EncryptionChapterThree

680 million SIREN tokens, in 2 days, dropped 96%.
94% of the tokens, traded for 64.8 million USDT— the sweat equity of the bagholders.
From $1.3 to $0.05, a 96% decline, in just 48 hours.
This isn't DeFi, this is outright theft.
"The division into smaller parts" means: selling slowly, making it impossible for any address to escape.
But ironically—
No matter how you "divide into smaller parts," getting 64.8 million USDT is still getting it.
Whose money is this 64.8 million USDT?
It's the savings of retail investors who saw $1.3 and thought "it can still go up."
The cruelest truth in the DeFi wo

Trump Tacos Again.
“Trump Always Chickens Out”—this abbreviation has become standard vocabulary.
Every time there’s talk of attacking Iran → markets crash → he says, “Forget it, we won’t attack” → markets rally hard.
This time is no exception: the NASDAQ rose 3.5% to a one-year high, the semiconductor index surged 8%, Samsung rose 9.5%, and SK Hynix rose 9.1%.
A week ago, the market was waiting for rate hikes and a selloff. A week later, it jumped because “they’re not doing it after all.”
This is the reality of today’s market:
Geopolitical risk isn’t a fundamental factor—it’s an excuse.
When m

$31 million loss, H coin drops over 90% in 24 hours.
Founder posts: Team members' private keys leaked, do not interact.
A 90% drop, just one news report.
"Team members' private keys leaked" = Our internal controls are virtually nonexistent.
$31 million gone, what about the users?
"Please do not interact with bridge contracts or any liquidity pools" — which is equivalent to saying "Don't touch our products."
This is not a technical vulnerability, but human error.
Private key management is the first lesson in blockchain security — how could team members' private keys be leaked?
Phishing? Insider

Zcash founder personally admits: Orchard pool has a serious forgery vulnerability.
A 30% drop, $431.64—this is not market panic, this is the "faith in technology" collapsing.
Discovered on May 29, fixed on June 2, made public on June 5.
Who ran away during the week before the announcement?
What is Zcash selling? Privacy.
The credibility of privacy coins is built on "code security"; once that is shaken, the entire value proposition of the coin is gone.
Even more ironic:
The vulnerability is a "forgery"—meaning someone might be able to create Zcash out of thin air.
If privacy coins can be forged

#ETH跌幅超5%
1.1 billion USD, 24 hours.
ETH falls below 1800, lowest at 1734 USD
— Huang Licheng's liquidation price at 1834 USD, about to be hit.
64,000 drops to 62,000, then to 60,000, the stampede continues.
Every rebound is an opportunity to sell, every bottom-fishing is an opportunity to get buried.
The crypto market is now facing triple pressures:
Rising interest rate expectations — liquidity tightening.
Geopolitical risks recurring — risk appetite deteriorating.
Regulatory crackdown intensifying — influx of capital drying up.
All three hitting at once, none can be solved by "faith."
The 1

BTC falls below $62,000, $1.03 billion liquidated in 12 hours, with $952 million in long positions wiped out.
I haven't seen this price in months.
A 7% decline + 10x average volume explosive candlestick — this is not a correction, it's a stampede.
Long to short ratio is $952 million to $77.55 million, meaning longs are slaughtered at a rate 12 times that of shorts.
When you asked me in April how low BTC would go, I said "77,000 has support."
Now at 62,000, where is the support? No one knows.
Rising interest rate expectations, geopolitical risks recurring, eight departments regulating cross-bor

Rising from $6.36 to $17, a 170% increase, adding $60 billion to its market value.
This is the power of the four words: “Nvidia Investment.”
Nokia—the company that was “out of the mobile phone business”—managed to pull through thanks to Nvidia’s $1 billion investment.
The ironic truth:
It wasn’t that Nokia turned things around; it’s that Nvidia slapped a label on it: “AI + 5G.”
Nokia’s existing business—network equipment and 5G infrastructure—suddenly shifted from “a sunset” to “a sunrise.”
The real substance behind the $60 billion market value increase:
Wall Street is willing to pay for the “

Seven liquidations, two days, Huang Licheng.
Then he opened a long position of over 25 times with 400 ETH.
Liquidation price at $1,834.01.
Translation: I lost 7 times, but on the 8th, I want to win back.
This is a textbook example of a gambler's mentality.
400 ETH, $744k.00. 25x leverage.
If he wins, and ETH rises 1%, he makes $186k.
If he loses, ETH drops to $1,834.01, and he loses another $744k.
What did the 7 liquidations teach him?
Nothing at all.
Because if he had learned, he wouldn't open a 25x leverage after 7 liquidations.
Even more ironic is the timing.
ETH might now be oscillating be

Bars hedge "free ride risk" with Kalshi — prediction markets finally aren't embarrassing anymore.
The logic is straightforward: Knicks win → bar loses money → Kalshi contracts make it back. Knicks lose → no free ride → only a small hedging cost is lost.
This isn't gambling; it's insurance.
But be clear:
First, it only applies to "Yes/No" type events. Rain cancels events, strikes cause closures, the chef gets sick — all can be bet on with Kalshi contracts.
Second, liquidity is a bottleneck. $5,000 is no problem, but who will take on $5 million?
Third, cost issues. If the Knicks have a 60% chanc

Polymarket loses 32 BTC
Strategy (Michael Saylor's company) never sells coins, so "Will they sell BTC?" has become a $20 million market on Polymarket.
As a result, they sold 32 coins—which, compared to their over 200,000 BTC holdings, is like losing five dollars in their wallet.
But Polymarket's rule is: "If Strategy sells any of their Bitcoin before the specified time, it is considered 'Yes.'"
The question is: Strategy sold before May 31, but the announcement was made afterward.
The "Yes" side argues: The rule states "sale time," regardless of the announcement.
The "No" side argues: The annou

Vietnam’s Ministry of Finance has proposed amendments to the “Law on Support for Small and Medium-Sized Enterprises,” aiming to allow digital assets to be used as legitimate collateral for bank loans.
There are 930,000 small and medium-sized enterprises, accounting for more than 98% of the total number of enterprises nationwide, yet they only receive 19%-20% of credit from the banking system.
Collateral has long been a pain point—Vietnamese small and medium-sized enterprises do not have traditional collateral like “real estate.”
Now the Ministry of Finance says: the Bitcoin, Ethereum, USDT… yo

107 BTC, 50 million RMB, 10 years and 9 months.
Zhang Moumou helped a familiar acquaintance register a wallet, secretly recorded the seed phrase, and transferred the funds away in multiple rounds.
“Protective takeover” — this defense could be considered the joke of the year. Put into plain terms: “I’ll keep it safe for you so you don’t lose it.”
So what happened next? He sold 107 BTC across various trading platforms and converted them into 660,000 RMB.
A 50 million RMB BTC holding was ultimately sold for only 660,000 — it’s not that BTC is worthless, but that urgent liquidation require

Nikkei rises 1.36%, Korea's KOSPI up 2.43%, KOSPI 200 futures up 5% triggering a circuit breaker.
One morning, two markets hit the daily limit twice—this is not a rebound, it's a stampede-style rush to buy.
A 5% increase directly triggered the circuit breaker, indicating that algorithmic trading is chasing gains at any cost.
The reason? It could be the expectations reached last week through Samsung's labor-management negotiations, or the Bank of Japan's "continued easing" as a last-ditch effort, or perhaps—it's been a long decline, and a rebound needs no reason.
For a market that has fallen fo

罗永浩喊话CZ，要求 Binance 下架名为「罗永浩」的虚拟币。
然后老罗在X上回应：「所以虽然CZ没回应我，他们的工作人员已经处理了是吗？但是头像还在啊。」
「头像还在」这四个字，暴露了这场维权行动的边界。
让我翻译一下这个事件的底层逻辑：
任何人都可以发一个以名人名字命名的Meme币。
名人要维权，打官司追不到人，只能喊话CZ。
CZ不用回应，工作人员「处理」一下，搜索屏蔽了。
但币还在，头像还在，合约还在。
这就是币圈名人维权的现状——
传统路径（诉讼、知识产权）在加密世界基本无效，因为发币的人可以是匿名的、跨国的、去中心化的。
所以罗永浩选了一条更短的路径：舆论施压 → 中心化平台自律。
这本质上是一种「监管的替代方案」。
但「头像还在」说明什么？
Binance的屏蔽是「搜索层面」的，不是「合约层面」的。
用户如果知道合约地址，还是能交易。而Meme币的核心价值就是炒作，搜索屏蔽了，炒作难度增加，但币没死。
老罗这一步赢了面子，但里子还在。
更有意思的是——以后会不会有更多名人喊话CZ，要求下架同名Meme币？
CZ要是每个都回应，那Binance就变成「名人形象审查委员会」了。#Gate广场五月交易分享 $PHB

$7.2 million, THORChain router hacked.
Cyvers detected abnormal transactions across multiple networks including Bitcoin, Ethereum, BSC, and Base, involving over ten assets such as USDT, USDC, WBTC, DAI, all exchanged into ETH and then consolidated into the same address.
This is not the first time THORChain has been hacked.
This protocol handles cross-chain liquidity—you transfer from Bitcoin to Ethereum, and THORChain manages the routing. Once the router is compromised, the assets flowing through become the hacker’s withdrawal machine.
What’s interesting this time is the "assets unifie

Another project called out by ZachXBT.
The LAB token surged to a $6 billion FDV, but behind the scenes—
It’s opaque, token distribution hasn’t been disclosed, investors and trading platforms overlap heavily, and insiders control more than 95% of the tokens.
Every sentence is a red alert.
Let’s break down this team’s “achievements”:
First, they unilaterally change the lock-up period.
The public sale lock-up was changed from 3 months to 9 months. This is basically telling public sale participants: “Your coins—our decision.”
Second, they withhold marketing fees, give KOLs and whales special treat

2.8 million USD, cross-chain bridges are hacked again and again.
TAC's TON side was attacked, involving USDT, BLUM, tsTON. The announcement said that TON and ERC-20 are unaffected—this kind of "partially affected" wording always sounds tiresome.
The key sentence is: "Sell the foundation’s TAC token reserves through a legitimate structured approach to compensate users."
Translate: We're about to sell tokens.
Using the foundation’s reserves to compensate users is better than just running away directly. But the phrase "structured sale" implies—
We will try not to break through the order book, but

Ondo Finance, JPMorgan Chase, Mastercard, Ripple—these four names appearing in the same project is news in itself.
On-chain redemption of tokenized U.S. Treasuries, settled within 5 seconds—cross-border, cross-bank, 24/7.
The process is as follows:
Ondo processes the redemption of OUSG (tokenized short-term U.S. Treasuries) on the XRP Ledger → Mastercard’s multi-token network connects on-chain assets with fiat currency → JPMorgan Chase’s Kinexys completes the USD delivery to Ripple’s Singapore account.
All of it takes less than 5 seconds, completed outside banking hours, with no manual operati

Iran talks hit a dead end on Sunday, and on Monday Trump convened a national security meeting to revisit military options.
Diplomacy is dead.
The only keyword in this news is: “refusal.”
Iran rejected many of Trump’s demands, refusing to make “meaningful concessions” on the nuclear program. The word “meaningful” is crucial—it suggests Iran may have made some symbolic concessions, but what Trump wants is substantive, comprehensive constraints on the nuclear program.
Once diplomacy has reached this point, it basically means: one side is naming outrageous prices, the other is countering with what