Morning News | Five major virtual asset platforms in South Korea have experienced 57 incidents of hacking and system failures in six years; Grayscale submits registration application for Canton ETF

Compiled by: ChainCatcher

Important News:

• South Korea's five major virtual asset platforms experienced 57 hacking and system failure incidents over six years, with total compensation amounting to 7 billion won
• Grayscale submits registration application for Canton ETF
• Strategy CEO: The company is continuously increasing its Bitcoin reserves in the long term; other claims are rumors
• Tether CEO releases "Dragon Ball" themed image, calling for unity in the crypto community during the bear market
• Joe Lubin supports Ethereum Foundation reforms: Ethereum has not declined and is expected to enter a new growth cycle

What important events have occurred in the past 24 hours?

NVIDIA CEO visits South Korea to deepen cooperation, meets with executives from SK Hynix, Samsung Electronics, and other tech companies

According to ChainCatcher, NVIDIA CEO Jensen Huang stated that the company's new Vera central processing unit will use SK Hynix's memory chips, and the two companies expect to expand their cooperation further in the coming year.

Huang told reporters outside a restaurant in Seoul on Sunday that he had dinner that day with SK Group Chairman Chey Tae-won, SK Hynix CEO Lee Seok-hee, and SK Telecom executives. He said, "Our collaboration with SK Hynix this year is very large, and we are preparing for even larger-scale cooperation in the second half of this year and next year. We launched the Vera CPU, which is a revolutionary central processor, and it will also use SK Hynix's DRAM memory." Vera is NVIDIA's first standalone data center microprocessor, directly competing with Intel's Xeon series, AMD's EPYC chips, and Amazon's self-developed Graviton chips.

Huang arrived in South Korea on Friday to visit partners and suppliers and plans to meet with Samsung Electronics Vice Chairman Lee Jae-Yong and executives from Hyundai Motor Group and LG Group on Monday. He also mentioned that discussions are ongoing with telecom companies, as future telecom networks will be used for AI applications.

Joe Lubin supports Ethereum Foundation reforms: Ethereum has not declined and is expected to enter a new growth cycle

According to ChainCatcher, Joe Lubin, co-founder of Ethereum and CEO of ConsenSys, stated that the recent controversies surrounding budget cuts, employee departures, and leadership adjustments at the Ethereum Foundation (EF) do not indicate a crisis for the organization but rather a necessary evolution in its development process.

The Ethereum Foundation should focus on maintaining the core technology and values of the network, maintaining a "trustworthy and neutral" position, while responsibilities such as ecosystem expansion, institutional collaboration, and commercialization should be handled by other organizations to avoid potential conflicts of interest between protocol development and commercial interests.

In response to external doubts about the direction of the foundation's reforms, Lubin stated that many criticisms stem from misunderstandings about the foundation's role. He pointed out that the Ethereum Foundation is promoting further separation of protocol governance and commercialization, and the future Ethereum ecosystem will not be dominated by a single organization but will involve multiple organizations taking on responsibilities for ecosystem development in different areas, collectively promoting network growth. This model differs from some blockchain projects that concentrate protocol development and commercial strategy within the same entity, aligning more closely with Ethereum's decentralized development philosophy.

Regarding market views that "Ethereum is declining," Lubin denied this. He stated that in recent years, AI has replaced the crypto industry as the most attention-grabbing technology narrative in the capital market, leading to a shift in funding and investment focus, but this does not mean Ethereum has lost its competitiveness.

On the contrary, after years of scaling and infrastructure development, Ethereum is gradually becoming capable of supporting the next wave of large-scale adoption and is expected to welcome a new growth cycle in the future.

Tether CEO releases "Dragon Ball" themed image, calling for unity in the crypto community during the bear market

According to ChainCatcher, Tether CEO Paolo Ardoino posted a "Dragon Ball" comic image on the X platform, featuring the main character Goku and various supporting characters holding a spirit bomb labeled "BTC," with the caption "One Community," calling for unity in the crypto community during the bear market.

Indian police arrest 2 suspects involved in cryptocurrency terrorism financing

According to ChainCatcher, the Gujarat police arrested two suspects allegedly involved in cryptocurrency-related crimes, with the network suspected of transactions exceeding 226 million rupees. Investigators stated that the network is related to terrorism financing, global drug trafficking, and dark web financial activities.

Officials indicated that the arrests are part of an ongoing investigation into the use of cryptocurrency channels for terrorism financing. Previously, 10 suspects had been arrested during the investigation. The latest two suspects are accused of using the KYC information of a man named Sabbir Ali Sarani to create a Binance wallet and receiving 5,000 USDT through layered transactions.

Glassnode co-founder: Bitcoin may have reached a bottom range, with a high probability bottom around $46,000 to $54,000

According to ChainCatcher, Glassnode co-founder Rafael analyzed recent Bitcoin price trends on the X platform, pointing out that Bitcoin's price is currently in the $62,000 range, having dropped nearly 50% from its historical peak, with a 24% decline over the past month, and the price has crossed the upper range of its pricing framework, entering a valuation cluster area where historical bottoms have occurred.

Rafael further noted that market bottoms cannot be confirmed in advance but can only be defined through probability ranges and key price levels to identify potential bottom signals. Bitcoin has fallen below the median holder's breakeven line for the first time since December 2022, currently situated within a broader support range: the median realized price is about $64,100, and the 200-week moving average price is about $61,700.

The current high probability bottom range may be between $46,000 and $54,000, with levels below this range of $35,000 to $40,000 being a rare "sell-off tail." It is important to note that the magnitude of cycle corrections is gradually decreasing: previous rounds of lows saw declines of about 85%, 84%, and 77%, while this round has only dropped about 50%, indicating that the high probability bottom is more likely to be in the upper range, but extreme sell-offs cannot be ruled out.

Trump: There is no reason to raise the Federal Reserve interest rates
According to ChainCatcher, U.S. President Trump stated that there is no reason to raise the Federal Reserve's interest rates.

Michael Saylor releases Bitcoin Tracker information again, may disclose accumulation data next week

According to ChainCatcher, Michael Saylor, founder and executive chairman of Bitcoin treasury company Strategy, released Bitcoin Tracker-related information again, captioned: "A good time to add more dots.."

Based on previous patterns, Strategy always discloses Bitcoin accumulation information the day after relevant news is released.

Strategy CEO: The company is continuously increasing its Bitcoin reserves in the long term; other claims are rumors
According to ChainCatcher, Strategy CEO Phong Le posted on the X platform stating that Strategy is continuously increasing its Bitcoin reserves in the long term and raising the Bitcoin holdings per share. Other claims are just rumors.

Grayscale submits registration application for Canton ETF

According to ChainCatcher, Grayscale submitted an S-1 registration statement to the U.S. Securities and Exchange Commission (SEC) on June 5, planning to launch the Grayscale Canton ETF.

It has been disclosed that the Grayscale Canton ETF is a spot ETF, with specific product details yet to be announced.
South Korea's five major virtual asset platforms experienced 57 hacking and system failure incidents over six years, with total compensation amounting to 7 billion won

According to ChainCatcher, the South Korean news agency reported that the five major virtual asset trading platforms (Upbit, Bithumb, Coinone, Korbit, Gopax) experienced a total of 57 hacking attacks and system failure incidents over the past six years (from 2020 to April 2026), with total compensation amounting to approximately 7 billion won (about 5.1 million USD). By exchange, the number of incidents is as follows: Upbit 26, Bithumb 14, Gopax 8, Coinone 6, Korbit 3.

Among them, Bithumb compensated approximately 2.5 billion won (about 1.8 million USD) for a BTC misdelivery incident in February this year, while Upbit compensated approximately 790 million won (about 570,000 USD) for a hacking incident in November 2025 and approximately 3.2 billion won (about 2.3 million USD) for a system incident on December 3, 2024. It is noteworthy that the reporting standards for exchange incidents and the scale and form of compensation vary. For example, Gopax counts errors in asset listing as system failures, while Bithumb only counts situations where all customers encounter difficulties using core services for more than 10 minutes as system failures.

Additionally, Bithumb provided some applicants who suffered losses due to system failures with free fee vouchers instead of cash compensation. The compensation amounts for system failures are as follows: Upbit approximately 3.21 billion won, Bithumb approximately 3.2 billion won, Coinone approximately 49 million won. Korbit and Gopax did not provide any compensation.

DWF co-founder: Strategy and BitMine may cause the largest crash in crypto history

According to ChainCatcher, DWF Labs co-founder Andrei Grachev stated on the X platform that BitMine and Strategy have a significant chance of causing the largest market crash in cryptocurrency history. I cross my fingers and pray this does not happen, but if it does, users should consider what strategies to adopt if Bitcoin crashes to $10,000 to $20,000.

As the crypto market continues to pull back recently, Strategy, led by Michael Saylor, holds 843,706 BTC at an average price of $75,699, with an unrealized loss of approximately $12.27 billion. BitMine, supported by Tom Lee, currently holds 5,416,901 ETH at an average price of $3,500, with an unrealized loss of approximately $10.35 billion.

Meme Popularity Rankings

According to the meme token tracking and analysis platform GMGN, as of June 8, 09:00,

The top five popular ETH tokens in the past 24 hours are: HEX, SHIB, LINK, PEPE, UNI

The top five popular Solana tokens in the past 24 hours are: TROLL, swarms, WORLDCUP, neet, Buttcoin

The top five popular Base tokens in the past 24 hours are: toby, ELSA, SKI, cbETH, CYPR

What are some interesting articles worth reading in the past 24 hours?

The ambitions of Kalshi, MTS, and a16z

Prediction markets may be the only area in 2025 that can collectively excite prestigious dollar fund investors, digital currency enthusiasts, and media professionals.

There are many logical reasons to be optimistic about it, such as the arbitrage between state regulation of domestic betting and federal regulation, the huge fees brought by extreme extrapolation of 0DTE, and the convergence of the content industry and light betting, etc.

But today, we won't discuss these; instead, let's talk about the spirit behind prediction markets and how this spirit aligns with a16z's high-profile "New Media" banner, becoming one of the most important pieces in its new media empire.

Has the narrative of BTC as "digital gold" failed?

This article does not discuss predictions or macro narratives; from Jason's perspective, it only talks about three things:

• How to view Bitcoin as an asset;
• How to understand this round of decline;
• How to view Bitcoin's medium to long-term development ahead.

It must be made clear that this is not investment advice but a framework for thinking. Before any investment, first ask yourself one question: can you bear the corresponding risks?

The AI bubble is bursting

After 2000, humanity entered a digital age where all industries are inseparable from the internet.

Today, we are also irreversibly heading towards an intelligent peak era where all industries are dominated and empowered by AI.

Amid the clamor of the bubble, the underlying productive forces have no excess.