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THORChain (RUNE) halted trading and signing on Friday after attackers drained roughly $10.8 million from one of its Asgard vaults, with Ledger's CTO flagging possible MPC weaknesses.
Asgard Vault Drained Across Four Chains
The cross-chain liquidity protocol paused trading and signing operations after on-chain investigator ZachXBT flagged suspicious outflows targeting vaults on Bitcoin (BTC), Ethereum (ETH), BNB Chain, and Base.
In a statement, THORChain said the network automatically detected abnormal activity and suspended signing to block further outbound transfers.
One of six Asgard vaults appeared compromised, churn was paused, and node operators were asked to review key management and operational security.
The protocol's Mimir governance module flipped trading and signing halts to active, with the pause running for roughly 12 hours from block 26190429.
Wallets tied to the attacker hold about 3,443 ETH, 36.85 BTC, and 96.6 BNB, alongside USDT, USDC, WBTC, AAVE, and LINK. RUNE fell about 12% on the news, dropping toward $0.50. THORChain said initial indications suggest user funds were not directly affected.
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Ledger CTO Flags MPC Risk
Charles Guillemet, chief technology officer at hardware wallet maker Ledger, suggested the incident could involve weaknesses in threshold signature scheme infrastructure.
Citing remarks from THORChain contributor JP Thor, Guillemet said the breach could be an MPC exploit involving GG20, a threshold signature protocol used in some multi-party computation wallet systems.
He noted that earlier GG18 and GG20 protocols have faced critical vulnerabilities, including CVE-2023-33241 and TSSHOCK.
Guillemet warned that advances in AI-assisted vulnerability discovery may be lowering the bar for compromising validator infrastructure once thought hard to attack.
A theoretical attack path, he said, could involve compromising a validator, waiting for it to join an active vault, exploiting malformed proofs during signing, and reconstructing vault keys offline. He cautioned that the root cause remains unclear, and investigators have not confirmed whether a known GG20 flaw or a new weakness was involved.
THORChain's Recent Security Record
THORChain's vaults rely on TSS, a cryptographic system that lets multiple nodes jointly produce signatures without rebuilding the full private key in one place. The architecture has long been viewed as a strength of cross-chain DeFi, yet it has now drawn fresh scrutiny.
The protocol has weathered several high-profile incidents over the past year. In Feb. 2025, attackers behind the $1.4 billion Bybit hack routed close to $1.2 billion through THORChain to convert assets into Bitcoin.
The KelpDAO exploiter also used the THORChain protocol to move about $80 million in Ether, while THORChain co-founder JP Thorbjornsen lost $1.35 million in a deepfake Zoom scam in Sept. 2025.
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Ethereum (ETH) attempted a recovery from $2,235 this week, yet the rally has stalled below the $2,320 resistance, dimming bullish hopes.
ETH Recovery Stalls
The pair clawed back from a $2,235 swing low and pushed toward $2,320, but bears resurfaced and forced a retreat under $2,300.
ETH is now changing hands close to $2,261 after a second consecutive losing week. The token opened the week at $2,281 and briefly touched $2,375 before sellers stepped in.
A bullish trend line is forming with support near $2,260 on the hourly chart of ETH/USD, data from Kraken shows. The 100-hourly simple moving average is acting as the next obstacle for buyers.
The price cleared the 50% Fibonacci retracement of the drop from $2,382 to $2,233 during the bounce. The 61.8% level near $2,320 has so far rejected every push.
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Analyst Views, Key Levels
If buyers reclaim $2,320, the next resistance sits near $2,380, with $2,420 and $2,500 as further upside targets. Failure to break above will likely send the chart back to $2,250 and possibly $2,150.
Analyst Ted Pillows told followers on X that holding the $2,250 zone could allow ETH to bounce toward $2,350 to $2,400. Losing that floor opens a path to $2,150 or lower.
The hourly MACD is gaining momentum in the bearish zone, while the hourly RSI sits below 50. Both readings point to fading short-term strength.
Jane Street has reshaped its positioning, with regulatory filings showing the firm added about $82 million to its iShares Ethereum Trust exposure in the first quarter while cutting Bitcoin ETF holdings. That rotation underscores steady institutional interest even as the chart looks soft.
Ether's Choppy Stretch
Ether traded in a band between roughly $2,100 and $2,400 throughout Mar. and Apr. after rebounding from February lows near $1,800. The token reached a monthly high of $2,450 in mid-Apr. before sliding 8% by month-end as a $500 million crypto deleveraging event broke the ascending trendline.
Spot Ethereum ETFs ended a six-month outflow streak in Apr. with $356 million in net inflows, the first positive monthly reading since launch. Traders are now watching whether the upcoming Glamsterdam upgrade, expected by mid-2026, can flip the $2,335 moving-average cluster into support.
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Solana (SOL) is hovering near $91 as analysts watch the $98 ceiling that has capped the token's monthly 10% advance.
SOL Channel Resistance
The token trades at roughly $91 with a market capitalization just under $53 billion, according to data cited by CryptoPotato on Friday. Crypto analysts say SOL has moved inside a defined channel since February, with the upper boundary at $98 and the lower at $78.
He treats $88 as the pivot point that separates a continuation higher from a slide back to support.
A recent test of the $98 ceiling ended in rejection before buyers stepped back in around the $91 area. Martinez argues the rebound sets up another retest, and the outcome will decide whether the channel finally breaks.
If SOL closes above $98 on a daily basis, the analyst expects momentum to carry the price toward $107, with a secondary target near $117.
A failure at that level could send SOL back to $88, and a deeper pullback would expose the $78 floor.
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Analyst Targets $500
Other commentators see a wider runway. X user Globe of Crypto argued that a close above $99 could send SOL toward the $160 to $170 range in the medium term.
Trader Marino went further, predicting SOL could clear $500 in the coming years.
He pointed to faster adoption, rising network usage, expanding staking, and the launch of new applications. Marino also flagged spot SOL exchange-traded funds as a catalyst, and data from SoSoValue show the products have pulled in a cumulative total net inflow of roughly $1.12 billion since launch.
Recent Price Swings
SOL spent April under pressure before stabilizing above $80 in early May, and the asset has gained close to 13% over the past week. The token remains well below its January peak and is still trying to reclaim the $100 mark that capped most rallies this spring.
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A new checkpoint of Anthropic's Claude Mythos Preview has become the first AI model to solve both UK government cyberattack simulations, raising fresh questions about autonomous hacking.
AISI Reports Mythos Breakthrough
The UK's AI Security Institute reported Wednesday that the newer Mythos checkpoint completed its 32-step corporate network attack range, "The Last Ones," in 6 of 10 attempts. The earlier version had managed just 3 of 10.
The updated model also cracked "Cooling Tower," an industrial control system range that no prior model had passed, in 3 of 10 tries.
Rival OpenAI's GPT-5.5 was tested on the same exercise. It solved "The Last Ones" in 3 of 10 attempts but did not complete "Cooling Tower."
AISI ran the ranges with a 100 million-token compute budget per attempt, and the agency noted that performance kept scaling at that ceiling, suggesting higher budgets would push success rates further.
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Doubling Time Keeps Shrinking
AISI tracks cyber progress through time horizon benchmarks, measuring how long an autonomous task a model can finish at 80% reliability. In November 2025, the agency estimated a doubling time of 8 months. By February 2026, that figure had compressed to 4.7 months, and both Mythos and GPT-5.5 have since exceeded the faster trend.
The agency acknowledged uncertainty about whether the latest results signal a new acceleration or a one-time leap.
Research nonprofit METR, which tracks AI on software tasks rather than cyber ranges, has produced a similar figure of roughly 4.2 months. AISI said the convergence strengthens the case that the trend reflects real capability gains rather than a quirk of one evaluation suite.
The institute stressed that its ranges lack active defenders, so the results show what models can do against weakly protected networks rather than hardened enterprise systems.
Why Capability Jumps Matter
The newer Mythos checkpoint did not arrive with a fresh model release. AISI used the same version Anthropic deployed last month with Project Glasswing, its security partnership program, after receiving an updated build of the same model.
"Notable capability jumps do not always require new model releases," the institute wrote. That cuts against the assumption that defenders can pace themselves to launch cycles.
Anthropic introduced Mythos Preview on Apr. 7, framing the model as a turning point for the security industry after it identified zero-day flaws across major operating systems and browsers in internal tests. The company said it had withheld broader release because of those capabilities, and AISI's earlier April evaluation flagged Mythos as a clear step up from previous frontier systems.
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XRP (XRP) Ledger wallets holding 10,000 or more tokens have climbed to a record 332,230, signaling that larger holders are accumulating despite muted price action.
XRP Ledger Holder Count Hits Record
On-chain analytics firm Santiment reported on May 12 that the wallet cohort holding at least 10,000 XRP reached an all-time high of 332,230 addresses.
The figure caps a steady accumulation trend dating back to June 2024.
XRP has spent much of 2026 trading well below previous peaks, yet large holders have kept adding rather than trimming exposure. The token currently changes hands around $1.45, roughly 60% under its July 2025 cycle high of $3.65.
The trajectory has not been linear.
Between Feb. 6 and Feb. 8, more than 4,500 wallets in the 10,000-plus XRP tier vanished during a broader market washout that saw Bitcoin (BTC) tumble 12.6% on Feb. 5 to $63,500, its weakest print since October 2024.
The cohort rebuilt through late February and has trended higher since.
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Whale Accumulation Meets ETF Demand
Analysts at Santiment said rising mid-to-large wallet counts typically point to stronger conviction among investors focused on long-term positioning rather than short-term swings.
The firm noted that holders are absorbing supply during fear rather than chasing momentum.
Institutional flows tell a similar story.
The five U.S.-listed spot XRP exchange-traded funds pulled in $25.8 million in net inflows on May 11, the strongest daily haul since Jan. 5, when the products drew $46 million during their first trading week, per SoSoValue data. Franklin Templeton's XRPZ led with roughly $13.6 million.
Cumulative ETF inflows now sit near $1.35 billion. Bitwise, Franklin, and Grayscale accounted for the full May 11 print, while two other issuers posted flat flows that day.
XRP Price Faces Resistance Near $1.54
On-chain buying does not always translate into immediate price gains, and XRP still has technical work ahead. Bulls need a sustained move out of the $1.40 to $1.50 corridor before any breakout claim holds.
The first key level sits at $1.52, with a firmer ceiling at $1.54. A daily close above $1.54 would validate a short-term bullish structure, while a close above $1.60 would confirm a larger breakout.
XRP has traced a wide path through 2026, briefly touching $2.41 in early January before sliding to roughly $1.11 in February.
The token has since rebuilt above $1.40, helped recently by the Senate Banking Committee's 15-9 vote to advance the CLARITY Act, which now heads to the full Senate.
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Crypto infrastructure startup Ekiden has closed a $2 million seed round to develop trading infrastructure aimed at professional and algorithmic participants in on-chain derivatives.
Ekiden Seed Round
The round drew backing from GSR, Flowdesk, Pyth, Aptos, Monolith, Hardcore Labs, Moonhill Capital and Curiosity Capital. Keyrock joined as a strategic partner.
Angel investors included co-founders and chief executives from Layer Zero, Avail, Aptos Labs, Cube, Chorus One, Trading Strategy AI and Node Guardians.
Ekiden said the capital will fund audits, product development, team expansion and partnerships to scale liquidity.
The platform targets desks, market makers and algorithmic traders rather than retail users.
Its model pairs off-chain matching and a central limit order book with on-chain settlement. Users keep self-custody, and trades are verified through Merkle proofs. The product offers plug-and-play APIs along with FIX and CCXT-compatible access.
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Dervoed Comments
Founder Vitali Dervoed said the gap between professional execution standards and current on-chain trading drove the project. "Our goal is simple: to make blockchain-based derivatives a truly usable tool for serious market participants without giving up self-custody, transparency, or the core advantages of DeFi," he said.
Dervoed's background spans capital markets and roles tied to Neon EVM, RockawayX and Mango Markets. That experience has shaped Ekiden's focus on execution quality and market design.
Institutional appetite for digital assets keeps climbing. A Coinbase and EY survey found 73% of institutional decision-makers plan to raise allocations in 2026, with 46% of that group citing better institutional-grade infrastructure as a key reason.
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Decentralized cross-chain liquidity protocol THORChain halted all trading on Friday after attackers drained roughly $10.8 million in assets spanning four blockchains.
THORChain Halts Trading After Multi-Chain Breach
The protocol paused trading and signing operations after on-chain investigator ZachXBT flagged suspicious withdrawals on Telegram.
Blockchain security firm PeckShield confirmed the breach soon after.
The attacker hit Bitcoin (BTC), Ethereum (ETH), BNB Chain and Coinbase's Base network in what appears to be a coordinated, simultaneous strike. According to Arkham Intelligence data cited by CoinDesk, wallets tied to the exploiter currently hold 3,443 ETH worth about $7.77 million, 36.85 BTC worth roughly $2.97 million, and 96.6 BNB worth $66,000.
THORChain's Mimir governance module flipped trading-halt and signing-halt parameters to active, triggering a node pause that began at block 26190429. The pause is set to run for about 12 hours and 42 minutes. No post-mortem has been published yet.
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RUNE Drops 12% as Analysts Sound the Alarm
Native token RUNE tumbled about 12% on the news, slipping from $0.58 to near $0.50, according to BeInCrypto citing CoinGecko data. ZachXBT outlined three theft addresses but has not yet attributed the incident to a known threat actor.
Cross-chain bridges and liquidity protocols remain the most exploited slice of decentralized finance.
Chainalysis figures peg cumulative bridge-related theft at more than $2.8 billion since 2021. Friday's breach is at least the third security incident for THORChain in recent years.
Analysts say the timing stings. The protocol has been pitching itself as a maturing DeFi base layer, with a Monero integration and a smart-contract app layer in development. A fresh exploit complicates that narrative for investors weighing RUNE on fundamentals rather than headline volume.
RUNE Price Context Heading Into the Hack
THORChain has had a rough few months even before Friday. Earlier this year, security researchers raised concerns about laundering flows through the protocol, including funds tied to the Coinbase data-theft incident, after the exploiter routed more than $42 million in BTC into ETH using THORChain swaps.
RUNE had traded in a relatively tight band near $0.58 in recent sessions before the hack, with the broader altcoin market drifting sideways.
Friday's drop wiped out gains accumulated over the past two weeks and pushed the token to a fresh short-term low around $0.50.
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Solana (SOL) co-founder Anatoly Yakovenko says the Alpenglow consensus upgrade, now live on a test cluster, validates the network's speed-first architecture ahead of a possible Q3 mainnet rollout.
Alpenglow Test Cluster Launch
Solana developer Anza confirmed on May 11 that Alpenglow is running on a community test cluster, marking the largest consensus overhaul in the network's history. The milestone lets validators rehearse the live transition from the current architecture to the new design, a step developers informally call the "Alpenswitch."
The upgrade replaces Proof of History and TowerBFT with two new components called Votor and Rotor, and it aims to cut transaction finality from roughly 12.8 seconds to about 150 milliseconds.
Speaking at Consensus Miami 2026 on May 5, Yakovenko said the release is on track for the third quarter, calling it a pivotal step in the protocol's evolution. The upgrade cleared Solana's validator set in September 2025 with more than 98% support.
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MEV Economics Shift
Yakovenko has framed Alpenglow as proof that Solana can manage MEV at the consensus layer rather than through external middleware. He argues the design redirects validator incentives toward transparent order-flow auctions rather than eliminating MEV outright.
Under the current system, slot leaders can delay block production to sell better ordering to searchers. Alpenglow penalizes leaders that miss timeout thresholds, reducing their probability of winning future slots.
The approach contrasts with Ethereum's external relay and builder stack, which manages MEV outside the base layer. Ethereum (ETH) has built that stack over several years, while Solana is now embedding the incentive structure into base consensus.
Mainnet Stakes for Solana
The 150-millisecond finality target, if delivered at mainnet scale, would mark a qualitative shift for Solana in high-frequency DeFi and payments. Analysts argue the upgrade could sharpen the network's pitch as Layer 1 infrastructure for time-sensitive financial applications.
Changing the heart of a consensus system also carries systemic risk.
A flaw reaching production could affect transaction processing, state consistency, or even network liveness, which is why the test cluster phase is being treated as a serious proving ground rather than a formality on the way to mainnet.
Yakovenko's Alpenglow commentary follows a busy stretch for the Solana co-founder. In April, after Drift Protocol was drained of roughly $270 million in a social engineering attack tied to suspected North Korean operatives, he called the incident "terrifying," citing the patience the attackers showed in cultivating Drift contributors over months. The Alpenglow rollout will test whether his confidence in the base protocol can survive the same kind of scrutiny.
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A small Palo Alto security firm used Anthropic's unreleased Claude Mythos Preview to build the first public macOS kernel exploit that defeats Apple's M5 security shield.
Calif Breaks Apple's MIE Shield
The exploit, unveiled Thursday by Calif in a Substack post, chains two macOS bugs with several techniques to achieve full privilege escalation on Apple's M5 silicon. The Wall Street Journal first reported the findings.
Calif researchers delivered the 55-page technical report to Apple's Cupertino headquarters in person this week, the company said.
The team bypassed Memory Integrity Enforcement, the hardware-backed defense Apple spent five years engineering to block memory corruption attacks. Building the exploit code took just five days.
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Why The Mythos Exploit Matters
Mythos identified the bugs because they belonged to known categories, Calif wrote. But Apple's MIE protection is new, so human expertise carried the final stretch. The pairing produced a result that traditional auditing rarely matches at this speed.
Thai Duong, Calif's chief executive, told the WSJ that Mythos excels at reproducing documented attack patterns and auditing code. He said the model has not yet invented entirely new attack techniques on its own.
Former Google security researcher Michał Zalewski reviewed the work and called the technique significant because macOS is one of the toughest targets for hackers, though he warned that some Mythos hype may be overblown.
The exploit functions as a privilege escalation attack. Chained with another initial vector, it could let a malicious actor seize full control of a Mac.
Mythos Stays Locked Behind Project Glasswing
Anthropic released the Mythos Preview in April after internal and external evaluations suggested the model could autonomously find and exploit software flaws beyond previous public systems. The company restricted access to select technology firms, banks, and researchers under its Project Glasswing initiative rather than a wide rollout.
Mozilla has said Mythos surfaced 271 vulnerabilities in Firefox during internal testing. The U.K.'s AI Security Institute found the model could complete multi-stage cyberattack simulations without human direction. Apple recently joined Project Glasswing to scan its own codebases defensively.
Calif plans to withhold the full attack chain until Apple ships fixes for the underlying bugs.
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Strategy's perpetual preferred stock STRC posted an all-time daily trading volume of $1.5 billion on Thursday, the company's chairman confirmed.
STRC Volume Record
The Variable Rate Series A Perpetual Stretch Preferred Stock, known as Stretch, has become Strategy's main funding lane for Bitcoin (BTC) accumulation in 2026.
Chairman Michael Saylor flagged the milestone on X, writing that the session delivered "$1.53B of liquidity."
Stretch pays an 11.5% dividend and lets the company raise cash without diluting common shares.
The instrument has gained traction during the current bear market.
The STRC.live tracker estimates the firm could theoretically raise $735.4 million from Thursday's session. That sum would cover roughly 9,066 BTC at recent prices.
A Bitcoin purchase tied to those proceeds is not guaranteed.
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Treasury Funding Shift
Senior convertible notes and at-the-market equity offerings have tightened across the sector, pushing Bitcoin treasuries to lean on perpetual preferred stock. Strategy has used Stretch heavily over the past 12 months.
On the Q1 earnings call this month, Saylor said the company wants to build Stretch into "the biggest credit instrument in the world."
Rival treasury firm Strive has followed a similar playbook. The Nasdaq-listed company said Thursday its SATA preferred stock will begin paying cash dividends every business day from June 16, the first U.S.-listed security to do so. Strive's annual rate stays at 13%, with daily compounding lifting the effective yield near 13.88%.
Tokyo-based Metaplanet has also tapped perpetual preferred stocks, issuing MARS and MERCURY shares to fund Bitcoin buys.
Saylor's Buying Pace
Strategy remains the largest corporate Bitcoin holder by a wide margin. The firm reported total holdings of 818,869 BTC, valued near $66.5 billion at current market prices, with an average cost of $75,540 per coin.
Bitcoin's rally to roughly $81,000 has lifted the position into profit, with paper gains of about 7.2%.
The company has purchased 56,770 BTC since April and 101,147 BTC since March, an acceleration after a quieter February. Roughly 200 public companies still hold Bitcoin on their balance sheets.
Earlier this year, Strategy posted a $12.5 billion Q1 net loss tied to a $14.5 billion unrealized markdown on its Bitcoin stack. Executives at the time pointed to growing investor appetite for STRC as the key offset, foreshadowing the funding pattern now playing out.
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Hyperliquid (HYPE) (HYPE) jumped more than 20% in a single day to roughly $47, adding about $2 billion to its market capitalization.
HYPE Rally Hits $47 Peak
The token climbed to its highest level since October, lifting Hyperliquid close to the top 10 alts by market cap.
Coinbase appears to be the largest driver.
The exchange said it will become the official treasury deployer for USDC on Hyperliquid under the network's Aligned Quote Asset framework. The integration phases out the native USDH stablecoin issued by Native Markets.
The structure gives Coinbase the right to acquire USDH brand assets. It also directs most reserve yields from USDC supply back into Hyperliquid's ecosystem, primarily through buybacks of HYPE.
21Shares debuted its THYP exchange-traded fund on Tuesday with $1.8 million in first-day volume, the first US ETF tracking HYPE. Bitwise followed on May 15 with its BHYP product on the NYSE, the first US Hyperliquid ETF to run in-house staking. The Senate Banking Committee also voted 15-9 to advance the Clarity Act, adding tailwind across the broader crypto market.
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Analysts Flag Sell Signals
Not every trader sees clear skies. Analyst Ali Martinez pointed to a TD Sequential sell signal that previously caught HYPE's rebound from $22 to $44 over several months. Martinez said the same indicator now signals possible profit-taking, with downside targets of $36 or $33.
Crypto Patel offered a similar caution. The analyst sees $33 as the first meaningful reaction zone, with deeper liquidity sitting near $30 and $27. Patel said a break above $50 would invalidate the bearish setup.
Analyst GA Crypto put a number on it. The trader estimated a 20% chance HYPE clears the $59 all-time high reached in September 2025, and an 80% probability it drops first to gather lower liquidity.
HYPE Price Context
HYPE peaked at $59.37 on Sept. 18, 2025, before easing into a months-long range between roughly $30 and $47. The token consolidated near $40 for much of last week, then broke higher Thursday on the Coinbase and ETF news. The pattern of sharp rallies followed by retracements has been a recurring feature of HYPE since its Nov. 2024 debut, and the current setup leaves traders watching the $46 to $50 zone for the next directional cue.
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JPMorgan Chase has filed with U.S. regulators to launch a tokenized money market fund on Ethereum, built to hold reserves for stablecoin issuers.
SEC Filing Details
The bank submitted the registration on May 12 to the Securities and Exchange Commission, according to documents reviewed and a filing summary posted.
The product is called the JPMorgan OnChain Liquidity-Token Money Market Fund. It will trade under the ticker JLTXX.
JLTXX is set to invest only in short-term U.S. Treasury securities, cash, and overnight repurchase agreements backed by government paper.
The fund will run on Ethereum, with token balances managed by Kinexys Digital Assets, JPMorgan's in-house blockchain unit formerly known as Onyx. The SEC filing became effective May 13, though the bank has not disclosed a launch date. Investors face a $1 million minimum and a 0.16% annual fee after waivers.
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Stablecoin Reserve Play
The filing language is unusually direct about the target market. JPMorgan wrote that the fund "invests in a manner intended to satisfy" reserve requirements under the GENIUS Act, the federal stablecoin law signed in July 2025.
That law requires U.S.-compliant stablecoin issuers to back their tokens with cash, Treasuries, or insured bank deposits. JLTXX gives them a way to park those reserves and earn yield.
Bloomberg ETF analyst Eric Balchunas called the filing a "big deal," noting the 16-basis-point fee is low for a stable-NAV product and would be hard to replicate inside a traditional ETF wrapper.
Wall Street Tokenization Race
JLTXX is JPMorgan's second tokenized money market fund. The first, MONY, launched in December 2025 and also runs on Ethereum.
The filing arrives days after BlackRock submitted paperwork for two tokenized money-market vehicles aimed at stablecoin holders, including a digital share class tied to its $6.1 billion Select Treasury Based Liquidity Fund.
Morgan Stanley rolled out a non-blockchain stablecoin reserves fund last month, and Franklin Templeton already operates the tokenized BENJI product.
The broader tokenized real-world asset market has grown to roughly $32.2 billion, according to data from RWA.xyz, with tokenized Treasuries accounting for the largest share at about $15.9 billion. CEO Jamie Dimon told shareholders in his April letter that the bank needed to move faster on blockchain rails, a shift from his earlier skepticism of digital assets that for years framed Bitcoin and crypto trading as speculative and of limited utility to mainstream banking.
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Whales with at least 1 million Cardano (ADA) tokens now hold a record 25.09 billion ADA and 67% of supply, despite a 71% market cap drop.
Whale Holdings Hit Record
On-chain analytics firm Santiment disclosed the figure in an X post. The cohort now controls 67.47% of the circulating supply, the highest concentration since July 2020.
That share has climbed steadily since December 2023, when these wallets held closer to 19.2 billion ADA. The accumulation extended through one of Cardano's weakest stretches in years.
ADA traded near $0.2647 on Thursday, down about 3.1% over 24 hours, according to data cited by Tronweekly. The token sits roughly 71% below its late-2025 peak near $0.90.
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Analyst Sees Bullish Setup
Santiment said the millionaire tier appears content adding more while prices remain depressed. The firm framed the pattern as evidence that key stakeholders view current levels as a discount rather than an exit cue.
Independent analyst Ali Martinez pointed to a fresh SuperTrend buy signal on the ADA daily chart. He had flagged the same indicator's sell trigger on Sept. 25, 2025, which preceded the 73% decline.
Martinez set $0.33 as his first upside target and $0.42 as a secondary level. His bullish case rests on ADA holding the $0.25 support floor.
Recent ADA Backdrop
Momentum readings remain mixed. The RSI sits near 53.66, while the MACD line holds above its signal line, though the histogram has begun fading, per crypto.news.
Cardano spent much of the past nine months retracing from its 2025 highs, with sharp legs lower in the final quarter.
Founder Charles Hoskinson has continued to defend the network's development pace, recently praising the Clarity Act text as ADA tested a triangle structure.
Whale concentration on the network has not been this high in nearly six years. The last comparable reading, in 2020, came before Cardano's smart contract rollout and its subsequent multi-year rally.
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BNB Chain (BNB) just posted the fastest real-world asset holder growth of any major blockchain this year, while dollar liquidity on the network climbed past $16 billion.
RWA Holders Jump 567% On BNB Chain
A fresh CryptoRank dataset, shared on May 14, showed BNB Chain's non-stablecoin RWA holder base rose 567.4% year-to-date. The ecosystem added 50,915 holders, lifting the total to 59,888.
That number puts BNB Chain ahead of every other major chain by percentage. Base trailed with 84.5% growth, while Solana (SOL) gained 73%.
Solana still led on absolute additions, picking up more than 90,000 new RWA holders. Plume and HyperEVM, both pitched as RWA-focused networks, lost holders over the same window. Total RWA holders across tracked chains rose from 576,000 to roughly 775,000 in 2026.
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Stablecoin Supply Climbs 73%
Stablecoin liquidity on the network tells a parallel story. A snapshot from Artemis pegged BNB Chain's stablecoin supply at roughly $16.12 billion, a 73% increase from a year ago.
The base expanded from about $9 billion to $16 billion across the past 12 months. DeFiLlama logged a lower figure of $13.87 billion using its own methodology, with USDT making up roughly 66% of the chain's stablecoin base.
The differences in tracker methodology do not change the trend. BNB Chain has added several billion dollars in dollar-pegged liquidity over the year and remains one of the largest non-Ethereum stablecoin networks.
BNB Price Tests Resistance
BNB itself traded near $682 on Thursday, up about 1.6% on the day after a steady push through the first half of May. The RSI sat close to overbought territory, while the Directional Movement Index registered a positive reading of 30.07 against a negative reading of 6.47.
Analyst Aishwarya Shashikumar projected BNB could test $687 by May 17, with resistance levels stacking at $682.85, $694.32 and $703.71. A break above $700 could shift sentiment, she said.
The strong network metrics likely help explain the steady bid. Whether that holds depends on whether momentum cools before the next resistance level.
BNB's recovery has been building since late April. The token gained roughly 5% over the past week and around 11% over the past month, climbing from levels near $628 hit in the first week of May. The chain's Fermi upgrade earlier this year cut block finality to 0.45 seconds, and quarterly token burns have continued to tighten supply against the backdrop of expanding on-chain activity.
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Ripple, Avalanche (AVAX), and the Solana (SOL) Foundation are among the confirmed participants at Southeast Asia Blockchain Week in Bangkok.
Confirmed Lineup Spans Regulators and Industry Leaders
The announcement also lists StraitsX, BitGo, Anchorage Digital, Canton, Xapo Bank, Token X and AWS among the participants, with an agenda spanning artificial intelligence, payments and blockchain infrastructure.
Regional regulators are also expected to attend, though the release stops short of naming specific agencies.
The lineup includes K-pop act Token X, a less conventional booking for a blockchain conference and one that appears geared toward pulling in mainstream Southeast Asian audiences.
The mix of institutional crypto firms, regulators and pop entertainment fits a broader outreach playbook that large Asian crypto events have leaned on throughout 2026.
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Background
Southeast Asia has grown steadily as a hub for crypto events and regulation since 2023. Thailand and Singapore have both moved toward clearer licensing frameworks for digital asset businesses.
Bangkok in particular has hosted several major Web3 gatherings as Thai regulators expanded their oversight of the sector. Ripple has maintained an active presence across Asia, partly driven by its cross-border payments focus and its ongoing relationships with regional financial institutions.
Avalanche and the Solana Foundation have each pursued developer and institutional partnerships across Southeast Asia over the past two years.
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AWS and AI Tracks Signal Expanding Agenda
The presence of AWS hints at a wider conference theme. AI and blockchain infrastructure sit near the top of the agenda, a pairing that has shown up at most major regional crypto gatherings in 2026.
AWS's involvement points to enterprise-focused sessions running alongside the more token-heavy programming typical of these events. XRP (XRP) is tied to Ripple's participation and is likely to surface in payments panels.
Canton, which runs a blockchain network built for institutional finance, is another name worth flagging. Its appearance alongside StraitsX, a stablecoin issuer active in Singapore and Indonesia, reinforces the payments and settlement thread running through the program.
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At least five law firms are pursuing or advertising securities fraud claims against Gemini Space Station, Inc. (GEMI), with a key lead-plaintiff deadline set for May 18, 2026.
According to filings by Hagens Berman and Bernstein Liebhard LLP Gemini overstated the viability of its cryptocurrency exchange platform at the time of its IPO.
What Investors Are Alleging
Plaintiffs allege the company concealed an impending corporate pivot and executive turmoil from investors. On February 5, 2026, Gemini announced what it called "Gemini 2.0," a sweeping shift toward a prediction-market strategy.
The announcement came with a reported 25% workforce reduction. Investors who purchased Class A common stock at or around the IPO price are the primary targets for recruitment into the class action.
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Multiple Firms Racing for Lead Plaintiff
The Schall Law Firm, DJS Law Group, Berger Montague, and the Law Offices of Frank R. Cruz have each published notices urging GEMI shareholders to contact them before May 18.
This pattern is common in U.S. securities litigation. Firms compete to represent the investor with the largest documented loss, who then becomes the lead plaintiff. The May 18 date is a court-imposed window under the Private Securities Litigation Reform Act.
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Background
Gemini Space Station is a NASDAQ-listed company operating a cryptocurrency exchange platform under the GEMI ticker. It is distinct from Gemini Trust, the crypto exchange founded by Tyler and Cameron Winklevoss.
The space-station company's IPO drew investor interest on the strength of its crypto platform growth narrative. Earlier in 2026, the company's February pivot announcement caused a sharp revaluation among investors who had based purchase decisions on the original IPO disclosures.
The lawsuit filings began circulating on PR wire services on May 14, 2026. No response from Gemini Space Station was included in any of the firm announcements reviewed.
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Bittensor (TAO) changed hands around $296.53, slipping about 2.2% against the dollar over the past 24 hours even as the token kept its place on trending list.
Daily volume reached $206.7M, and the project's market cap held near $2.85B, leaving it ranked 37th among digital assets.
How the Bittensor Network Operates
Bittensor is built on an open-source protocol that uses a blockchain to coordinate a decentralized machine learning network. Participants feed AI model inferences into the system and earn TAO in return, with payouts tied to how useful and accurate their outputs prove to be.
The network leans on two types of nodes to make that work. Servers generate the model outputs, while validators score them. Nodes that consistently deliver strong results pull in larger TAO rewards over time. Those that lag get pushed off the subnet altogether.
The setup is meant to police quality without a central gatekeeper, an arrangement the protocol's designers liken to a free market for machine intelligence.
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The Subnet Model
Bittensor's most significant architectural feature is its subnet system. Each subnet is a specialized sub-network focused on a specific AI task, such as text generation, image recognition, or data storage.
As of mid-2026, the Bittensor network hosts dozens of active subnets.
Each subnet has its own validator and miner ecosystem. Subnet creators register their subnet on-chain and compete for TAO emissions. Larger subnets with stronger validator consensus attract greater share of the daily TAO issuance.
This modular design allows the network to expand into new AI verticals without requiring a full protocol upgrade. It also disperses risk. If one subnet underperforms, it captures fewer emissions and can be replaced without disrupting other subnets.
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Background
Bittensor launched its mainnet in 2021 after development began in 2019. Early growth was slow due to limited awareness in both crypto and AI communities. The project gained broader attention in 2023 as large language model interest surged following major AI product launches from technology companies.
TAO reached a prior all-time high above $700 during the late 2024 AI token rally.
The token has since traded off from those levels.
The current price near $297 represents roughly a 57% drawdown from that peak. That compression in valuation has coincided with a broader cooling in speculative AI token activity across the market.
The network's development team has continued shipping through the price decline.
The subnet count has grown materially over the past 12 months. Several well-known crypto funds hold TAO as a core position in AI-focused portfolios, based on publicly available disclosures.
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Market Position and Competitive Landscape
At a $2.85B market cap, Bittensor is among the largest pure-play decentralized AI infrastructure tokens. It is larger than Gensyn at $57.4M and roughly comparable to Render's market cap range in recent months.
The 24-hour volume of $207M is high relative to market cap. That ratio of roughly 7% day-over-day volume suggests active speculation alongside structural holders. The Bitcoin (BTC)-denominated loss was approximately 0.56%, much smaller than the USD decline, as Bitcoin also fell on the day.
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Fasset lands $51M to scale Shariah-compliant stablecoin banking across Southeast Asia, South Asia, and Gulf emerging markets.
Fasset, a stablecoin-powered digital bank built to Shariah-compliant standards, has raised $51 million to expand its services across emerging markets.
The round positions Fasset among the better-funded crypto-native banking startups targeting populations with limited access to traditional financial services.
What Fasset Builds
Fasset operates as a neobank that routes payments and savings products through stablecoin rails rather than traditional correspondent banking networks. Its Shariah-compliant structure means the product avoids interest-bearing instruments, instead generating revenue through transaction fees and platform services.
That design opens Fasset to a large Muslim-majority population across Southeast Asia, South Asia, and the Middle East where conventional interest-based banking products face religious and cultural barriers.
The company has been active in Indonesia and several Gulf markets. The $51 million raise is intended to deepen coverage in existing markets and add new country launches. Fasset did not publicly name all investors in the round at the time of reporting. USDC and other dollar-pegged stablecoins form the core of the payment layer the company uses for settlement.
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Background
Emerging market fintech investment has been uneven through 2025 and into 2026. UK fintech funding fell 43% in the first quarter of 2026 compared with the prior year, according to data from Tracxn cited by Finextra. That contraction was concentrated in consumer lending and buy-now-pay-later products.
Stablecoin-based payment startups operated in a different funding environment, as institutional appetite for regulated stablecoin infrastructure remained strong following the passage of key legislation in several jurisdictions. Ripple CEO Brad Garlinghouse, Binance CEO Richard Teng, and Solana (SOL) Foundation President Lily Liu separately identified stablecoin payments as one of three primary crypto adoption drivers in a CoinDesk podcast panel published this week.
Fasset's raise lands in that context. Earlier this year, venture capital broadly began returning to crypto after a cautious 2024, with activity concentrating in infrastructure, payments, and compliance-ready platforms rather than speculative token projects.
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The Shariah Compliance Angle
Shariah compliance in financial products prohibits riba, the Arabic term for interest or usury. Conventional banks offering savings accounts and loans generate revenue primarily through interest, which disqualifies them for observant Muslim customers. Fasset's stablecoin model sidesteps that constraint by treating balances as digital cash rather than interest-bearing deposits.
Transaction fee income replaces net interest margin. The approach mirrors how Islamic banks in Malaysia and the Gulf have historically structured products, but applies the logic to a crypto-native stack. The addressable market for Shariah-compliant digital banking is estimated in the hundreds of millions of potential customers globally.
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Competitive Landscape
Fasset competes with a small number of dedicated Islamic fintech platforms, as well as generalist stablecoin payment networks expanding into emerging markets.
Circle, whose USD Coin (USDC) is a core settlement asset for many of these platforms, has invested in adjacent infrastructure through its Circle Ventures arm. Turnkey separately raised $12.5 million in a round backed by Circle Ventures and Sequoia Capital, according to a report published May 14. That raise focused on developer wallet infrastructure rather than end-user banking, but it illustrates how the stablecoin ecosystem is being built out at multiple layers simultaneously. Fasset's $51 million is substantially larger than most infrastructure raises in this cycle, suggesting its investors see a near-term revenue path from transaction volume in high-growth emerging markets rather than a longer wait for protocol maturity.
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The cryptocurrency industry says the U.S. may finally be moving toward a workable legal framework for digital assets after the Senate Banking Committee advanced the Clarity Act, a bill supporters argue could end years of regulatory confusion that pushed innovation offshore.
The committee approved the legislation Thursday by a 15-9 vote, moving the most significant crypto market structure bill yet closer to the Senate floor. The proposal would establish formal jurisdictional boundaries between the Securities and Exchange Commission and the Commodity Futures Trading Commission while creating clearer rules for token launches, decentralized finance activity and non-custodial software.
Industry executives described the bill as a pivotal shift for American crypto policy, though many cautioned that the legislation still faces a difficult path through Congress and years of additional rulemaking.
“The CLARITY Act is exactly what the crypto industry needs,” Jeff Amico, COO of Gensyn told Yellow.com in an emailed statement. “The current system is opaque and allows bad actors - from exchanges to token issuers - to take advantage of retail users.”
The U.S. crypto sector has spent years operating under overlapping enforcement actions from federal agencies, with companies often uncertain whether tokens would be treated as securities, commodities or something else entirely.
Industry Says Tokenization Has Already Moved Ahead Of Regulators
Executives across the sector argued the legislation matters less because it validates blockchain technology and more because it acknowledges a market structure already emerging globally.
“Regulated tokenized securities are no longer theoretical,” said Jesse Knutson, Head of Operations at Bitfinex Securities. “Issuers want faster access to capital, investors want access to markets that are not limited by legacy infrastructure, and institutions have been waiting for rules clear enough to justify larger commitments.”
The bill’s supporters say clearer oversight could help bring institutional capital into tokenized securities, stablecoins and decentralized finance markets while reducing legal uncertainty for developers building blockchain infrastructure in the United States.
Mari Tomunen, General Counsel at DoubleZero, said one of the legislation’s most important features is its treatment of decentralized and non-custodial software.
“The Clarity Act helps create clearer statutory boundaries for decentralized and non-custodial activity,” Tomunen said, adding that existing guidance often incentivized projects to disclose less information out of fear of increasing securities liability.
The measure passed committee largely along party lines, though Democratic Sens. Ruben Gallego of Arizona and Angela Alsobrooks of Maryland joined Republicans in supporting the bill. Chairman Tim Scott said the digital asset sector had been trapped in a “regulatory gray zone” for too long.
The House passed its own version of the legislation in July 2025, meaning lawmakers must still reconcile differences between the chambers before any final bill can reach President Donald Trump.
Industry Warns U.S. Still Risks Falling Behind Global Crypto Hubs
Despite optimism around the bill, several industry figures warned that the United States still risks losing ground to jurisdictions moving faster on digital asset regulation.
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Angus Scott, founder of the Solana Research Institute, said the legislation is likely only the beginning of a much longer regulatory process.
“The CLARITY Act is likely to be merely a first step down a long regulatory road rather than the last word on the subject,” Scott said. “The UAE, Singapore and Hong Kong have not waited for American consensus to form.”
That concern has become increasingly central to Washington’s crypto debate as countries including the United Arab Emirates and Singapore aggressively position themselves as digital asset hubs with licensing frameworks already in place.
Banking trade groups also continue opposing parts of the legislation, particularly provisions around stablecoin rewards, warning that tokenized dollar systems could draw deposits away from traditional lenders and weaken bank balance sheets.
Crypto firms counter that the legislation includes guardrails and only permits rewards under limited consumer payment scenarios.
Senate Vote Remains Biggest Obstacle
While the committee vote represented the bill’s strongest legislative progress yet, the legislation still faces major political hurdles before becoming law.
Markus Levin, co-founder of XYO, said the hearing exposed a genuine divide between lawmakers who view crypto primarily as a market structure issue and those focused on ethics and enforcement concerns.
“The bipartisan signal from today is real but fragile,” Levin said. “If the negotiating space that opened today holds, there’s a credible path to 60 votes.”
That 60-vote threshold remains the immediate challenge in the Senate, where Democrats and Republicans remain divided over decentralized finance provisions, stablecoin oversight and conflict-of-interest concerns surrounding crypto holdings by political figures.
The White House has reportedly targeted July 4 for a final presidential signature, though negotiators still must reconcile Senate and House versions before any final passage can occur.
For the crypto industry, however, even advancing the legislation this far marks a major shift after years of stalled negotiations and canceled hearings.
“Serious teams are more than happy to comply with regulation like this,” Amico said. “It helps separate the good actors from bad.”
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SKYAI (SKYAI) has surrendered nearly half of a 4,200% advance, breaking a key demand zone and leaving the chart open to a further 14% slide.
SKYAI Breakdown Pressures Buyers
The AI-themed token rallied roughly 4,200% between Mar. 30 and May 4. That stretch ranked among the strongest altcoin advances of the current cycle.
The token has since erased close to 48% of those gains.
A 23% daily drop pushed price through a demand zone that traders had expected to absorb supply.
The breakdown leaves the next major demand area roughly 14% below current levels. Chart history shows that lower zone previously wicked and rebounded, which kept dip buyers engaged through earlier pullbacks.
SKYAI's parabolic move was ignited by an April 30 spot listing on Bitget and final testing of the project's MCP Hub, a routing layer for AI agents. The token hit an all-time high of $0.8569 on May 6.
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Money Flow Signals Stay Mixed
Buying activity has not collapsed despite the selloff. The MACD has yet to confirm the breakdown, while the Money Flow Index slipped from 91 to 73, a reading that still sits in territory analysts associate with active inflows rather than capitulation.
Chaikin Money Flow remained positive at press time, indicating buy-side volume continues to outweigh sell pressure. That detail suggests market structure has not yet turned outright bearish.
CoinGlass liquidation data reframes the drop in a different light. Multiple liquidity clusters sit above the current price, the kind of zones price often gravitates toward as markets seek leveraged stops.
Under that lens, the breakdown may have flushed leveraged longs before another upward attempt. Stop hunts of this type frequently precede continuations of a broader trend.
SKYAI's Wild Spring Run
The drawdown caps a turbulent few weeks for the token. Binance perpetual traders had positioned bearishly around the May 6 peak, with the long-to-short ratio falling to 0.43 as open interest declined and funding rates drifted toward zero.
Whale concentration concerns also surfaced in mid-May. Blockchain analytics firm Bubblemaps flagged 36 freshly created wallets that moved roughly 25% of the token's supply onto Gate.io shortly before the April 30 Bitget listing. The findings have raised questions about coordinated activity behind the parabolic move, even as on-chain investigator ZachXBT has warned for months about similar setups across other recent listings.
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