims to have earned about $34,000 through referrals on the HyperLiquid platform. But "given the number of signups and trading volume I brought in, that's terrible. Their referral program sucks. Other platforms have much better referral programs."

Tether CEO: We are looking forward to the next stage of growth for the company, and there is no need to go public at this time

Regarding the analysis that "Tether will reach a market value of 515 billion US dollars if it goes public, surpassing Costco and Coca-Cola to become the 19th largest company in the world", Tether CEO Paolo Ardoino said that this is a very beautiful number, but considering the current (and growing) Bitcoin + gold reserves, it may be a bit pessimistic, but he is deeply honored for it. At the same time, he is also full of expectations for the company's next stage of growth, but there is no need to go public yet.

Project News

Shared sorting network Astria will stop development work on Flame EVM

Shared sorting network Astria tweeted that it will stop working on the Flame EVM and recommends that users withdraw funds through the Astria Bridge. All support for the network will end on September 30, 2025.

BiT Global, associated with Justin Sun, drops lawsuit against Coinbase over wBTC

Law firm BiT Global has agreed to drop its lawsuit against Coinbase for delisting wBTC just two months after launching competing token cbBTC. According to the filing, BiT Global’s lawyers agreed to drop the lawsuit, meaning it cannot be filed again. The two companies agreed to each pay the legal fees incurred in the lawsuit. BiT Global, a law firm backed by Justin Sun, became a “strategic partner” with BitGo last year to launch wBTC.

Cetus Protocol will be back online on June 8

According to the official announcement, Cetus Protocol will be relaunched at 11:00 (UTC+8) on June 8, 2025, and all users will be able to use all the functions of Cetus, including redemption, managing LP positions, adding/removing liquidity, collecting fees and rewards, etc. Liquidity will be supplemented mainly through three channels:

  • Assets recovered from the attacker: These assets were returned after a successful on-chain vote by the Sui validator.
  • Cetus Team Funding: Cetus has committed 100% of its available cash reserves (approximately $7 million in mainstream assets) to cover the liquidity gap.
  • Sui Foundation’s special loan: A $30 million USDC loan has been applied for to support recovery.

If the user's LP holdings are from the affected pools, the liquidity recovery rate for each pool is between 85% and 99%, depending on the extent of the attack on each pool. Due to asset restrictions, it is not possible to immediately restore 100% liquidity to all affected pools. The team will use CETUS tokens to compensate for liquidity losses, and 15% of the CETUS supply will be allocated to the compensation contract (including the team's remaining unvested tokens, accounting for 10% of the total supply). 5% of them will be available immediately upon restart, and the remaining 10% will be unlocked linearly every month over the next 12 months (the same as the previous team's vesting schedule). The official promises not to issue additional tokens and will slightly adjust the release plan. If any assets are recovered later, they will be used to continue to compensate users or repurchase CETUS.

Binance Alpha Launches Open Loot (OL)

According to the official announcement, Binance Alpha has now launched Open Loot (OL). Eligible Binance users with at least 233 Binance Alpha points can apply for an airdrop of 1,836 OL tokens on the Alpha event page starting at 14:00 on June 8th. Applying for the OL airdrop will consume 15 Binance Alpha points. Users need to complete the application within 24 hours after the application is opened, otherwise it will be deemed to have given up the airdrop.

Binance: An additional 164 FLY tokens have been distributed to users who successfully received the FLY airdrop

According to the official announcement, Binance has distributed an additional 164 FLY tokens to users who successfully received the FLY airdrop.

UniSat confirms that the loss of a user's assets was an isolated incident and the wallet platform was not hacked

UniSat posted on the X platform that it recently investigated a user's asset loss case, and the results showed that the UniSat wallet or platform had not been hacked. The relevant case was an isolated incident, and no other UniSat wallet users were affected. The possible reason was that the victim's browser extension or remote device access was compromised. UniSat Wallet cannot access user funds or private keys, and has no ability or authority to freeze assets, but will fully cooperate with law enforcement investigations.

UniSat added that since the stolen assets involve brc-20 assets that can be traded on PizzaSwap, the PizzaSwap service will work to limit operations of known hacker addresses, including "Swap", "Increase Liquidity" and "Withdrawal", which will help prevent other UTXOs from being "contaminated" by UTXOs containing stolen assets after entering PizzaSwap.

Important data

NFT transaction volume increased by 1.95% to US$106.2 million in the past 7 days, and Immutable network transaction volume increased by more than 100%

CryptoSlam data shows that the NFT market has shown a mild recovery in the past week, with transaction volume increasing by 1.95% to $106.2 million. The number of NFT buyers increased by 55.08% to 826,992. At the same time, the number of NFT sellers increased by 18.12% to 257,017. However, the number of NFT transactions decreased by 24.94% to 1,651,758.

The Ethereum network maintained its lead with $30.3 million in transactions, but its volume was down 15.57% from the previous week. The Immutable network soared to second place with $16.4 million in transactions, a growth rate of 123.21%. The Bitcoin network ranked third with $15.1 million in transactions, up 17.81% from the previous week. Mythos Chain ranked fourth with $14 million in transactions, up 3.26% from the previous week. The Polygon network had a transaction volume of $13.9 million, down 7.72% from the previous week. The Solana network had a transaction volume of $6.1 million, down 13.31%.

This week's high-value sales include:

  • CryptoPunks #1831 sold for 150 ETH ($389,846)
  • CryptoPunks #9778 sold for 150 ETH ($377,958)
  • CryptoPunks #4868 sold for 76.5 ETH ($201,933)
  • CryptoPunks #5586 sold for 70.07 ETH ($185,292)
  • CryptoPunks #7516 sold for 60 ETH ($158,378)

DWF Labs bought 7 tokens totaling $6.43 million in one month, with a total floating loss of 13%

According to the monitoring of on-chain analyst Ember, DWF Labs announced that it has withdrawn 7 tokens from CEX in the past month since purchasing token wallets in the secondary market, with a total cost of $6.43 million. Currently, six projects have floating losses and one has floating profits, with a total floating loss of $850,000 (-13%). Among them:

  • 51.15 million JST ($1.89 million, average price $0.037)
  • 5 million MANTA (US$1.54 million, average price US$0.309)
  • 4.73 million YGG ($1.02 million, average price $0.216)
  • 137 million IOST ($480,000, average price $0.0035)
  • 21.28 million IOTX ($440,000, average price $0.021)
  • 3 million SIREN ($540,000, average price $0.18)
  • 3.5 million PHA ($480,000, average price $0.139)

James Wynn once again opens a BTC long position with 40x leverage

According to Onchain Lens, James Wynn once again opened a BTC long position with 40x leverage. In addition, according to Ember, this time James Wynn used the rebate income to open an ANT position. James Wynn received $475 in rebate income, 40x long 0.177 BTC, worth $18,700, opening price $105,537, and liquidation price $104,190. Currently, James Wynn has received a total of $37,672 in rebate income, and 444 people use Hyperliquid through his code. Regarding this position, James Wynn joked that he was "all in".

Earlier news, James Wynn tweeted that HyperLiquid had never paid any compensation. He claimed to have earned about $34,000 through referrals on the HyperLiquid platform. But "considering the number of registered users and trading volume I brought, this is simply too bad. Their referral program is terrible. The referral programs of other platforms are much better."

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