Crypto exchange Binance is facing allegations of firing its own investigators after they discovered potential market manipulation by VIP client DWF Labs. The accusations suggest DWF Labs inflated trading volumes to $300 million through deals with crypto projects. Binance denies the claims and maintains its strict market surveillance program. Over the past three years, the exchange has offboarded 355,000 users for violating its terms of use.

In other news, Fansland's Web3 music festival in Bangkok attracted over 30,000 attendees. The festival featured tokenized music products, AI-generated music idols, and a unique NFT ticketing system. Fansland aims to create a decentralized fan economy infrastructure.

Meanwhile, the total assets under management of six Hong Kong spot Bitcoin and Ether ETFs have surpassed $317.4 million since their inception on April 30. Despite this, the ETFs have not attracted as many assets as expected. However, market makers remain optimistic, with digital asset managers pledging a total of $128 million to provide market-making services to the Hong Kong ETFs.