FTX launches second phase repayment process Trump praises administration ministry's achievements

Headlines

▌FTX launches the second phase of repayment process, and it is expected to distribute more than US$5 billion from today

FTX announced on X platform that it has initiated a second phase of user repayment process and is expected to distribute more than $5 billion to creditors, who will receive funds within 1 to 3 working days from today.

▌Trump praises the achievements of the Ministry of Efficiency, Musk will become the president 's adviser after leaving office

On May 30 local time, US President Trump and American entrepreneur and head of the government efficiency department Elon Musk held a press conference at the White House. At the press conference, Trump praised the achievements of Musk- led Government Efficiency Ministry, who said that the Government Efficiency Ministry has hired outstanding talents in the field of computers. Trump said the administration will be committed to promoting the permanentization of the "Ministry of Government Efficiency" policy to reduce government spending. Musk said at the press conference that over time, the "Government Efficiency Department" team will only become stronger, and he will continue to visit the "Government Efficiency Department" as a friend and adviser to US President Trump in the future. (CCTV)

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Quotes

As of press time, according to CoinGecko data:

The price of BTC is US$105,632, with a 24-hour ups and downs of -2.1% ;
The ETH price is US$2,498.09, with a 24-hour ups and downs of -4.2% ;
The price of BNB is US$675.15, with a 24-hour ups and downs of -1.8% ;
The SOL price is US$153.98, with a 24-hour ups and downs of -3.2% ;
DOGE price is US$0.1898, with a 24-hour ups and downs - 8.6% ;
XRP price is US$2.12, with a 24-hour ups and downs of -3.5% .

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policy

▌Trump family addiction to "currency speculation" has aroused criticism from Republican lawmakers

Frank Hill, chairman of the U.S. House Financial Services Committee, said President Trump's activities in cryptocurrencies and meme coins complicated the work of Congress to pass legislation that has been brewing for years. “It’s true,” the Republican lawmaker said. “The Trump family’s involvement in the meme currency world makes this work even more complicated because I think it distracts our party members (including Republicans and Democrats) from focusing on what we should do.” Hill said: “We’ve been working on it for five years, especially in the House, to get strong support from bipartisan stability coins and market frameworks.” “If you’re worried about meme currency, whether they don’t have value, or what their purpose is in society, then you need to help me pass a stablecoin bill and a market framework bill that will clearly outline the rules on how digital assets work in our economy.”

▌New York City Auditor General vetoes Bitcoin Municipal Bond Plan

New York City Auditor General Brad Lander rejected Mayor Eric Adams' proposal to issue Bitcoin-backed municipal bonds. "During my tenure, the largest U.S. city will not issue Bitcoin-backed bonds."

▌ REX Shares submits prospectus for pledged ETFs by Solana and Ethereum, which is expected to be listed in the United States within weeks

Bloomberg analyst James Seyffart said on the X platform that REX Shares has submitted prospectuses for Solana and Ethereum pledged ETFs and is expected to be listed in the U.S. market in the coming weeks. These funds are products under the 1940 Act and adopt a C-company structure rather than a traditional 19b-4 process. "This may be a way to get some approval from the SEC." Seyffart noted that the ETF will gain spot exposure between SOL and ETH through its Cayman subsidiary, saying that "this is a series of clever legal and regulatory evasion strategies to get these products to market." "Even if more efficient structures emerge in the future, this may be the first way to go online," Seyffart also said.

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Blockchain application

▌Lunar Digital Assets announces the launch of L2 network LitVM to introduce smart contracts for Litecoin

On May 31, Lunar Digital Assets announced the launch of Litecoin Ecologic Zero Knowledge Layer-2 Network LitVM, introducing smart contracts for Litecoin, which was born in 2011. The network is built on BitcoinOS and Polygon CDK and is supported by the Litecoin Foundation. LitVM is an EVM-compatible ZK Rollup designed to introduce smart contract functionality, cross-chain liquidity and real-life assets (RWA) support. Lunar Digital Assets said that LitVM will help Litecoin expand to the DeFi and Web3 ecosystem, providing on-chain use cases such as stablecoin payments and programmable assets (Runes, Lordinals).

▌ BitMEX successfully blocked suspected Lazarus attacks and found its IP address and major security omissions

BitMEX said in a Friday announcement that its security team successfully blocked a social engineering attack initiated by the North Korean-linked hacker group Lazarus Group. BitMEX said: "Recently, an employee was contacted through LinkedIn to propose a collaboration to develop the NFT market Web3 project with the goal of inducing victims to run project code containing malicious code on the computer." The employee identified risks in a timely manner and reported them. The security team intervened in the investigation and found that the attack attempted to reuse malicious code called "BeaverTail". "We found that the 'operation security error' in the script might have exposed the attacker's 'original IP address'," BitMEX noted. "The organization appears to have split into multiple groups of different technical levels." They have identified at least 10 accounts that could be used to test or develop malware. BitMEX added: "This survey shows a sharp contrast between the organization's primary phishing strategy and its advanced utilization techniques."

▌Cetus plans to complete full recovery and restart within about one week

Cetus said on social platforms that the Sui community recently approved an on- chain proposal that would release about $162 million seized during the Cetus vulnerability last week, allowing DEX to repay users and resume full operations. The affected funds will be transferred to a multi-signature wallet and hosted until it is returned to the user under a Cetus-led program. In response, Cetus announced that it plans to complete a full recovery and restart within about one week, including protocol upgrades, data recovery, restarting the upgraded CLMM contract, and fully resuming all suspended product functions (including LP functions).

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Cryptocurrency

▌Coinbase will launch Vaulta perpetual contract

Coinbase will launch the Vaulta perpetual contract on June 5, 2025.

▌James Wynn Bitcoin long orders have lost $660,000, and the liquidation price is $103,340

According to the data on the chain, the newly opened 40 times Bitcoin long orders by Giant Whale James Wynn today has lost $660,000. The specific information is as follows: Position value: US$54,897,376.12, opening price: US$105,554.5, liquidation price: US$103,410, floating loss: US$660,000.

▌James Wynn was partially liquidated again and has lost $9.36 million today

According to lookonchain monitoring, James Wynn, the giant whale, was liquidated again, and the account has accumulated a total loss of US$9.36 million today. This time, the PEPE long positions and BTC long positions he held were partially liquidated.

▌A giant whale transfers 2 trillion PEPEs to Binance, which is approximately US$24.82 million

According to Onchain Lens monitoring, a giant whale deposited all 2 trillion PEPE (US$24.82 million) into Binance after holding PEPE for one month, making a profit of US$6.85 million.

Brazilian fintech company Méliuz plans to raise up to about $78.6 million to increase its holdings in Bitcoin

According to Brazilian fintech company Méliuz (B3 Exchange Code: CASH3), announced the launch of a stock issuance on May 31, and plans to raise up to 450 million reais (about 78.6 million US dollars) to increase its holdings in Bitcoin. After the news was announced, the company's stock price fell 8% to 8.13 real on the same day. Currently, Méliuz holds 320.25 bitcoins (worth about $33.55 million), with an average purchase cost of $101,575 per coin. The new shares issued will be priced on June 12 and trade will begin on June 16. Existing shareholders enjoy priority subscription rights. Since the company transformed into a Bitcoin fund management agency in March 2025, its share price has increased by 217%.

▌A whale 's PEPE completed all take profits, and finally made a profit of US$6.86 million

According to the on-chain analyst Ember Monitor, Whale 0x3c9's PEPE completed all take profit: 15 minutes ago, the last 497.5 billion PEPE (US$5.8 million) in the address was transferred to Binance. His final earnings on PEPE were $6.86 million. Hoarding 2 trillion PEPEs at $0.00000895, worth $17.9 million. Starting from 5/9, all sold out today, with an average selling price of US$0.0000124. The final profit was US$6.86 million.

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Important economic trends

▌JPM CEO: The Fed is keeping the wait-and-see and is ready for interest rates to rise to 5%

JPMorgan Chase CEO Dimon said that it is right for the Fed to stay on the wait and see now, and we are fully prepared for interest rates to rise to 5%. The Fed can try to manipulate long-term interest rates, but this manipulation cannot last long. Artificial intelligence may have a deflationary effect, but it won't happen next year.

▌U.S. stocks have widened, and Nasdaq fell by more than 1%

The decline in US stocks expanded, with the Nasdaq Composite Index falling by more than 1%.

▌JPMorgan CEO Dimon: The bond market will sooner or later cracks

JPMorgan Chase CEO Dimon warned that the bond market "will be rifted" after the U.S. government and the Federal Reserve "mass excessive" spending and quantitative easing. "I just don't know if there will be a crisis in 6 months or 6 years, and I hope we can change the trajectory of debt and the ability of market makers to make markets," Dimon said. "Unfortunately, we may need it to wake us up." Dimon said several times in recent years that he is concerned about global deficit spending. When asked Friday if the so-called "Bond Vigilantes" made a comeback, he said: "Yes."

▌Trump says import steel tariffs to 50% from June 4

On May 30 local time, US President Trump said at a rally in Pennsylvania that he would raise tariffs on imported steel from 25% to 50%. Subsequently, Trump posted on social media platforms that the decision will take effect from June 4. The White House issued an announcement on social media on the same day, saying, "In order to further protect the U.S. steel industry from foreign and unfair competition, tariffs on U.S. imported steel will be raised from 25% to 50% from next week."

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Golden Encyclopedia

▌What are Ethereum Futures ETFs How do they work?

Ethereum Futures ETF is an investment fund that tracks Ethereum futures contracts rather than Ethereum itself.

Consider a contract that promises to buy Ethereum at a certain price at some time in the future. These derivative contracts are traded through Ethereum (ETH) Futures Exchange Trading Funds (ETFs), providing a regulated method of investing in Ethereum using brokerage accounts.

Disclaimer: As a blockchain information platform, the content of the articles published by Golden Finance is for information reference only and is not used as actual investment advice. Please establish the correct investment philosophy and be sure to improve your risk awareness.