📶📶Decentralized lending protocol UwU Lend was hacked for $3.7 million today,😯😯 according to blockchain security firms Beosin and Blocksec.
This exploit marks the second time UwU Lend has been compromised this week via flash loans, with security analysts attributing both attacks to the same perpetrator.🤔🤔
The stolen $3.7 million in assets currently sits in the attacker’s wallet address after being converted to ether.✈️
The lending protocol was attacked the first time on June 10, which led to a loss of $20 million.🧐🧐 Beosin identified the prior incident as a flash loan exploit that manipulated the price oracles of sUSDe stablecoin on the platform.
UwU Lend had acknowledged the first exploit and provided an additional update the following day, stating it had identified and resolved the security vulnerability. The protocol claimed the vulnerability was unique to the sUSDe market oracle.🥈
😍😍UwU Lend was established by Michael Patryn, who has also operated under the aliases Omar Dhanani and 0xSifu. Patryn had co-founded QuadrigaCX, a cryptocurrency exchange that ultimately collapsed amidst allegations of fraud.
The lending protocol did not immediately respond to The Block’s request for comment.
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The U.S. spot bitcoin exchange-traded funds experienced net outflows of $200 million on Tuesday — continuing the outflows from Monday that ended their record streak of net inflows.🥈✅

🥰Grayscale’s GBTC witnessed the largest amount of net outflows, totaling $121 million on Tuesday, followed by Ark Invest’s ARKB with $56 million in net outflows, according to SoSoValue data. Bitwise’s BITB reported $12 million in outflows, while Fidelity and VanEck experienced single-digit net outflows.🎗🎗
Outflows prevailed among U.S. spot bitcoin ETFs as other funds, including BlackRock’s IBIT, recorded zero flows on Tuesday.✅✅
The 11 spot bitcoin ETFs concluded their 19-day consecutive run of net inflows on Monday, with outflows totaling $64.93 million. 🥳🥳As of Tuesday, the funds have accumulated a total net inflow of $15.42 billion since their inception in January.
📶📶Markets are now anticipating key economic indicators from the U.S. later on Wednesday — the Federal Open Market Committee meeting results and the Consumer Price Index data.
The latest CPI, a crucial inflation indicator, is expected to show a 0.1% increase from April, suggesting a broader disinflationary trend, according to a CNBC report.🤔🤔
The Federal Reserve’s rate-setting meeting is anticipated to yield no surprises, with CME Group forecasting a 99.4% probability that the Fed will maintain the current interest rate of 5.25% to 5.50%, rather than implementing a rate cut.💎💎 However, a Reuters poll of economists indicated that the Fed is likely to reduce rates twice this year, beginning in September.💯

Bitcoin trades at $67,500, down from from last week’s peak of nearly $72,000, according to The Block’s bitcoin price page.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. 😇😇Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.✈️✈️
This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.🧡
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The US Securities and Exchange Commission (SEC) has added a spot Ethereum exchange-traded fund (ETF) application from asset manager ProShares.✅✅

This development came after ProShares filed a proposal to list and trade spot Ethereum ETF shares on the New York Stock Exchange (NYSE) on June 6.🥳
SEC RECOGNIZES PROSHARES’ SPOT ETHEREUM ETF FILING.
😘😘In a June 10 filing, the SEC noted that NYSE Arca proposed a rule change to facilitate this listing. The public now has 21 days to comment on the application. Meanwhile, the SEC has 45 days to decide, potentially by late July 2024.💯
However, this acknowledgment does not equate to approval. It only indicates that the SEC has received and is reviewing the filing.
ProShares’ entry into the spot Ethereum ETF market follows several other potential issuers whose 19b-4 filings were approved in May 2024. Bloomberg Intelligence ETF analyst James Seyffart commented on the timing of ProShares’ move.💎
🥳In another development, the SEC approved Ark Invest’s exit from a joint ETF application with 21Shares. This approval allows 21Shares to proceed independently. The SEC waived the usual 30-day delay, making the change effective immediately. The decision was based on the assessment that it does not significantly impact investor protection or competition.✅✅

Ark Invest and 21Shares announced their split on May 31. A newly amended S-1 form reveals that the spot Ethereum ETF will change its name from ARK 21Shares Ethereum ETF to 21Shares Core Ethereum ETF.
📶📶A spokesperson from Ark Invest mentioned they would not proceed with an Ethereum ETF without providing a specific reason. However, Ark remains active with its spot Bitcoin ETF, ARK 21Shares Bitcoin ETF (ARKB).🎯
Despite these developments, potential spot Ethereum ETF issuers are still awaiting feedback on their S-1 filings submitted on May 31.🥈🥈 The SEC’s comments, initially expected by June 7, have yet to be received by at least two issuers.
A recent report reveals that issuers anticipate feedback this week. This update follows SEC Chair Gary Gensler’s remarks on CNBC that the approval process for S-1 forms would “take some time.”😍😍
The approval process for these ETFs involves two steps: the 19b-4 filing and the S-1 filing. The S-1 forms are currently under review.🎗🎗 Bloomberg Intelligence ETF analyst Eric Balchunas previously indicated that another round of fine-tuning comments from the SEC staff would likely precede the final approval.
🤗🤗Nevertheless, the acknowledgment of ProShares’ spot Ethereum ETF application and the approval of Ark Invest’s split from 21Shares represent significant progress in the crypto ETF sector. This highlights regulatory recognition and potential market expansion.
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✅✅A piece of legislation with heavy implications for the digital assets sector made it through the Senate Select Committee on Intelligence's funding package recently without most in the industry – and many in Congress – apparently aware of it, but industry insiders consider its chances for survival to be limited.🧡

A Senate bill meant to fund U.S. intelligence operations included a section borrowed from an earlier bill aimed at preventing the use of cryptocurrency to support terrorism. 🎗🎗That provision, as written, could require a massive shift in the crypto industry toward identifying users' identities to prevent sanctions that could strangle digital assets businesses. 🥰🥰Were it to become law, it would mark the most important U.S. crypto policy yet adopted – and all without significant debate about its merits.
🎯This section of the intelligence funding effort would speed and automate the process to sanction "foreign digital asset transaction✅ facilitators" – including crypto exchanges – that are linked to users who support terrorism groups.
Though the Intelligence Authorization Act cleared the committee in a unanimous 17-0 vote, its crypto section wasn't mentioned publicly nor listed among the major provisions of the bill when Sen. 🤔🤔 Mark Warner (D-Va.), the committee's chairman, announced the passage in a press release. Now, Warner's office has been setting up meetings with people in the crypto sector to talk about that section, according to three people familiar with the discussions, and the Digital Chamber, an industry lobbying group, confirmed it's among those in the talks.✈️✈️
The dialogue suggests the matter is still in play as the spending package advances toward wider Senate consideration, potentially within the must-pass National Defense Authorization Act (NDAA).💎💎
"We’ve chatted with Warner staff on this, and they’re open to broader engagement here from industry," Cody Carbone, chief police officer for the Digital Chamber, told CoinDesk in an email. "I think it likely does get zapped out of the NDAA process given the immediate pushback from the industry."✅

The House of Representatives may also be unlikely to embrace this kind of provision that puts the industry in a strict U.S. box soon after the House approved wider crypto market-structure legislation meant to regulate the industry without stifling it. 💯💯That passage last month of the Financial Innovation and Technology for the 21st Century Act (FIT21) saw a third of House Democrats jump on board,suggesting that crypto regulation could have wide bipartisan support across Congress. 🤔🤔That showing reinforced another recent industry success in the Senate in which 11 Democrats voted with Republicans to erase the Securities and Exchange Commission (SEC) accounting policy despite a promised (and fulfilled) veto from President Joe Biden.😘😘
📶📶With so many senators sympathetic to the industry, passage may be difficult to win for illicit-finance legislation that didn't come through an open debate and amendment process. The original bill was backed by Sens. Warner, Jack Reed (D-R.I.), Mike Rounds (R-S.D.) and Mitt Romney (R-Utah).✌
Overly broad?
The language in the spending bill may implicate a broader-than-intended array of crypto interests, and it could include central banks that issue central bank digital currencies (CBDCs) and software developers, industry insiders contend, adding that other lawmakers seem to have been unaware of its existence. It could raise concerns, too, among users of the market-leading Tether stablecoin {{USDT}}, which has been under U.S. scrutiny for the use of its tokens by bad actors.
Warner's office didn't respond to a request for comment on the crypto provision, nor did the office of Sen. Mark Rubio (R-Fla.), who is vice chairman of the intelligence committee.😇
🥳🥳The Washington-focused representatives of the sector's lobbying groups have sought to make it clear to policymakers that they're open to discussion on legislation to prevent illicit use of cryptocurrency, as this provision aims to accomplish. Such bills have also been broadly recognized as necessary to get Senate Democrats on board with other crypto initiatives to regulate the structure of the markets and the issuance of stablecoins.🧐
The crypto industry is also keen to avoid a repeat of its painful legislative surprise in an infrastructure bill in 2021, which included an 11th-hour provision that directed crypto taxation. Getting blindsided by that bill amplified the industry's interest in funding a bigger Washington lobbying presence that's now weighing in on this intelligence bill.📶📶
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Token unlock involves releasing tokens that were previously blocked under fundraising terms. Projects carefully schedule these releases to avoid market pressure and prevent a drop in token prices.🥰🥰

However, factors like lack of liquidity or early investor profit-taking can significantly impact an asset’s dynamics. Here are five major token unlocks to watch next week.💯💯
Aptos (APTUSD)
✅Unlock date: June 12
✅Number of tokens unlocked: 11,3 million APT
✅Current circulating supply: 437,9 million APT
Aptos is a Layer-1 blockchain that aims to deliver a safe and scalable infrastructure for decentralized applications. Built with a focus on security and performance, it leverages innovative technologies to elevate the blockchain experience.🎯
While Aptos can be considered one of the most successful blockchain projects of the last couple of years, it often faces criticism from the crypto community for its tokenomics, which is heavily influenced by venture capital. A significant portion of APT tokens remains locked. 11.3 million APT scheduled for release on June 12 will be distributed among the foundation, community members, core contributors, and investors.🥰🥰
Immutable (IMXUSD)
✅Unlock date: June 14
✅Number of tokens unlocked: 25.5 million IMX
✅Current circulating supply: 11.48 billion IMX
Immutable is a Layer-2 solution for scaling NFTs on the Ethereum blockchain. In September 2021, the project raised $12.5 million during the IMX token sale on the CoinList platform in just one hour. In March 2022, it closed a $60 million investment round and secured an additional $200 million from investors, including ParaFi Capital, Declaration Partners, and Tencent Holdings. 😍
On June 14, the circulating supply of IMX will increase by 25.5 million tokens. These newly unlocked tokens will be allocated to the development of the project and the broader Immutable ecosystem.🎗
Cyber (CYBER)
✅Unlock date: June 14
✅Number of tokens unlocked: 886,120 CYBER
✅Current circulating supply: 22.3 million CYBER
Cyber (formerly CyberConnect) is a decentralized social graph protocol built on the BNB Smart Chain. It facilitates creating and managing social connections between users and projects across various platforms. The protocol’s native token enables holders to purchase CyberIDs, vote on proposals to enhance the protocol and pay transaction fees.🥈
Although the number of tokens being unlocked next week is smaller than other projects, it represents nearly 4% of CYBER’s circulating supply.

Starknet (STRK)
✅Unlock date: June 15
✅Number of tokens unlocked: 64 million STARK
✅Current circulating supply: 1.3 billion STARK
Starknet is developing a ZK-Rollup Layer-2 solution to scale decentralized applications on Ethereum. Following a successful investment round, the team introduced the STRK token, essential for decentralizing the network.
On June 15, the project will unlock 64 million STRK tokens, distributed to investors and early contributors.
Arbitrum (ARBUSD)
✅Unlock date: June 16
✅Number of tokens unlocked: 92.6 million ARB
✅Current circulating supply: 2.9 billion ARB
Arbitrum, developed by Offchain Labs, is one of the most popular Layer-2 solutions for Ethereum. The mainnet launched in August 2021, with funding from Lightspeed Venture Partners, Polychain Capital, Ribbit Capital, Redpoint Ventures, Pantera Capital, Alameda Research, entrepreneur Mark Cuban, and cryptocurrency exchange Coinbase. 🥰🥰
Next week, Arbitrum will unlock over 90 billion ARB, currently valued at approximately $92.59 million. The team, advisors, and investors will receive these tokens.
Other next-week unlocks include Moonbeam (GLMR), dYdX (DYDX), and Render
RNDRUSD
, with a total value exceeding $232.53 million. Although many consider token unlocks bearish, a well-planned schedule can strengthen a project’s long-term viability. Aligned with milestones and development progress, unlocks will motivate team members, boost community engagement, and promote ecosystem growth.💯
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As the altcoin market extends its rally ✈️✈️from last month, three artificial intelligence (AI) tokens have emerged as significant gainers in the first trading week of June.🤔

These assets include TokenFi (TOKEN), HyperGPT (HGPT), and Bad Idea (BAD), all of which appear poised to keep rallying during the weekend. ✈️✈️
TOKENFI (TOKEN) SEES INCREASED DEMAND:
TOKEN is the cryptocurrency that powers TokenFi, the protocol allowing its users to create tokens or tokenize real-world assets. In the past seven days, TOKEN’s price has climbed by over 27%. At press time, the altcoin exchanged hands at $0.17.📶📶
😍An assessment of the token’s price movements on a daily chart confirmed that buying activity continues to outpace profit-taking among TOKEN holders. As of this writing, its Relative Strength Index (RSI) was in an uptrend at 70.43.
😍😍Its Money Flow Index (MFI) was 76.44, following a similar path. RSI and MFI are momentum indicators traders use to gauge an asset’s price momentum and identify potential buying and selling opportunities. At these values, these indicators showed that TOKEN buying pressure was significant.👍
If the bulls maintain this trend, TOKEN’s price may rally past the $0.17 level to exchange hands at $0.183.🤗🤗
However, if profit-taking activity ensues and the bears re-emerge to regain market control, TOKEN might shed some of its gains in the last week and dip to $0.152.
HYPERGPT (HGPT) BREAKS ABOVE KEY MOVING AVERAGE:
🥳HGPT is the native token of HyperGPT, a Web3 AI marketplace. It ranks as the second AI crypto with the most gains in the past seven days. Exchanging hands at $0.07774 at press time, HGPT’s value has grown by 28% during that period.
The uptick in HGPT demand pushed its price above the 20-day Exponential Moving Average (EMA) on 3 June. An asset’s 20-day EMA tracks its average price over the past 20 days. 💎
🥈🥈When the price trades above this key moving average, it is a bullish signal. This means the asset’s current price has surged past its average price in the past 20 days. Traders view it as a shift toward coin accumulation.
Readings from HGPT’s Directional Movement Index (DMI) confirmed the surge in accumulation in the past few days. Its positive directional index (green) rests above its negative index (red).
This indicator measures an asset’s price direction and the strength of its current trend. When the positive index crosses above the negative index, it indicates a bullish trend. It suggests that buying pressure outweighs selling pressure and that the strength of the bulls is more than that of the bears. It is often regarded as a precursor to an asset’s price rally.😍😍
If this trend is maintained, HGPT may trade at $0.082 and attempt to reclaim its all-time of $0.108, which it recorded on March 29.✅✅
However, if this projection is invalidated and selling pressure mounts, causing the bears to overpower the bulls, HGPT’s value may drop to $0.075.
BAD IDEA (BAD) IS NOT SO BAD:
✅✅Described as a “decentralized experiment that combines blockchain, AI, and decentralized autonomous organizations (DAOs) in a risky, meme-worthy concoction,” Bad Idea is powered by its BAD token, whose value has risen by 24% in the last week.
As of this writing, this altcoin traded at $0.00000003035. Its Chaikin Money Flow (CMF) was spotted in an uptrend and above the zero line at 0.13. 🧡
This indicator measures an asset’s buying and selling pressure to track how money flows in and out of the market.
🎗🎗When its value is above zero, it shows market strength. It means that buying pressure is stronger than selling pressure, as more money flows into the asset than out of it.

If BAD buyers maintain this trend, its price might climb to $0.0000000032.✈️✈️
However, if sell-offs gain pressure at this level, BAD may lose some of its weekly gains to exchange hands at $0.0000000029.
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Blockchain network Zilliqa has officially released the white paper and roadmap for its highly anticipated version 2.0 upgrade, which will deploy on the mainnet later in 2024. 💯💯
According to the network, the new version promises to improve the platform, making it faster, more efficient and capable of working with other blockchain networks.✅✅
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