Today's top news highlights:

The US CFTC admits the 2022 lawsuit against Gemini "should never have been brought," and has jointly applied with Gemini for a waiver of judgment.

Grayscale's Hyperliquid ETF application has entered the final pre-listing registration stage and has added the option to offer collateralization capabilities.

AI coding company Cognition raised $1 billion, raising its valuation to $26 billion.

Polymarket denies mandatory KYC: Only beta products have this requirement for some trial users.

Vitalik: The intersection between Ethereum infrastructure and AI is constantly expanding, and models need to be optimized for relevant use cases.

Regulation & Macro

Futu and Changqiao clean up accounts opened with false supporting documents and empty accounts.

Futu and Changqiao have begun cleaning up and closing accounts opened with false supporting documents, as well as empty accounts with no assets or positions. Futu NiuNiu's app has added an "Update Identity Information" entry, reminding customers that if they hold compliant overseas identity documents, account functions will not be affected after the information is updated. Previously, some Hong Kong banks required customers to sign a declaration confirming the source of funds when opening investment accounts.

The US CFTC admits the 2022 lawsuit against Gemini "should never have been brought," and has jointly applied with Gemini for a waiver of judgment.

The U.S. CFTC announced that it has jointly filed a motion with Gemini for a waiver of judgment in its lawsuit against Gemini. The case was filed in June 2022 and settled in January 2025. Following review, the CFTC determined that the case should not have been filed and would not have been filed under current standards. The review found that the indictment was primarily based on unreliable whistleblower statements, the investigation focused on the victim Gemini rather than the alleged fraudsters, the strength of the evidence was questionable, key evidence was not provided during the vote, the litigants used deliberative privilege to prevent Gemini from obtaining defense evidence, and certain individuals improperly used regulatory power to pressure for a settlement. Both parties are requesting the revocation of the unfulfilled clauses in the settlement agreement.

Google engineers are accused of insider trading on Polymarket using internal search data.

Google security engineer Michele Spagnuolo has been arrested for allegedly using internal search data to engage in insider trading on Polymarket. After Polymarket launched its "Most Searched People on Google in 2025" prediction market, Spagnuolo used internal tools to obtain non-public information in advance and controlled the "AlphaRaccoon" account to place bets involving approximately $3.8 million. For example, he bet on rapper D4vd to top the list before he became a news focus, profiting over $1.2 million. To conceal the flow of funds, he transferred money through exchange services and privacy tools, depositing some into his Italian account. He has been charged with merchandise fraud, wire fraud, and money laundering. Google has suspended him.

The White House has launched a review of the CFTC's work on developing prediction market rules.

The Office of Information and Regulatory Affairs (OIR), under the White House Office of Management and Budget, has received and is reviewing proposed rules for prediction markets submitted by the CFTC. CFTC Chairman Michael Selig argues that prediction markets fall under his exclusive jurisdiction and has filed lawsuits against five states. President Trump has publicly supported Selig, stating that the CFTC's exclusive jurisdiction over prediction markets is crucial.

Project Updates

Binance Futures will launch CTRUSDT U-margined perpetual contracts.

Binance Futures will launch CTRUSDT perpetual contracts on May 28, 2026 at 17:30, with a maximum leverage of 20x.

Binance Alpha will list Sealcoin (QAIT)

Binance Alpha will list Sealcoin (QAIT) on May 28th. Eligible users can claim the airdrop using Binance Alpha Points on the Alpha event page after trading opens on Alpha.

Grayscale's Hyperliquid ETF application has entered the final pre-listing registration stage and has added the option to offer collateralization capabilities.

Grayscale has filed Form 8-A12B with the SEC for its spot Hyperliquid ETF, a final registration step before listing on Nasdaq, with trading expected to begin within 1 to 4 days. The ETF, previously ticker symbol GHYP, has been renamed “Grayscale Hyperliquid Staking ETF,” seemingly indicating the addition of staking functionality.

US real estate investment firm Cardone Capital increased its holdings by 130 bitcoins.

Grant Cardone, CEO of U.S. real estate investment firm Cardone Capital, said the company added 130 bitcoins during the pullback.

Manta's co-founder stated they are investigating the Superfortune security incident; GUA tokens have fallen nearly 76% in the past 24 hours.

Manta co-founder Kenny stated that a security incident occurred on Superfortune, with recent token unlocks being hijacked, and an investigation is underway. The GUA token has fallen 75.8% in the past 24 hours. Superfortune is a project incubated by Manta.

Polymarket denies mandatory KYC: Only beta products have this requirement for some trial users.

Josh Stevens, VP of Engineering at Polymarket, denied reports of mandatory KYC, stating that the company is rolling out a new beta version of a product that only requires a select group of trial users to complete KYC during the testing phase; the existing website does not have KYC requirements. KYC will no longer be necessary after the testing period ends.

Superfortune has confirmed a security incident, stating that "addresses in multisignature transactions were altered."

Superfortune has confirmed a security incident involving its GUA token on May 27th. Preliminary investigations suggest the incident may have involved address tampering during a multi-signature transaction. The original plan was to send additional unlocked tokens to the airdrop claim contract address, but the funds were mistakenly sent to a hacker's address. The team stated that this address had never interacted with any Superfortune-related addresses before, making an address poisoning attack unlikely, and that internal processes already include multiple address verification mechanisms.

Clearing giant DTCC will integrate tokenized securities into the Stellar network, with plans to launch in 2027.

Wall Street clearing giant DTCC announced plans to integrate its tokenized securities platform with the Stellar network in the first half of 2027, bringing tokenized stocks, ETFs, and US Treasuries held in custody by Depository Trust Company to Stellar. This integration will support on-chain issuance, settlement, and full lifecycle management of traditional securities, and explore the tokenization of highly liquid assets.

Solana DEX Orca launches compliant RWA trading market

Solana decentralized exchange Orca has launched a "permissioned pool" infrastructure for tokenized trading of physical assets with high compliance requirements. The first to integrate is commodity tokenization company Streamex, whose gold-linked security GLDY will be the first compliant token. This mechanism is primarily aimed at the US market, allowing only KYC-compliant accredited investors to buy and sell. Issuers can customize access rules, which are automatically executed by the on-chain system.

The Bank for International Settlements will launch a real-value transaction test for digital cross-border payments projects.

The Bank for International Settlements (BIS) and its partners are about to launch a real-value transaction test for Project Agorá, a digital cross-border payments project. The project involves the BIS, seven central banks, and over 40 regulatory bodies, including the Federal Reserve Bank of New York, the European Central Bank, the Bank of Japan, the Bank of England, JPMorgan Chase, and UBS. The prototype uses a "unified ledger" concept, leveraging blockchain technology to complete interbank transfers and settlements between different countries within seconds, while retaining existing sanctions and anti-money laundering screening mechanisms. The Bank of Canada has joined.

Block's Cash App will launch USDC stablecoin payment functionality in phases, supporting four blockchains: Solana, Ethereum, Polygon, and Arbitrum.

Block's Cash App has begun offering USDC stablecoin payments to approximately one-quarter of its users, with plans to roll it out to all nearly 60 million users this week. It supports deposits and withdrawals of USDC on four blockchains: Solana, Ethereum, Polygon, and Arbitrum, serving as a blockchain transfer channel for fiat currency balances. On-chain transfers are irreversible; accidental transfers or transfers to networks not supported will result in permanent loss of funds. This feature is unavailable in New York State and for sponsored accounts. Verified users can send a maximum of $2,000 per day ($5,000 per week) and receive a maximum of $10,000 per week.

Investment and financing news

AI coding company Cognition raised $1 billion, raising its valuation to $26 billion.

AI programming startup Cognition AI has raised over $1 billion in a new funding round, valuing the company at $26 billion, more than double its valuation since September of last year. The round was co-led by Lux Capital, General Catalyst, and 8VC, with participation from Ribbit Capital and others. Founded in 2023, Cognition's core product is Devin, an automated programming agent. Its annualized revenue has increased from $37 million in May of last year to $492 million, and its clients include Goldman Sachs and Mercedes-Benz. The funds will be used for in-house model development, product optimization, and potential acquisitions.

Korea Investment & Securities and OKX will jointly acquire a 40% stake in Coinone, with the total amount expected to exceed $300 million.

Korea Investment & Securities (KIC) will sign an agreement with OKX on the 29th to each acquire a 20% stake in the South Korean cryptocurrency exchange Coinone, totaling 40%. The total acquisition amount is estimated to be between 500 billion and 600 billion won (US$332 million to US$398 million). The acquisition will primarily be conducted through a new share issuance, and the existing major shareholders will retain their management control. KIC will advance its digital asset business, including the issuance and circulation of tokenized securities and the recruitment of corporate clients.

Samsung Securities will spend approximately $204 million to acquire a 2% stake in Upbit operator Dunamu.

Samsung Securities will acquire a 2% stake in Upbit operator Dunamu, approximately 697,000 shares, for 306.3 billion won (approximately US$204 million), at a price of approximately 439,000 won per share. The sellers include Kakao Investment. This acquisition values Dunamu at approximately 15.3 trillion won (approximately US$10.2 billion). Samsung Securities aims to enhance its competitiveness in the digital asset business.

Opinions & Analysis

Yi Lihua: After this rebound ends, I will fully prepare to buy at the bottom, devoting half of my energy to AI stocks and investments.

Liquid Capital founder Yi Lihua stated that in the previous cycle, they were right eight times and wrong once, but the cost was huge, only resulting in a profit retracement. After this rebound ends, they will fully prepare to buy at the bottom and devote more than half of their energy to researching AI stocks and investing. Optimists choose to believe in the trend.

VanEck CEO is bullish on Bitcoin in the long term, but warns that 2026 will be a year of correction following the halving cycle.

VanEck CEO Jan Van Eck is bullish on Bitcoin, but warns that 2026 is historically a down year in the four-year halving cycle, institutional adoption remains largely unchanged, and there is a lack of catalysts for a significant price increase.

Opinion: The US Treasury's massive bond issuance will drain $150 billion in liquidity, potentially causing Bitcoin to fall further.

Michael Kramer, founder of Mott Capital Management, warned that the U.S. Treasury's operations between May 28 and June 5 could withdraw approximately $150 billion in liquidity from the financial system, potentially causing further declines in Bitcoin. Bitcoin has fallen about 11% this month from its high above $82,500 and is currently trading around $73,000, breaking below the key support level of $75,000. Kramer pointed out that Bitcoin is a better indicator of liquidity, and macroeconomic forces such as government lending and cash flow can have a significant impact on its price.

Vitalik: The intersection between Ethereum infrastructure and AI is constantly expanding, and models need to be optimized for relevant use cases.

Vitalik Buterin pointed out in an article that the intersection between Ethereum infrastructure and AI is expanding. He noted that Deepseek V4's 2-bit quantized version can run on 90GB of memory, achieving speeds of approximately 35 tokens/second on Apple hardware and 7 tokens/second on AMD, emphasizing that multi-hardware support is key to decentralized AI. Mistral's Leanstral model, focusing on Lean code, can run within 70GB of memory, achieving performance comparable to a 1T parameter model. He also elaborated on the role of AI-assisted formal verification in code security, enabling end-to-end secure proofs applicable to STARK, consensus algorithms, etc. Blockchain and ZK-SNARK provide open verifiability and privacy scalability; combining them with AI can improve efficiency and restore accuracy. He called on the Ethereum ecosystem to fine-tune models for relevant use cases and promote efficient cross-hardware platform support.

Analysis: If Tesla merges with SpaceX, it will become the world's fifth-largest corporate Bitcoin holder.

CNBC, citing sources familiar with the matter, reported that Elon Musk is exploring a potential merger between Tesla and SpaceX. The two companies have increasing overlap in the areas of power infrastructure and AI computing. A merger would combine Tesla's 11,509 bitcoins with SpaceX's 18,712 bitcoins into 30,221 bitcoins, worth approximately $3.3 billion, making Tesla the fifth-largest publicly traded company holder of bitcoins globally.

Nic Carter: Solana needs a complete rebuild to be resistant to quantum attacks.

Nic Carter, a partner at Castle Island Ventures, stated that Solana needs a complete rebuild to resist quantum attacks. Solana is highly optimized around a variant of elliptic curve cryptography, with targeted hardware optimizations, and its core principle is high throughput. Adopting lattice-based cryptography would slow down the speed and potentially reduce throughput, which is the very essence of Solana.

Important data

pvp.trade previously earned $8.68 million in commissions, which has since increased to $24.34 million after purchasing HYPE.

Hyperliquid's TG trading bot and copy trading platform pvp.trade earned $8.68 million in commissions from trading fees, which were all used to buy HYPE tokens, now valued at $24.34 million. The project redeemed 400,000 HYPE tokens ($22.8 million) from its staked account yesterday, possibly preparing to take profits.

Bitcoin spot ETFs saw a total net outflow of $733 million yesterday, marking the eighth consecutive day of net outflows.

On May 27, Bitcoin spot ETFs saw a total net outflow of $733 million. The largest single-day net inflow was seen in the Morgan Stanley ETF (MSBT) at $4.2941 million, while the largest net outflow was in the BlackRock ETF (IBIT) at $528 million. The total net asset value of Bitcoin spot ETFs is $96.449 billion, with a net asset value ratio of 6.4%, and a historical cumulative net inflow of $56.017 billion.

Matrixport-linked whale's ETH long position is showing a floating loss of $33.86 million, and it has opened a new long position of 500 BTC.

Ethereum spot ETFs saw a total net outflow of $67.1508 million yesterday, marking the 12th consecutive day of net outflows.

Strive Preferred Stock (SATA) saw a single-day increase of 402 Bitcoins, representing 51% of the total amount held the previous week.

A16Z-affiliated entities have again stockpiled approximately 254,000 HYPE tokens, worth $15.03 million.

After a five-day break, a16z-affiliated entities continued to accumulate large amounts of HYPE. In the past seven hours, they received 253,947.43 HYPE tokens, worth $15.03 million, from various exchanges and market makers, with an average withdrawal price of $59.20. HYPE is currently priced at $58.13, a 10% pullback from its peak.

Trend Research has sold off its entire stake in UNI and COMP at a loss, realizing a loss of $40.29 million.

Trend Research, a secondary investment arm of Yilihua, transferred 2.705 million UNI tokens ($8.71 million) and 114,000 COMP tokens ($2.13 million) to Binance, selling all of them at a loss, realizing a loss of $40.29 million. Last July, they bought 5.41 million UNI tokens (average price approximately $9.5) and 228,700 COMP tokens (average price approximately $49.3) at a high price, and sold them this May at an average price of approximately $3.3 for UNI and approximately $19.4 for COMP.

Evaded, a major whale, opened a new short position of 12,600 ETH, while Huang Licheng's ETH long positions were partially liquidated.

Cryptographic card monthly transaction volume increased by 230% year-on-year, with a cumulative transaction volume of $7.8 billion this month.

Crypto-linked debit and credit card payments saw a monthly increase of approximately 230% year-over-year, with cumulative transactions reaching $7.8 billion this month. Visa, through partnerships with companies like Jupiter Global, holds approximately 90% of the crypto card transaction share. OKX launched a stablecoin payment card on the Mastercard network in Europe this January, with supermarket shopping being the largest category (26%), followed by restaurant spending at 18%, and online shopping at 13%. Visa and Stripe's Bridge plan to launch stablecoin-linked payment cards in over 100 countries, initially supporting 18 countries.

Pump.fun transferred another 100,600 SOL tokens to Kraken, worth approximately $8.32 million.

Pump.fun transferred another 100,628 SOL (US$8.32 million) to Kraken. Since the beginning of 2024, it has sold a total of 4.54 million SOL (US$791 million) in transaction fees, with an average price of approximately US$174.

Strive purchased an additional 1,109 bitcoins, increasing its holdings to 16,500 bitcoins.

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