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The Big Story
Zcash Bug Could Have Minted Unlimited Fake Coins
Zcash founder Zooko Wilcox disclosed a critical security flaw in the network's Orchard shielded pool that could have allowed an attacker to mint unlimited counterfeit ZEC without detection. The vulnerability was discovered May 29 by independent security researcher Taylor Hornby during a protocol audit for Shielded Labs, and a patch was deployed within 48 hours. Because the flaw existed in a privacy-shielded environment, there is no way to confirm whether it was exploited before the fix went live. BitMEX co-founder Arthur Hayes sold his entire ZEC position in response to what he called "unresolvable supply uncertainty," while Grayscale Chairman Barry Silbert publicly defended the network, arguing critics are overreacting. One major whale lost roughly $70 million as ZEC extended its crash following the disclosure.
Breaking News
Arthur Hayes Is Now All In on Worldcoin — BitMEX co-founder Arthur Hayes has shifted his focus squarely onto Worldcoin after dumping ZEC, posting a public thesis centered on the token's positioning in the intersection of AI identity verification and crypto infrastructure.
XRP Ledger Is Rebranding Its Core Software — The core software powering Ripple's XRP Ledger is getting a new name with the upcoming version 3.2.0 release, moving away from the long-standing "rippled" branding.
ICP Launches Email Recovery for Internet Identity to Eliminate Seed Phrase Risk — The DFINITY Foundation has officially launched email-based account recovery for Internet Identity, the authentication protocol underpinning the Internet Computer, removing the need for users to manage seed phrases.
Ethereum Bot Accidentally Sends $300K To Random User — An Ethereum MEV bot mistakenly sent 167 ETH, worth more than $300,000, to a random user after an alleged system bug, and the bot operator has since confirmed the error and requested the return of the funds.
Top Stories
Coinbase Opens Door To Bitcoin-Backed Mortgages
Coinbase and mortgage lender Better Home & Finance have taken a significant step toward bringing digital assets into mainstream home financing. The two companies funded the first Fannie Mae-backed mortgage in the United States that uses Bitcoin as part of the borrower's asset verification process. The milestone represents a formal acknowledgment by a government-sponsored enterprise that crypto holdings can be treated as legitimate collateral in residential lending, a shift that could unlock billions in previously illiquid BTC holdings for homebuyers.
White House Backs Clarity Act Push
White House digital assets adviser Patrick Witt has stepped up the administration's defense of the Digital Asset Market Clarity Act, describing it as good for regulation and good for law enforcement. Witt pushed back against critics who argue the legislation falls short on financial crime provisions, speaking at a Blockchain Association event and making the case that the bill strikes the right balance between innovation and enforcement. The comments come as the bill advances through the Senate with bipartisan support but faces intensifying scrutiny from banking executives and some lawmakers over its anti-money laundering framework.
Visa Eyes Stablecoin Settlement On Canton Network
Visa and Brale have launched a proof-of-concept to explore stablecoin-based settlement using SBC on the Canton Network, marking the payments giant's latest push to bring blockchain infrastructure into institutional finance. The pilot involves real-world transaction flows and is designed to test whether privacy-preserving distributed ledger technology can meet the compliance and performance requirements of global payment networks. Canton, originally developed by Digital Asset, is built for interoperability between siloed financial systems and has attracted interest from major banks and infrastructure providers looking to tokenize traditional assets.
Deep Dive of the Week
MoneyGram's Stellar-based Stablecoin: What is MGUSD?
MGUSD is MoneyGram's own U.S. dollar stablecoin, launched June 2 and issued natively on the Stellar blockchain. It's pegged 1:1 to the dollar and built to move money across MoneyGram's payments network, positioning the remittance giant to compete directly with Circle and Tether in the institutional stablecoin market.
By the Numbers
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$32M SOL moved to Coinbase Prime — Forward Industries, the NASDAQ-listed firm that bills itself as the world's largest corporate holder of Solana, transferred 455,784 SOL after roughly a month of silence.
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$1.2B in NEAR trading volume — NEAR Protocol logged more than $1.2 billion in 24-hour trading volume on June 3, placing it among the top actively traded assets amid renewed infrastructure momentum.
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$20B in cross-chain volume — NEAR Intents has crossed $20 billion in all-time cross-chain volume, with roughly half of that total generated since February 2026.
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99.72% approval rate — Injective's Vulcan Mainnet upgrade was approved by INJ stakers with near-unanimous support, and the upgrade is set to activate June 4.
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167 ETH accidental tip — An Ethereum MEV bot mistakenly sent more than $300,000 to a random user after a system bug triggered an oversized tip.
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42.7 monthly RSI for XRP — XRP is flashing a technical signal that has appeared only three times before in its history, each time preceding a major rally.
On Our Radar
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Pump fun launches GO — The dominant Solana memecoin launchpad has moved beyond token issuance with the launch of GO, a paid bounty platform that lets anyone post a task and pay someone to complete it.
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Sui Network privacy upgrade — Mysten Labs co-founder Adeniyi Abiodun confirmed that Sui will introduce a Confidential Transfers feature to shield transaction amounts from public view while ensuring no hidden token supply can be created.
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Goldman Sachs tokenizes real estate — Goldman has launched a blockchain-native real estate fund alongside Apex Group, Archax, LRC Group, and Ownera, issuing fund shares directly on GS DAP, its own distributed ledger platform.
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Standard Chartered holds $100K BTC call — Global head of digital assets research Geoffrey Kendrick is sticking with his $100,000 year-end target for Bitcoin, even after a bruising week that dragged the asset down roughly 15%.
Until Monday.