24/7 News

Svmuu News: Galaxy’s Head of Research posted on X, stating that tokenized stocks are attracting widespread attention. Aside from Operate, tokenized stocks are broadly divided into two categories: issuer-backed types, such as GLXY; and third-party-backed types, such as Ondo, xStocks, and others. Coinbase has announced the launch of its own version but has not yet explained exactly how it will work.

Svmuu News: The cross-chain protocol Axelar Network issued a statement noting that there has been a misunderstanding within the community regarding recent security incidents. Neither Axelar Network itself nor the IBC protocol has been attacked or compromised, and the affected token smart contract was not developed, deployed, or maintained by Axelar Network. The exploited contract is a forked version based on the CW20-ICS20 implementation. The developers removed two core security checks, leading to an infinite minting vulnerability. This fork eliminated the validation mechanisms originally designed to prevent such issues, altered the contract’s original trust model, and was not subjected to a new security audit.

Svmuu News: The cross-chain protocol Axelar Network issued a statement regarding the recent security incident involving Secret Network, stating that there are misunderstandings within the community. Neither Axelar nor the Inter-Blockchain Communication Protocol (IBC) was attacked or compromised, and the affected token smart contract was not developed, deployed, or maintained by Axelar. and Axelar’s firewall mechanism prevented the impact from spreading further to other chains. It is reported that the exploited contract was a forked version based on CW20-ICS20, but the developers removed two core security checks, leading to an “infinite mint” vulnerability. By removing the validation mechanisms originally designed to prevent such issues, this fork altered the contract’s original trust model and was not subjected to a new security audit. Axelar Network explained that anyone can deploy contracts for cross-chain asset wrapping via IBC, and similar contracts are also used to wrap tokens from other chains into the Secret Network. However, the Secret side-chain fork involved in this incident was vulnerable due to the removal of critical security checks. This incident was not caused by a specific logical flaw, nor was it an issue with the IBC protocol itself; rather, it stemmed from security risks introduced by modifications made to a third-party contract.

According to monitoring by the Svmuu Seer channel, in the Polymarket prediction event “CS2 IEM Cologne Major Semifinals: Furia vs. Aurora,” smart money (0x89dd49bf87c41be422927372a0b75c6ab577f662), which has generated over $320,000 in profits, purchased $224,000 worth of Furia to beat Aurora, at an average entry price of 59¢, purchasing 379,751.5 shares. Additionally, this address purchased $25,000 worth of Furia to defeat Aurora on Map 1, at an entry price of 50.6¢, acquiring 49,553.5 shares. The match is currently in the first game, with Furia leading 12–8 on Map 1. The Svmuu Seer channel continuously monitors prediction markets and spots changes before prices are set.

Svmuu News: Hyperliquid announced that, as part of the USDH exit plan, all USDH-denominated markets on HyperCore have been settled, and users can immediately dispose of their remaining USDH assets, including: Exchanging USDH for USDC on the HyperCore spot order book, exchanging USDH for USDC on HyperEVM, withdrawing USDH from the Borrow/Lend products, and repaying borrowed USDH by purchasing the USDH/USDC trading pair. Hyperliquid stated that users should promptly complete the relevant asset conversions and settle their lending positions to avoid any impact resulting from the USDH exit process.

Svmuu News: The Iranian Revolutionary Guard Corps announced that the Strait of Hormuz is closed to all vessels. It warned ships not to approach the Strait of Hormuz, or their safety would be at risk, citing Israel’s operations in Lebanon and the U.S. violation of its ceasefire commitments as the reasons for the closure. (Jin Shi)

Svmuu News: Yu Xian, founder of SlowMist, published an analysis stating that the incident involving the loss of approximately $1.1 million from the OLPC/LABUBU liquidity pool on the BNB Chain was suspicious. The theft was caused by a severe imbalance in the OLPC/LABUBU trading pair, which resulted from an “exploitable vulnerability” in OLPC being exploited;_update allows for the burning of a quantity of OLPC equal to value * decimalsValue when certain conditions are met. Normally, decimalsValue is set to 1, but approximately 46 days before the attack, the owner changed it to an extremely large value of 7326680472586200649,A few days later, the OLPC owner relinquished their ownership rights, turning the address into a zero-balance address. Today, the attacker exploited this extremely large decimalsValue to trigger a Pair reserve burn, allowing them to exchange a small amount of OLPC for a large amount of LABUBU.The attacker ultimately exchanged 1.115 million USDT at low cost. The suspicious aspect lies in the setting of `decimalsValue`—why would the OLPC owner set it to such an astronomical value?

Svmuu News: PancakeSwap has issued an announcement regarding anomalies in the OLPC/LABUBU liquidity pool on the BNB Chain, stating that the team has taken note of community reports and has launched a preliminary investigation. PancakeSwap indicated that it has preliminarily confirmed there are no issues at the smart contract level, and the incident is still under further review. The team will continue to monitor the situation and announce further updates once more information becomes available. The official team reminds users to rely solely on information released through PancakeSwap’s official channels and to be wary of unverified reports.

Svmuu News: According to Iran’s Fars News Agency, citing a Foreign Ministry spokesperson, an Iranian delegation will travel to Switzerland to follow up on and demand that the other party fulfill its commitments. If the other party refuses to fulfill its commitments, Iran will take necessary measures in response. We will not sign commitments that cannot be fulfilled; our principle is “commitment for commitment.” If the other party fails to fulfill its commitments, the entire memorandum of understanding will be called into question. (Jin Shi)

Svmuu News: According to on-chain analyst Ai, the address 0x770…399f2 purchased 112.86 WBTC at an average price of $71,655 on April 14, at the start of the market rally. worth $8.08 million. The position once showed a paper profit of over $1 million in mid-May, but the holder persisted in holding it. Finally, on June 16 and 7 hours ago, the position was liquidated in batches at a selling price of $64,723, resulting in a 10% decline in asset value over the two-month holding period.

Svmuu News: STRC, a dividend-paying preferred stock issued by Strategy (MSTR), a company listed on Bitcoin, recently fell below its $100 par value, drawing market attention to its high-yield dividend model, cash reserves, and asset strategy at Bitcoin.STRC was originally designed as a high-yield, low-volatility preferred stock pegged to a $100 par value, attracting investors through consistent dividends and helping Strategy raise funds via ATM (at-the-market offerings) to support dividend payments.However, the recent decline in the price of “Bitcoin,” combined with a series of capital maneuvers by the company, has caused STRC’s price to deviate significantly from its target level. Timeline of this recent decline: May 14: STRC closed at $100 on the ex-dividend date, with the price of “Bitcoin” still above $80,000.However, market pressure had already begun to emerge: competing product SATA announced the adoption of a daily dividend mechanism offering a 13% yield, increasing competitive pressure on STRC. May 15: Strategy announced the repurchase of $1.5 billion in 2029 convertible bonds at a discount of approximately 8%.The market subsequently noted that the company’s U.S. dollar reserves, previously set aside to support dividend and debt payments, were used for this transaction. May 26: Strategy confirmed that cash reserves were used for the bond buyback, reducing the relevant funds to approximately $871 million—equivalent to about six months of STRC dividend coverage—while the company’s previous target had been to maintain approximately 24 months of coverage. June 1: Strategy sold 32 BTC from its “Bitcoin” for the first time since 2022 to demonstrate the company’s ability to support dividends through asset sales. Following the announcement, MSTR’s stock price fell 5.9%. June 5: The Bitcoin fell below $60,000, and STRC dropped to around $90, closing at $93.4. June 8: Strategy shareholders approved a plan to adjust STRC’s dividend frequency from once a month to twice a month; the company also announced that its U.S. dollar reserves had rebounded to $1 billion. June 15: Strategy purchased an additional 1,587 BTC, bringing its U.S. dollar reserves to $1.1 billion. June 18: STRC fell below $83 during intraday trading, about 17% below its $100 target price, hitting a new low since its July 2025 listing, and ultimately closed at $88.59. Currently, Strategy holds approximately 846,842 BTC, with an average cost basis of about $75,656. Based on the price of approximately $62,500 on Bitcoin, the company has an unrealized loss on its books of approximately $11.14 billion. Meanwhile, the market has also begun to focus on the potential dilution pressure resulting from Strategy’s recent fundraising activities. MSTR is currently trading at approximately $112, down about 80% from its all-time high in November 2024. Analysts believe that the core challenge facing STRC lies in the fact that its financial structure is highly tied to the price of Bitcoin: when BTC enters a correction cycle, the market not only reevaluates Bitcoin itself but also begins to reexamine the preferred stock, debt, and financing systems built around Bitcoin.(CoinDesk) The market’s current focus is on whether STRC can return to its $100 par value and whether Strategy’s Bitcoin capital model can be sustained.