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According to the "Procuratorial Daily," Lin, Zeng, and Dai conspired to use virtual currency trading as a pretext. During the trading process, they secretly filmed the victim's digital wallet private key and, after the virtual currency was credited, secretly logged into the victim's wallet to reverse the transaction, transferring the related virtual currency back to their controlled accounts. The three committed the crime three times, causing the victim a total economic loss of 660,000 yuan.The first-instance court held that in the absence of a clear judicial interpretation regarding the valuation method of virtual currency and sentencing standards, it was inappropriate to directly determine the amount involved as particularly huge based on the victim's purchase amount of 660,000 yuan. Therefore, they sentenced the three based on "other serious circumstances," imposing prison terms ranging from eight years to five years and six months, along with fines. The Hanyang District Procuratorate of Wuhan City in Hubei Province subsequently filed an appeal, which was supported by the Wuhan City Procuratorate.The prosecution argued that the first-instance court applied the law incorrectly and imposed an excessively light sentence. Prosecutor Dai Wentao of the Wuhan City Procuratorate stated that in the case where the victim had a clear loss amount to refer to, it was contradictory and legally erroneous to claim that the value of virtual currency could not be determined. In judicial practice, using the resale price and transaction price as the basis for determining the amount of theft has become mainstream, and determining the value of virtual currency based on the actual cost paid by the victim has factual, legal, and practical basis.The Intermediate Court of Wuhan accepted the prosecution's opinion in the second instance, revoked the corresponding content of the original judgment, and changed the determination of the theft amount to particularly huge. It sentenced the principal offender Lin to ten years and six months in prison for theft, and sentenced the accomplices Zeng and Dai to eight years in prison each, along with fines.

According to the official website of the U.S. Congress, the full text of the U.S. House of Representatives' "American Reserve Modernization Act" (H.R.8957, ARMA) has been made public. This bill was introduced on May 21 by Alaska Congressman Nicholas Begich and has now been referred to the House Financial Services Committee for review.The main content of the bill includes: incorporating Bitcoin obtained by the government through criminal or civil forfeiture into a strategic Bitcoin reserve managed by the Treasury Department, establishing a minimum holding period of 20 years during which it cannot be sold or disposed of; establishing a quarterly reserve verification mechanism and introducing independent third-party audits; allowing states to voluntarily hold their Bitcoin in independent accounts at the Federal Reserve.In terms of forward-looking provisions, the bill requires the Treasury Department and the Department of Commerce to jointly study feasible paths for increasing Bitcoin holdings in a budget-neutral manner within 180 days, including converting non-Bitcoin digital assets, forfeiture proceeds, voluntary donations, tax or tariff revenues, and utilizing mechanisms related to the Federal Reserve or gold certificates.Analysts point out that compared to the previous "BITCOIN Act," which called for the purchase of 1 million Bitcoins, ARMA is more moderate and politically feasible, but still leaves room for future federal increases in Bitcoin holdings.

According to Bloomberg, the U.S. House Ways and Means Committee is preparing legislation to establish a cryptocurrency tax structure, which could be released as early as Friday, followed by a hearing early next week. Committee Chairman Jason Smith will prioritize the development of a digital asset tax framework, with the Treasury Department also involved in the process.The committee is expected to release seven bills addressing when tokens obtained through mining or staking will be taxed, exempting certain stablecoin transactions from capital gains tax, equal tax treatment for digital assets and securities (including charitable donations), allowing foreign investors to trade U.S. securities without being taxed as domestic entities, and expanding wash sale rules to digital assets.

According to Decrypt, U.S. Treasury Secretary Behnam stated at a Senate Finance Committee hearing that the Treasury is advancing Trump's executive order to establish a U.S. strategic Bitcoin reserve at a "prudent and steady pace," emphasizing that "best practices" will be adopted to ensure the relevant mechanisms have long-term sustainability.Behnam pointed out that the strategic Bitcoin reserve is a completely new area, and the implementation process is relatively complex, so the government is carefully developing a custody and management framework. Currently, the U.S. government holds approximately 328,400 Bitcoins, valued at about $20.6 billion, and these assets mainly come from seizures in criminal and civil cases.In addition, Behnam urged Congress to advance the digital asset market structure bill, the CLARITY Act, which he believes is crucial for maintaining the U.S.'s leading position in digital asset innovation. The bill aims to clarify the regulatory framework for digital assets and define when crypto tokens are subject to securities or commodities regulatory rules. The relevant legislation is currently under review in the Senate.

According to Gate market data, the Nasdaq 100 index has turned positive, and market sentiment has warmed up.

According to Jinshi reports, Goldman Sachs CEO Solomon stated that the prosperity of the stock market is driven by a desire for profits, which outweighs concerns about economic turmoil and inflation risks. He pointed out that the current market sentiment is much more greedy than fearful, with ample funds available. At the same time, Solomon acknowledged that the risk of escalating inflation may prompt the Federal Reserve to raise interest rates, emphasizing the real existence of inflationary pressures.

Well-known Bitcoin market analyst PlanB predicts that the probability of Bitcoin falling below $61,000 is over 50%. He believes that the probability of Bitcoin dropping below $61,000 and even $53,000 both exceed 50%, suggesting that the market may still face further downward pressure in the future. Crypto KOL Qinjiaopike stated, "The automatic trend indicator alert shows that Bitcoin's 3-day line has entered a new downward trend, and a new round of decline in the latter half of the bear market has begun, with a bear market bottom target of $42,000-$44,000."The top profit leader before the Binance contract live trading, 0xPickleCati, posted on their personal channel, "Speak of the devil, the devil appears; in a bear market, don't try to guess the bottom, in a few months you might find there is no bottom."

GoPlus issued a security alert stating that the Korean version of Liangxi, contract live broadcast KOL Xibajie @jadoodoo_'s X account has been hacked, and is crazily sending phishing links to fans under the guise of collaboration. Several KOLs have already fallen victim, with total losses amounting to approximately $5,000. Please do not click on links to connect wallets or download malware.

Recently, the People's Procuratorate of Licang District, Qingdao City, Shandong Province, China, handled a Bitcoin theft case. The defendant, Zhang, obtained the mnemonic phrase while assisting an acquaintance in registering a virtual currency wallet, and later transferred 107 BTC in multiple transactions, equivalent to over 50 million yuan at current market prices. Zhang argued that his actions were a "protective takeover," but the prosecution found that he transferred the stolen BTC through multiple trading platforms and exchanged it for over 660,000 yuan. The Licang District Court sentenced Zhang to 10 years and 9 months in prison for theft and imposed a fine of 100,000 yuan; the second instance upheld the original judgment.Reports indicate that the prosecutor handling the case strictly adhered to laws and judicial policies, and after in-depth analysis, concluded that although China's regulatory policies deny the legal currency status of virtual currencies, they do not negate their property attributes, nor do they prohibit citizens from legally holding and circulating them. Bitcoin requires investment in computing power, funds, and other costs to acquire, which gives it economic value; rights holders can achieve exclusive control and management through private keys and mnemonic phrases, aligning with the core characteristics of "property" in criminal law, making it a target for theft. In determining the amount, since virtual currencies have no official pricing, the Licang District Procuratorate discarded market price estimates and used the actual proceeds from the crime of over 660,000 yuan as the amount for theft, ensuring accurate conviction, appropriate sentencing, and unity of guilt and punishment.

Multicoin Capital co-founder Kyle Samani recently stated that Hyperliquid is essentially just a "Binance 2.0 without a marketing team."Samani believes that Hyperliquid made a lot of technical decisions during its development that are suitable for centralized systems but difficult to adapt to a permissionless decentralized environment. He stated that these architectural choices have caused the project to lag behind some competitors in its development towards decentralization.In addition, Samani pointed out that as the regulatory environment changes, the requirements for partners from compliant companies in the U.S. are increasing, and Hyperliquid's current model may face more challenges. He further stated that real American companies today would no longer choose to collaborate with it.Recently, Hyperliquid has become the market focus due to the continuous rise of the HYPE token and increasing trading volume, but discussions surrounding its level of decentralization, governance model, and regulatory risks are also heating up.

According to Cointelegraph, Swan Bitcoin CEO Cory Klippsten stated in an interview that although institutional investors' participation in the cryptocurrency space is increasing, it is very important to pay attention to retail sentiment towards Bitcoin, as Bitcoin holdings are far from being concentrated. "Bitcoin is not monopolized like BlackRock or Fidelity; in fact, it is primarily purchased by numerous retail accounts."

Celsius founder Alex Mashinsky submitted a motion to a New York court seeking to overturn his 12-year sentence for fraud and market manipulation. The documents show that Mashinsky chose to represent himself (pro se) after his lawyer withdrew, stating that his lawyer "stopped communicating with him," forcing him to submit documents to the court personally. He claims that there was "ineffective legal representation" in his previous defense and invokes the "fruit of the poisonous tree" doctrine to question the legality of some evidence in the case.Mashinsky also accused Sam Bankman-Fried of attempting to "destroy Celsius" in the submitted materials and attributed market manipulation related to the CEL token to FTX. Additionally, he publicly shared text messages with former Celsius Chief Revenue Officer Roni Cohen-Pavon, claiming that the latter had attempted a "hostile takeover" of the company. In 2025, Mashinsky pleaded guilty to commodity fraud and securities fraud and was sentenced to forfeit $48 million, while also required to pay $10 million in settlement to the Federal Trade Commission. Cohen-Pavon, who previously assisted the prosecution as a witness, has been sentenced to "time served" and paid over $1 million in fines.

The court in Qujiang District, Quzhou City, Zhejiang Province, China recently ruled on a hacker case that used government and enterprise websites as a platform for pornography. The defendant, Zhou, illegally controlled over 150 servers (involving 157 government and enterprise units and well-known apps) through website vulnerabilities, batch-injecting malicious files, forcing redirection to overseas pornographic websites, and selling control permissions for profit. To evade tracking, Zhou rented a house and opened accounts using the identities of friends and relatives, arranged for accomplices to operate

The cryptocurrency market research organization Santiment stated that ETH has fallen below $2000 for the first time since March 29. Typically, after a significant price drop, the market exhibits two typical sentiments: one is retail investors falling into FUD due to weak performance, and the other is FOMO sentiment viewing the drop as a "discount buying opportunity." Santiment pointed out that the market is currently experiencing the latter. As ETH breaks below a key psychological support level, a large number of retail investors are starting to "buy the dip."They believe this usually indicates that the price of ETH may still have further room to decline, as retail sentiment is currently too optimistic, and historically, the general market tends to make incorrect judgments. Santiment stated that a truly better buying opportunity usually occurs after market FOMO cools down and sentiment shifts to panic.

The cryptocurrency market research firm Santiment stated that ETH has fallen below $2000 for the first time since March 29. Typically, after a significant price drop, the market exhibits two typical sentiments: one is retail investors falling into FUD due to weak performance, and the other is the FOMO sentiment that views the drop as a "discount buying opportunity."Santiment pointed out that the latter is currently emerging in the market. As ETH breaks below a key psychological support level, a large number of retail investors are starting to "buy the dip." It believes that this usually indicates that the price of ETH may still have further room to decline, as retail sentiment is currently too optimistic, and historically, the general market tends to make incorrect judgments. Santiment stated that the truly better buying opportunities usually arise after market FOMO cools down and sentiment shifts to panic.

ETH has fallen below $2000 for the first time since March this year. Over the past 7 days, ETH has cumulatively dropped nearly 8%, with a decline of over 5% in the last 24 hours. Meanwhile, ETH futures open interest (OI) has risen for the third consecutive day, reaching a historic high of 16.39 million ETH, with a nominal value of approximately $3.25 billion. Analysts believe that the continuous rise in OI against the backdrop of falling spot prices indicates that the market is experiencing more aggressive leveraged short-selling behavior.Markus Thielen, founder of 10x Research, stated that more and more investors are beginning to abandon ETH, "ETH does not generate cash flow, and in the context of rising U.S. Treasury yields, the attractiveness of staking yields is declining." Additionally, U.S. spot ETH ETFs have seen a cumulative net outflow of $401 million this month, completely reversing the net inflow of $354 million in April. Market sentiment has also continued to deteriorate due to the departure of core members from the Ethereum Foundation.David Hoffman, co-founder of Bankless, previously stated that he has sold his ETH holdings, believing that the narrative of "ETH as currency" has been fully priced in. The Web3 research institution House of Chimera indicated that the market is questioning the advantages of the Ethereum ecosystem in DeFi, RWA, and tokenization, and whether it can truly reflect back to the ETH token itself.

Crypto journalist Eleanor Terrett posted on the X platform that, according to private messages made public last year by Brian Quintenz, a former CFTC chair nominee appointed by Trump, he previously refused to comment on enforcement actions related to Gemini before formally confirming the chair position.Eleanor Terrett stated that, at present, current CFTC chair Caroline Pham has aligned her position with the Winklevoss brothers, believing that the CFTC should not have sued Gemini from the beginning.She further indicated that whether to revoke the relevant consent order will be decided by a judge in the Southern District of New York. A legal expert stated that this move constitutes a "highly unusual step."

The U.S. Commodity Futures Trading Commission (CFTC) announced on Tuesday that it has jointly filed a motion with Gemini Trust Company LLC in the U.S. District Court for the Southern District of New York, requesting the dismissal of a previous judgment against Gemini.The case was originally filed in June 2022, and the parties reached a consent order in January 2025. After a comprehensive review, the CFTC concluded that the lawsuit should not have been filed and would not be filed under current enforcement standards.The review identified six major issues: the complaint was primarily based on statements from a whistleblower of questionable credibility; the investigation targeted Gemini as a victim of fraud rather than the alleged fraudster; there were serious doubts about the strength of the evidence against Gemini; relevant supporting materials were concealed and not submitted to the commissioners during the CFTC's vote on the complaint; the litigation team invoked deliberative process privilege to prevent Gemini from obtaining evidence necessary for its defense; and personnel improperly used CFTC regulatory power to create leverage for settlement.The CFTC determined that continuing to enforce the forward-looking provisions of the consent order is neither consistent with its mission nor in the public interest, and that the non-forward-looking provisions of the consent order (such as civil penalties) have been fulfilled. The parties jointly request the court to vacate the remaining forward-looking provisions.

The Wall Street Journal published an article pointing out that although the GENIUS Act and the CLARITY Act are promoting the compliance of stablecoins, the essence of stablecoins still belongs to "private currency," which may pose structural risks to the financial system.The article notes that stablecoins aim to combine the stability of the US dollar with the efficiency of blockchain payments, but because they operate on fragmented, privatized infrastructure, they do not possess the unity of the traditional US dollar system. Although USDT and USDC are pegged to the dollar, their prices may still deviate from 1 dollar.In addition, there is an incentive for stablecoin issuers to enhance returns by allocating high-risk, low-liquidity assets. If the value of these related assets declines, it could trigger de-pegging and concentrated redemption risks. The article cites Chainalysis data stating that stablecoins account for 84% of illegal activities in cryptocurrency, mainly involving sanctions evasion and money laundering, while real economic payment scenarios account for less than 1%.The Wall Street Journal believes that stablecoins are replaying the path of private currency experiments from the "Free Banking Era" in 19th century America, and in the future, they may need to accept stricter regulation like banks and integrate more deeply into the central bank system.

The Fuzhou City Cangshan District People's Procuratorate disclosed that a man was sentenced to 12 years and 7 months in prison for theft after stealing 4 Bitcoins from others and illegally profiting about 900,000 yuan, with a fine of 300,000 yuan. The second instance upheld the original verdict.The case shows that at the end of 2020, Wang entrusted Lin to assist in cashing out the Bitcoins he held. During the process of accessing Wang's Bitcoin wallet hard drive and computer, Lin stole the wallet's "private key" and related data, transferring 4 Bitcoins into his own name, and subsequently sold them for profit. In 2024, after Wang discovered abnormal asset activity, he reported it to the police, and Lin was subsequently arrested.The procuratorial authority stated that although current regulations clearly indicate that virtual currencies do not have the status of legal tender, Bitcoins possess value, manageability, and transferability, meeting the general characteristics of "property" in criminal law, and are subject to property crime. Relevant infringement actions will also be held criminally accountable.