Binance Wallet has rapidly ascended to become the leading player in the cryptocurrency swap market, capturing 93% of the market share as of mid-May 2025—a staggering rise from just 3.4% at the start of the year. Meanwhile, a high-profile K-drama actress is embroiled in a $3M embezzlement scandal, adding a dramatic twist to the region’s financial news. In another development, a Chinese firm is set to issue real-world assets (RWAs) in Hong Kong, signaling growing institutional interest in blockchain-based financial instruments. These events highlight the dynamic and sometimes unpredictable nature of Asia’s crypto and financial sectors.
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Generated 1,305 in Finance and 9,453 in Crypto last weekArthur Hayes Predicts Bitcoin at $1M by 2028
Arthur Hayes, former BitMEX CEO, predicts Bitcoin could reach $1 million by 2028, citing macroeconomic factors like foreign capital repatriation and U.S. dollar devaluation. In a detailed blog post, Hayes argues that Federal Reserve money printing and potential capital controls under a future administration could drive investors toward Bitcoin as a safe haven. He also references Trump-era trade policies as a precedent for market instability, suggesting Bitcoin will benefit from global capital seeking alternatives to U.S. Treasuries. Hayes, known for bullish crypto takes, believes Bitcoin is the ‘only lifeboat’ for fleeing capital.
read moreFTX Creditors to Get $5B in Bankruptcy Payouts May 30
FTX creditors are set to receive more than $5 billion in distributions starting May 30, with payouts ranging from 54% to 120% of their claims, depending on creditor class. The FTX Recovery Trust confirmed the second phase of its bankruptcy plan, covering over 90% of creditors, while the remaining less than 10% will receive funds later. The distributions follow an initial phase in February that paid out $1 billion to smaller claimants. The process reflects the massive fallout from FTX’s 2022 collapse, even as the crypto industry rebounds with regulatory shifts and growing institutional adoption. Key players like BitGo and Kraken will facilitate the payouts within days of the May 30 deadline.
read moreDOJ Proceeds with Charges Against Tornado Cash Developer
The DOJ has reaffirmed its commitment to prosecuting Tornado Cash developer Roman Storm on charges of money laundering and sanctions evasion, despite an internal memo hinting at a policy shift toward targeting individuals rather than platforms. Prosecutors dropped one charge related to operating an unlicensed money transmitter, acknowledging FinCEN’s 2019 guidance that non-custodial entities like Tornado Cash do not qualify. The case underscores tensions between law enforcement and DeFi developers, with industry leaders like Vitalik Buterin supporting Storm. A federal appeals court recently overturned Tornado Cash’s sanctions, but Storm’s trial proceeds, set to begin in Manhattan within two months. His co-developer, Alexey Pertsev, was previously sentenced in the Netherlands but released pending appeal.
read morePulseChain Faces Crisis Over pDAI Stability Concerns
PulseChain, an Ethereum-compatible Layer 1 blockchain promising fast speeds and low fees, is under fire due to instability in its stablecoin pDAI. Founder Richard Heart alleges exploitable flaws in MakerDAO’s governance of pDAI, triggering a liquidity crisis and community-led recovery efforts. While PulseChain’s massive airdrop and scalability initially drew DeFi users, the pDAI controversy threatens its reputation. Developers are working to stabilize the peg, but doubts linger about long-term viability. The situation echoes Solana’s early struggles—will PulseChain rebound or falter? The resolution of pDAI’s crisis could define the project’s future.
read moreGENIUS Act Faces Hurdles Amid Trump Crypto Influence
The US Senate is preparing for another vote on the GENIUS Act, though bipartisan disagreements and former President Donald Trump’s involvement in crypto pose hurdles. Coinbase’s Chief Legal Officer Paul Grewal, speaking at the Consensus conference, acknowledged ‘hiccups’ in Congress since the Senate Banking Committee advanced the stablecoin bill in March. Grewal noted Trump’s support for memecoins adds complexity to regulatory alignment but expressed confidence in lawmakers resolving disputes. The bill’s fate remains uncertain as Democrats and Republicans debate key provisions.
read moreStablecoins Challenge Legacy FX Systems, Says O’Leary
During his keynote at Consensus 2025, investor Kevin O’Leary emphasized that stablecoins present a major threat to traditional foreign exchange and payment systems by offering faster, cheaper cross-border transactions. Legacy platforms, which rely on high fees, could lose substantial revenue if regulated stablecoins become widely adopted. O’Leary predicted that this shift would make the multi-trillion-dollar FX market more efficient, transparent, and cost-effective. The growing lobbying efforts against stablecoins by incumbent players underscore the potential for crypto to reshape global finance.
read moreBinance Lists Nexpace (NXPC) Gaming Token, Price Soars
Binance announced the listing of Nexpace (NXPC), a gaming altcoin tied to the MapleStory franchise, on multiple platforms including Simple Earn, Margin, and Futures. NXPC serves as both a utility token for network fees and an interchangeable asset with MapleStory NFTs, enabling supply control. The news propelled NXPC’s price from $2.01 to a peak of $3.77 before settling at $2.53, marking a 26% 24-hour gain. Binance Alpha will debut NXPC first, further boosting its visibility. The integration underscores the rising convergence of gaming and decentralized finance (DeFi).
read moreChainlink Partners with JP Morgan, Ondo for Tokenized Payments
Chainlink has announced strategic partnerships with JP Morgan’s Kinexys and Ondo Finance to create payment solutions for tokenized assets. According to Chainlink co-founder Sergey Nazarov, this initiative will accelerate capital velocity in asset classes like treasuries, equities, and real estate. The collaboration focuses on enabling frictionless payments for institutions trading tokenized real-world assets onchain, bridging the gap between traditional finance and blockchain efficiency.
read moreEric Trump Highlights Global Bitcoin Accumulation Race
At the Consensus 2025 crypto conference in Toronto, Eric Trump, co-founder of a Bitcoin mining firm, spoke about the intense global competition to accumulate Bitcoin. He noted that everyone from individuals to government funds is rushing to acquire BTC, citing Michael Saylor as a leader in this race. Trump also emphasized the significance of Bitcoin mining, where he is actively involved, alongside Hut 8 CEO Asher Genoot. His remarks underscored the rapid adoption of Bitcoin and the two key races shaping its future: accumulation and mining.
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