FTX launches second phase of repayment process, Trump praises government efficiency department achievements

Headlines

▌FTX launches second phase of repayment process, expects to issue more than $5 billion starting today

FTX announced on the X platform that it has launched the second phase of user repayment process, and is expected to issue more than $5 billion to creditors, who will receive the funds within 1 to 3 working days from today.

▌Trump praises the achievements of the Government Efficiency Department, Musk will become a presidential adviser after leaving office

On May 30, local time, US President Trump and American entrepreneur and head of the Government Efficiency Department Elon Musk held a press conference at the White House. At the press conference, Trump praised the achievements of the "Government Efficiency Department" led by Musk, saying that the "Government Efficiency Department" has hired outstanding talents in the computer field. Trump said the government will work to make the "Government Efficiency Department" policy of cutting government spending permanent. Musk said at the press conference that the "Government Efficiency Department" team will only become stronger over time, and he will continue to visit the "Government Efficiency Department" in the future as a friend and advisor to US President Trump. (CCTV)

Market

As of press time, according to CoinGecko data:

BTC price is $105,632, up or down -2.1% in 24 hours;
ETH price is $2,498.09, up or down -4.2% in 24 hours;
BNB price is $675.15, up or down -1.8%;
SOL price is 153.98 US dollars, 24 hours ups and downs -3.2%;
DOGE price is 0.1898 US dollars, 24 hours ups and downs -8.6%;
XRP price is 2.12 US dollars, 24 hours ups and downs -3.5%.

Policy

▌The Trump family's obsession with "cryptocurrency speculation" has sparked criticism from Republican lawmakers

Frank Hill, chairman of the U.S. House Financial Services Committee, said that President Trump's activities in cryptocurrencies and memecoins have complicated Congress's work to pass legislation that has been brewing for years. "That's absolutely true," the Republican congressman said. "The Trump family's involvement in the memecoin world complicates this work because I think it distracts the attention of our party members, both Republicans and Democrats, from what we should be doing." "We've been working for five years, particularly in the House of Representatives, to get strong bipartisan support for stablecoins and a market framework," Hill said. "If you are concerned about memecoins and whether they have no value or what their purpose in society is, then you need to help me pass a stablecoin bill and a market framework bill that will clearly lay out the rules for how digital assets can play in our economy."

▌New York City Comptroller Vetoes Bitcoin Municipal Bond Plan

New York City Comptroller Brad Lander vetoed Mayor Eric Adams' proposal to issue Bitcoin-backed municipal bonds. Lander said: "During my term, the largest city in the United States will not issue bonds backed by Bitcoin."

▌REX Shares submits Solana and Ethereum pledge ETF prospectus, expected to be listed in the United States in a few weeks

Bloomberg analyst James Seyffart said on the X platform that REX Shares has submitted a prospectus for Solana and Ethereum pledge ETFs, which are expected to be listed on the US market in the next few weeks. These funds are products under the 1940 Act and use a C-type company structure rather than the traditional 19b-4 process. "This may be a way to get some degree of approval from the SEC." Seyffart pointed out that the ETF will obtain SOL and ETH spot exposure through a Cayman subsidiary, and said that "this is a series of clever legal and regulatory avoidance strategies used to bring these products to market." Seyffart also said: "Even if a more efficient structure emerges in the future, this may be the first way to go online."

Blockchain Applications

▌Lunar Digital Assets announced the launch of L2 network LitVM to introduce smart contracts for Litecoin

On May 31, Lunar Digital Assets announced the launch of Litecoin ecological zero-knowledge Layer-2 network LitVM, introducing smart contracts for Litecoin, which was born in 2011. The network is built on BitcoinOS and Polygon CDK and is supported by the Litecoin Foundation. LitVM is an EVM-compatible zero-knowledge rollup (ZK Rollup) that aims to introduce smart contract functions, cross-chain liquidity and real-world asset (RWA) support. Lunar Digital Assets said that LitVM will help Litecoin expand into the DeFi and Web3 ecosystems, providing on-chain use cases such as stablecoin payments and programmable assets (Runes, Lordinals).

▌BitMEX successfully blocked a suspected Lazarus attack, found its IP address and major security omissions

BitMEX said in an announcement on Friday that its security team successfully blocked a social engineering attack launched by the Lazarus Group, a hacker group associated with North Korea. BitMEX said: "Recently, an employee was contacted through LinkedIn and proposed to cooperate in the development of the NFT market Web3 project, with the purpose of inducing the victim to run the project code containing malicious code on the computer." The employee promptly identified the risk and reported it, and the security team intervened in the investigation and found that the attack attempted to reuse the malicious code called "BeaverTail". BitMEX pointed out: "We found that the 'operational security error' in the script may have exposed the attacker's 'original IP address'." The team also said: "The organization seems to have split into multiple groups with different technical levels." They have identified at least 10 accounts that may be used to test or develop malware. BitMEX added: "This investigation shows a sharp contrast between the organization's primary phishing tactics and its advanced exploitation techniques."

▌Cetus plans to complete full recovery and restart in about a week

Cetus said on the social platform that the Sui community recently approved an on-chain proposal that will release approximately $162 million seized during the Cetus vulnerability last week, enabling DEX to repay users and resume full operations. The affected funds will be transferred to a multi-signature wallet and held until they are returned to users according to the Cetus-led plan. In response, Cetus announced plans to complete a full recovery and restart in about a week, including protocol upgrades, data recovery, restarting the upgraded CLMM contract, and fully restoring all suspended product functions (including LP functions).

Cryptocurrency

▌Coinbase will launch Vaulta perpetual contracts

Coinbase will launch Vaulta perpetual contracts on June 5, 2025.

▌Big whale James Wynn's Bitcoin long position has a floating loss of $660,000, and the liquidation price is $103,340

According to the on-chain data, the 40x Bitcoin long position newly opened by the big whale James Wynn today has a floating loss of $660,000. The specific information is as follows: Position value: $54,897,376.12, opening price: $105,554.5, liquidation price: $103,410, floating loss: $660,000.

▌Big whale James Wynn was partially liquidated again, and has lost $9.36 million today

According to lookonchain monitoring, the big whale James Wynn was liquidated again, and the account has accumulated a loss of $9.36 million today. This time, his long PEPE and BTC orders were partially liquidated.

▌A whale transferred 2 trillion PEPE to Binance, equivalent to about 24.82 million US dollars

According to Onchain Lens monitoring, after holding PEPE for one month, a whale deposited all 2 trillion PEPE (US$24.82 million) into Binance, making a profit of 6.85 million US dollars.

▌Brazilian fintech company Méliuz plans to raise up to about 78.6 million US dollars to increase its holdings of Bitcoin

According to Brazilian fintech company Méliuz (B3 Exchange Code: CASH3), it announced the launch of a stock offering on May 31, planning to raise up to 450 million reais (about 78.6 million US dollars) to increase its holdings of Bitcoin. After the announcement, the company's stock price fell 8% to 8.13 reais on the same day. Currently, Méliuz holds 320.25 bitcoins (worth about $33.55 million), with an average purchase cost of $101,575 per bitcoin. The new shares will be priced on June 12 and will start trading on June 16, with existing shareholders enjoying priority subscription rights. Since the company transformed into a Bitcoin fund management institution in March 2025, its stock price has risen by 217%.

▌A whale's PEPE completed all profit-taking and finally made a profit of $6.86 million

According to the on-chain analyst Ember, the whale 0x3c9's PEPE completed all profit-taking: 15 minutes ago, the last 497.5 billion PEPE (5.8 million US dollars) in the address was transferred to Binance. His final profit on PEPE was $6.86 million. Hoard 2 trillion PEPE at $0.00000895, worth $17.9 million. Started taking profit on 5/9, sold all today, with an average selling price of $0.0000124. Final profit of $6.86 million.

Important Economic Dynamics

▌JPMorgan Chase CEO: The Fed is right to wait and see, and is ready for interest rates to rise to 5%

JPMorgan Chase CEO Dimon said that the Fed is right to wait and see now, and we are fully prepared for interest rates to rise to 5%. The Fed can try to manipulate long-term interest rates, but this manipulation will not last long. Artificial intelligence may have a deflationary effect, but it will not appear next year.

▌The decline of US stocks widened, and the Nasdaq fell more than 1%

The decline of US stocks widened, and the Nasdaq Composite Index fell more than 1%.

▌JPMorgan Chase CEO Dimon: Sooner or later, there will be cracks in the bond market

JPMorgan Chase CEO Dimon warned that after the "massive excessive" spending and quantitative easing by the US government and the Federal Reserve, the bond market "is bound to have cracks." Dimon said: "I just don't know if there will be a crisis in six months or six years. I hope we can change the trajectory of debt and the ability of market makers to make markets." "Unfortunately, we may need it to wake us up." Dimon has repeatedly expressed his concerns about global deficit spending in recent years. Asked on Friday whether the so-called "Bond Vigilantes" were making a comeback, he said: "Yes."

▌Trump says tariffs on imported steel will be raised to 50% starting June 4

On May 30, local time, U.S. President Trump said at a rally in Pennsylvania that tariffs on imported steel would be raised from 25% to 50%. Subsequently, Trump posted on the social media platform that the decision would take effect from June 4. The White House issued an announcement on social media that day, saying, "In order to further protect the U.S. steel industry from foreign and unfair competition, starting next week, U.S. import tariffs on steel will be increased from 25% to 50%."

Golden Encyclopedia

▌What are Ethereum Futures ETFs and how do they work?

Ethereum Futures ETFs are investment funds that track Ethereum futures contracts rather than Ethereum itself.

Consider a contract that promises to buy Ethereum at a specific price at a certain time in the future. These derivative contracts are traded through Ethereum (ETH) futures exchange-traded funds (ETFs), providing a regulated way to invest in Ethereum using a brokerage account.

Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish the correct investment concept and be sure to increase risk awareness.