📊 Global Markets Lose $1.5T as Geopolitical Risk Triggers Sell-Off
Global markets shed more than $1.5 trillion in value over 10 hours as Bitcoin, gold, silver, and major Asian equities declined sharply in tandem.
The sell-off followed fresh U.S. strikes on Iran, fueling concerns over rising oil prices and inflation. Markets also reacted to expectations of possible Bank of Japan intervention in the yen, compounding risk-off sentiment across asset classes.
🐸 Hackers hijack SpaceX accounts to pump SCATMAN memecoin
Attackers compromised the official X accounts of SpaceXAI and Starlink on Sunday to promote a memecoin called Scam Altman (SCATMAN), which briefly reached a $32 million market cap on Robinhood Chain before collapsing 98%.
According to Lookonchain, the hacker minted 10 trillion SCATMAN tokens and dumped them for approximately $135,000 in ether, executing a classic pump-and-dump via hijacked verified accounts. The token's rapid collapse left retail buyers holding near-worthless positions.
The incident follows a recurring pattern of attackers targeting high-profile verified accounts on X to lend credibility to fraudulent token launches.
🔐 20-Year-Old Fraudster's Wallet Processed $122M Before Interpol Arrest
A single crypto wallet linked to a 20-year-old suspect processed over $122 million before Interpol intervened in a Thailand-based case.
The investigation highlighted how cross-chain token swaps across multiple services, assets, and jurisdictions can significantly complicate blockchain tracing efforts for law enforcement.
⚖️ Binance EU Outflows Hit $1.23B as Regulatory Deadline Looms
Binance is seeing significant capital leave its platform in Europe, with weekly outflows reaching $1.23 billion as the ESMA deadline of July 1, 2026 drives EU-related crypto wind-downs.
Around 70% of those outflows moved to self-custody wallets rather than rival exchanges, suggesting the liquidity may not quickly return to centralized venues. Analysts note that once users migrate to self-custody, re-onboarding to CEX platforms tends to be slow, keeping order book depth thinner for an extended period.
The ESMA regulatory deadline is pushing EU-facing crypto operations to restructure or exit, with Binance among the platforms most visibly affected by the resulting capital rotation.
Michael Saylor and Adam Back have publicly opposed Bitcoin Improvement Proposal 110, warning it poses a serious threat to network unity.
Saylor called BIP 110 a "dangerous precedent," while Back cautioned that the proposal could split the Bitcoin network. Miner support for the proposal currently sits near zero, though both figures warn the risk of a chain split remains real if momentum shifts.
BIP 110 is among the more contentious proposals to surface in Bitcoin's development community in recent years, with critics arguing it could fragment consensus and undermine the protocol's stability.
⚖️ Custodia Bank takes Fed master account fight to Supreme Court
Crypto-focused Custodia Bank has filed a petition for certiorari with the U.S. Supreme Court, escalating its six-year dispute with the Federal Reserve over access to a master account.
The central legal question: whether regional Federal Reserve Bank presidents have the authority to deny master account services to chartered institutions. Custodia, which holds a Wyoming special-purpose depository institution charter, has repeatedly applied for a Fed master account and been denied. The outcome could determine whether regulators can effectively block crypto-focused banks from accessing core payment infrastructure.
💵 Circle Paid Coinbase $908M for USDC Distribution in 2024
Circle paid Coinbase $908 million for USDC distribution services, according to newly disclosed figures. The partnership agreement is set to renew in August 2026.
The payout reflects Coinbase's central role in distributing the second-largest stablecoin by market cap. The renewal terms could reshape how revenue is split between the two companies, with potential implications for Circle's margins ahead of its planned IPO.