China-linked TRUMP treasury stock crashes 98% after wild buyout claim

Days before Donald Trumps May 2025 dinner at Mar-a-Lago for the top 220 holders of his TRUMP memecoin, GDC announced a $300 million stock purchase agreement with an unnamed buyer in the British Virgin Islands (BVI).  The stated purpose was a “crypto asset treasury strategy, including the purchase of BTC and TRUMP.”  At the time, GDC had essentially no revenue and less than 10 employees and its operations depended on TikTok, a Chinese-founded social media platform.  The generous announcement out of the BVI conveniently coincided with Trumps decision to delay enforcement actions against TikTok.  described GDC as one of the first China-linked companies to publicly acknowledge intentions to buy TRUMP.  Trump-controlled entities CIC Digital LLC and Fight Fight Fight LLC together held 80% of the post-ICO token supply of TRUMP. Therefore, any purchase funded by GDC or its BVI buyer would enrich the president directly through supply reduction and trading fees.  Soon after GDC‘s dubious announcement, US representatives Adam Smith and Sean Casten led 35 House Democrats in a letter to the Department of Justice’s Public Integrity Section.  They demanded an investigation into whether GDCs dinner-for-tokens scheme violated federal bribery laws or the foreign emoluments clause.  The representatives named GDC in their letter, noting its Chinese subsidiarys disclosed

05-21

Jane Street sued over alleged $134M insider trading in Terra collapse

Terraform Labs liquidators have accused Jane Street of insider trading that allegedly netted $134 million during the May 2022 Terra/LUNA implosion, claiming the trading giant front‑ran the depeg using non‑public information while retail investors were wiped out.The court-appointed administrator says Jane Street used confidential data and private Telegram coordination to dump UST ahead of the collapse.The lawsuit alleges roughly $134 million in illicit profit from trades executed during a “death spiral” that erased around $40 billion in market value.Jane Street has moved to dismiss the case, calling the complaint “self‑defeating” and a “desperate effort” to shift blame for Terraforms fraud.  The administrator winding down Do Kwons Terraform Labs has filed a federal lawsuit accusing Jane Street, its co‑founder Robert Granieri, and traders Bryce Pratt and Michael Huang of insider trading tied to the May 2022 Terra collapse.  Terraform liquidator targets Jane Street over May 2022 trades  According to the complaint, filed in the Southern District of New York and reviewed by the Financial Times, Jane Street “used material, non‑public information obtained from Terraform insiders to front‑run market‑moving events” and exit positions while ordinary investors were left holding collapsing UST and LUNA.  The complaint alleges that Jane Street coordinated its UST trades “through a private

05-21

Polymarket moves to list parlays while SEC seeks public input on prediction market ETFs

Prediction market provider Polymarket filed to list parlays in sports event contracts in the U.S. on Wednesday, according to a self-certification filing with the Commodity Futures Trading Commission.  Polymarket filed to list “combinatorial outcome contracts” on Wednesday, describing these event contracts — the official term for prediction markets — as combining two or more underlying contracts. Moreover, all of the underlying contracts would have to settle to the specific outcome that the user sets.  “Every outcome must be satisfied for the Contract to resolve to $1.00. The Contract resolves to $1.00 if and only if every leg is satisfied. If any single leg is not satisfied, the Contract resolves to $0.00, regardless of the outcomes of any remaining unsettled legs,” the filing said.  Because the contract is self-certified, Polymarket is not so much asking for explicit permission to list these contracts as it is telling the CFTC that it intends to list these products. The document said it would list them “no earlier than May 21, 2026.”  Another exhibit was filed but with Polymarket asking the CFTC to hold this exhibit as confidential due to possible trade secrets or commercial information, according to a second document.  Exchange-traded funds  The Securities and Exchange Commission, which doesnt directly

05-21

Eli Lilly weight loss drug retatrutide clears obesity trial

Finance  Eli Lilly weight loss drug retatrutide clears obesity trial  A sign with the company logo sits outside of the headquarters of Eli Lilly in Indianapolis, Indiana, on March 17, 2024.  Scott Olson | Getty Images  on Thursday said its next-generation drug cleared a crucial late-stage trial in patients with obesity, delivering significant weight loss across doses.  The results bring Lilly one step closer to filing for approval of the weekly injection, called retatrutide, which works differently from existing shots and pills from both Lilly and Novo Nordisk. It also appears to be more effective than those options.  The highest dose of retatrutide helped patients lose 28.3% of their weight — or 70.3 pounds — on average over 80 weeks, compared to 2.2% with placebo, when evaluating only patients who stayed on the drug.  Roughly 45% of the 2,500 patients in the Phase 3 trial achieved 30% or more weight loss, Lilly said.  The highest dose also helped patients with a BMI of 35 or above who participated in an extension of the study lose 30.3% of their weight on average over 104 weeks. That BMI threshold puts people at higher risk of cardiovascular complications or diabetes.  While the drug appeared to show higher rates of certain gastrointestinal side

05-21

Hyperliquid (HYPE) adds $5 billion in value after explosive 50% rally

Finance  Hyperliquid (HYPE) adds $5 billion in value after explosive 50% rally  HYPE, the token of the decentralized blockchain and cryptocurrency exchange Hyperliquid, has been going against the wider digital assets grain in the last week of trading with a remarkable 49.62% rally to $58.47 – inches away from a new all-time high (ATH).  Hyperliquid price one-week chart. Source: Finbold  The move simultaneously added nearly $5 billion to HYPE token‘s market capitalization, which rose from $9.9 billion to $14.6 billion. Furthermore, Hyperliquid overtook Solana (SOL) in terms of fully diluted valuation (FDV), hitting $54.57 billion against SOL’s $54.22 billion, per the datashared on X on May 21.  FDV represents the theoretical maximum market capitalization if all the possible tokens were in circulation.  Meanwhile, the overall cryptocurrency market moved lower within the timeframe, erasing $130 billion as the total digital assets capitalization dropped from $2.68 trillion to $2.55 trillion.  Total cryptocurrency market capitalization one-week chart. Source: TradingViewHow SpaceX IPO turned into Hyperliquid news that sent HYPE flying  Elsewhere, by press time on May 21, it appears that Hyperliquid news that enabled the latest HYPE token rally was related to the highly anticipated SpaceX initial public offering (IPO).  Specifically, launched pre-IPO perpetual futures (perps) for billionaire Elon Musks other most prominent

05-21

EU Commission Initiates Review of Crypto-Asset Regulation

The European Commission officially announced today, May 20, 2026, that it is seeking feedback on the current functioning of the European Unions crypto-asset framework.  This initiative marks a pivotal moment in the evolution of the Markets in Crypto-Assets (MiCA) regulation, which has been the cornerstone of the EUs approach to digital assets.  The Commissions decision to assess the framework stems from the rapid, ongoing evolution of digital asset markets since the initial drafting of MiCA.  As global policy and technology continue to shift, regulators are eager to determine if the existing rules remain fit for purpose. This assessment process invites input from stakeholders, including industry participants, investors, and legal experts, to identify potential gaps in the current regime and evaluate how the EU should adapt to international developments in the sector.  For the industry, this review is significant because it suggests a proactive approach toward “regulatory maintenance.” While MiCA provided much-needed clarity, the rise of new technologies, such as autonomous AI agents in DeFi and the tokenization of real-world assets, has introduced complexities that were less prominent when the original regulations were first conceived.  By soliciting feedback now, the EU is signaling its intent to ensure that its regulatory landscape remains competitive while simultaneously addressing

05-21

BingX shows robust 66% growth YoY in CoinGecko perpetuals report

BingX recorded 565 new perpetual listings since 2025, averaging 35 new contracts monthly.The report identified BingX as having one of the strongest market share growth trajectories.BingX led in new listings of AI-related assets.  BingX, a leading cryptocurrency exchange and Web3-AI company, today announced a partnership with CoinGecko for the release of the 2026 State of Crypto Perpetuals Report, an in-depth study examining the evolution of the perpetuals market across centralized and decentralized exchanges.  The report identified accelerating growth in trading tied to tokenized real-world assets (RWAs), AI-linked markets, and multi-asset products, trends that closely align with BingXs leadership in multi-asset trading.  Moreover, the report indicated that trading related to RWAs accelerated sharply in 2026, with first-quarter volumes already surpassing total 2025 levels.  It also highlighted growing traction for stock perpetuals and other traditional finance-linked products as traders increasingly seek continuous access to diversified markets through crypto-native infrastructure.  According to CoinGeckos 2026 State of Derivatives Report, BingX Experienced Strong Growth:#2 Perpetual Listings Globally: BingX recorded 565 new perpetual listings since 2025, averaging 35 new contracts monthly, and among the highest number of new listings of any exchange.Fastest Derivatives Growth Into 2026: The report identified BingX as having one of the strongest market share growth trajectories, increasing

05-21

Italy Traces €1 Million in Undeclared Bitcoin Ordinals Gains

Bitcoin  Italy Traces €1 Million in Undeclared Bitcoin Ordinals Gains  Italian financial investigators traced more than €1 million ($1.16 million) in undeclared crypto-related gains through a trading operation, Chainalysis said on May 20. The case centered on a suspect accused of concealing digital asset income while also unlawfully receiving public financial assistance. Authorities began reconstructing the activity after seizing a Ledger hardware wallet during a search operation.  Investigators from the Economic and Financial Police Unit of Foggia, a division of Italy‘s Guardia di Finanza based in the southern Italian city of Foggia, worked alongside the Special Unit for Privacy Protection and Technological Fraud of Rome to examine transaction records tied to the wallet. The probe expanded after analysts identified repeated activity involving and BRC-20 assets. Chainalysis explained that modern hardware wallets generate multiple receiving addresses automatically, distributing transaction history across ’s Unspent Transaction Output model. Analysts grouped those addresses together through ownership heuristics, allowing investigators to isolate the wallet cluster responsible for the flows tied to the alleged tax violations.  Chainalysis stressed:  “No matter how sophisticated a scheme appears, the underlying technology leaves a permanent, immutable trail.”  Ordinals technology allows individual satoshis to carry inscriptions directly on the . BRC-20 tokens use that structure to create

05-21

Institutions Add $4.6B to MSTR, Silvergate Exec Breaks SEC Silence, IG Taps Bitpanda

Tech  Institutions Add $4.6B to MSTR, Silvergate Exec Breaks SEC Silence, IG Taps Bitpanda  Strategy‘s MSTR stock attracted heavy institutional accumulation in the first quarter of 2026 even as shares dropped roughly 18%. Chief executive Phong Le disclosed Form 13F filings showing that 13 of the top 15 institutional shareholders increased their positions, lifting combined holdings by $4.6 billion, or 27%. Capital International led the wave with a $1.92 billion increase. Vanguard’s portfolio and capital management entities collectively added $967 million, while BlackRock Institutional Trust raised its stake by $377 million. Defiance ETFs entered the top 15 with a $511 million position. Only Morgan Stanley Investment Management trimmed exposure, shaving a modest $7 million during a steep Bitcoin drawdown.  A closer look at the filings draws a sharp line between active conviction and passive index mechanics. Vanguard, BlackRock, State Street, and Geode Capital largely hold Strategy shares through index-tracking vehicles, meaning their additions partly reflect rebalancing rather than pure directional bets on Bitcoin exposure. By contrast, Capital International‘s nearly $2 billion increase represents a deliberate active wager, while Defiance ETFs’ fresh $511 million stake signals dedicated thematic demand. The split matters: passive flows wax and wane with index reconstitution, but active accumulation underscores

05-21

Why Bonds Have Been Wobbling Worldwide

Finance  Why Bonds Have Been Wobbling Worldwide  Bonds have been wobbling worldwide. The 30-year U.S. Treasury bond, now over 5%, is at its highest level since 2007. The British 30-year yield is surging to 6%. Japan spent years suppressing interest rates to virtually 0%. Now its 10-year is almost 2.8%, the 30-year, over 4%. Yields of German government obligations are rising as well.  The immediate cause has been the fallout of the Iran war, but there‘s something far more fundamental at work. What has been happening in recent years is that governments have been weakening the value of their currencies. The most reliable metric for measuring that is gold. For a variety of reasons, the yellow metal has largely kept its intrinsic value for thousands of years. When you see gold prices change, what you’re actually witnessing is the changing values of currencies in which the gold price is denominated.  The dollar price of gold per ounce was under $2,000 three years ago. Today its well over $4,000, even going over $5,000 a few months ago. Many other currencies are weaker than the dollar.  What makes Japan particularly worrisome is that its huge national debt, which is proportionately more than twice that of the U.S.,

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