Crypto Roundup: Mega Liquidations, Zcash Vulnerability, Stablecoin Moves
Over $1.12 billion in crypto liquidations, a critical Zcash bug patched in June, Arthur Hayes dumping positions, and major banks planning a tokenized deposit network highlight the past 24 hours.
Liquidations — Over $1.12 billion was liquidated across crypto markets in the past 24 hours, with longs bearing the brunt at $949 million.
Zcash Vulnerability — Zcash founder Zooko disclosed a critical counterfeiting bug in the Orchard pool that could have enabled unlimited undetectable ZEC minting. It was discovered May 29 and patched by June 2.
Institutional & Market Moves — Arthur Hayes sold his entire $HYPE and $NEAR positions, expecting market highs to peak before September due to rising energy costs and upcoming AI mega IPOs. Separately, Stripe, Visa, Mastercard, and Coinbase are forming a consortium to launch a stablecoin rivaling Circle and Tether. JPMorgan, Citi, and other major US banks plan a tokenized deposit network next year. Coinbase is introducing pre-IPO perpetual futures, starting with SpaceX.
Regulation & Other News — The US House voted 215-208 to strip Trump of authority for military action against Iran without Congress. A key US House committee is preparing crypto tax legislation as early as Friday. Anthropic, the Claude maker, tapped Morgan Stanley, Goldman, and JPMorgan for its IPO, and also called for a global AI development pause. Elon Musk said X Money availability is gradually widening. Apple is preparing a new Siri for September with support from Google and Nvidia.
Source: Cointelegraph