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On June 21, the algorithmic stablecoin Main Street USD (MSUSD), which is pegged to the US dollar, experienced a de-pegging event, with its price plummeting to $0.36, a 64.1% drop in 24 hours. Reports suggest that the price de-pegging may be related to the termination of its partnership agreement and issues with reserve verification. Mainstreet responded by stating that assets remain fully supported, and the recent closure of the third-party reserve verification dashboard does not indicate a reduction in assets or a decline in the quality of the investment portfolio, but rather issues related to infrastructure and reporting. However, the shutdown of the reserve verification page has led to concerns in the market, causing users engaged in leveraged circular lending to accelerate their liquidation, resulting in a noticeable increase in borrowing rates. The primary goal now is to 'protect NAV and maximize protocol liquidity,' while continuing to prioritize the protection of user funds, maintaining asset net value, and restoring normal market operations as soon as possible.

[MSUSD Dips to $0.36, Officials Confirm Full Asset Support and Commitment to Market Restoration]On June 21, the algorithmic stablecoin Main Street USD (MSUSD), which is pegged to the US dollar, experienced a de-pegging event, with its price plummeting to $0.36, a 64.1% drop in 24 hours. Reports suggest that the price de-pegging may be related to the termination of its partnership agreement and issues with reserve verification. Mainstreet responded by stating that assets remain fully supported, and the recent closure of the third-party reserve verification dashboard does not indicate a reduction in assets or a decline in the quality of the investment portfolio, but rather issues related to infrastructure and reporting. However, the shutdown of the reserve verification page has led to concerns in the market, causing users engaged in leveraged circular lending to accelerate their liquidation, resulting in a noticeable increase in borrowing rates. The primary goal now is to 'protect NAV and maximize protocol liquidity,' while continuing to prioritize the protection of user funds, maintaining asset net value, and restoring normal market operations as soon as possible.

MSUSD Dips to $0.36, Officials Confirm Full Asset Support and Commitment to Market Restoration

On June 21, according to CCTV, following the formal signing of a memorandum of understanding between the US and Iran on June 18, Pakistan announced on the 20th that technical talks between the US and Iran are scheduled to take place in Switzerland on the 21st. The Iranian negotiation delegation has already arrived in Switzerland, and US Vice President Pence is also en route to attend the talks. Meanwhile, on the 20th, the Iranian military announced the closure of the Hormuz Strait, citing the US's failure to restrain Israel and violation of the memorandum. The US military subsequently stated that it had not detected any actions by Iran to close the strait. Additionally, US President Trump announced on the 20th details regarding the collection of tolls for passage through the strait.

[US-Iran Technical Talks Held Today Amidst Hormuz Strait Controversy]On June 21, according to CCTV, following the formal signing of a memorandum of understanding between the US and Iran on June 18, Pakistan announced on the 20th that technical talks between the US and Iran are scheduled to take place in Switzerland on the 21st. The Iranian negotiation delegation has already arrived in Switzerland, and US Vice President Pence is also en route to attend the talks. Meanwhile, on the 20th, the Iranian military announced the closure of the Hormuz Strait, citing the US's failure to restrain Israel and violation of the memorandum. The US military subsequently stated that it had not detected any actions by Iran to close the strait. Additionally, US President Trump announced on the 20th details regarding the collection of tolls for passage through the strait.

US-Iran Technical Talks Held Today Amidst Hormuz Strait Controversy

On June 21, the latest monitoring data indicated that since the Islamic Revolutionary Guard Corps announced the closure of the Strait of Hormuz, there have been no visible vessel traffic records in the strait over the past 24 hours. Analysts suggest that this unusual phenomenon may not mean that shipping activities have completely ceased, but rather that some vessels have activated 'covert passage' modes—such as turning off AIS (Automatic Identification System) and other electronic tracking devices to evade monitoring while attempting to cross.

[Signs of 'Covert Passage' in the Strait of Hormuz; Iran Reports No Visible Traffic Records 24 Hours After Closure Announcement]On June 21, the latest monitoring data indicated that since the Islamic Revolutionary Guard Corps announced the closure of the Strait of Hormuz, there have been no visible vessel traffic records in the strait over the past 24 hours. Analysts suggest that this unusual phenomenon may not mean that shipping activities have completely ceased, but rather that some vessels have activated 'covert passage' modes—such as turning off AIS (Automatic Identification System) and other electronic tracking devices to evade monitoring while attempting to cross.

Signs of 'Covert Passage' in the Strait of Hormuz; Iran Reports No Visible Traffic Records 24 Hours After Closure Announcement

On June 21, it was reported that approximately $13 billion worth of Bitcoin options will expire on June 26, with the current open interest structure clearly favoring bears, raising concerns that the downward trend may continue this month. Bitcoin has fallen about 14% so far in June, with most call options concentrated at $68,000 and above, leading to significant losses for bulls. 

Data from the options market shows that the Deribit platform holds $10.4 billion in open interest, accounting for 79% of the market share. Among this, call options have an open interest of $6 billion, but 78% is concentrated above $72,000, and with less than a week to expiration, the actual effective positions may shrink significantly; of the $4.5 billion in put options, only 28% bet on Bitcoin falling below $57,000, indicating a more robust bearish structure overall. 

According to current price trends, all four scenarios at the expiration on June 26 favor bears, with a net advantage ranging from $1 billion to $3.4 billion. Even if Bitcoin rebounds 12% from the current level of about $63,000, the outcome of this expiration is still unlikely to turn into a profit for bulls. 

The previous optimism among bulls stemmed from Strategy Company’s large purchase of approximately 62,841 Bitcoins between April and May, pushing prices above $73,000. However, subsequent continuous net outflows from the U.S. Bitcoin spot ETF and setbacks in advancing the digital asset tax legislation have sharply reversed market sentiment. Analysts point out that while this options expiration does not lock in July's trends, it will exert pressure on bulls' confidence.

[Upcoming Expiration of $13 Billion Bitcoin Options Favors Bears, Market Concerns Over Continued Decline This Month]On June 21, it was reported that approximately $13 billion worth of Bitcoin options will expire on June 26, with the current open interest structure clearly favoring bears, raising concerns that the downward trend may continue this month. Bitcoin has fallen about 14% so far in June, with most call options concentrated at $68,000 and above, leading to significant losses for bulls. 

Data from the options market shows that the Deribit platform holds $10.4 billion in open interest, accounting for 79% of the market share. Among this, call options have an open interest of $6 billion, but 78% is concentrated above $72,000, and with less than a week to expiration, the actual effective positions may shrink significantly; of the $4.5 billion in put options, only 28% bet on Bitcoin falling below $57,000, indicating a more robust bearish structure overall. 

According to current price trends, all four scenarios at the expiration on June 26 favor bears, with a net advantage ranging from $1 billion to $3.4 billion. Even if Bitcoin rebounds 12% from the current level of about $63,000, the outcome of this expiration is still unlikely to turn into a profit for bulls. 

The previous optimism among bulls stemmed from Strategy Company’s large purchase of approximately 62,841 Bitcoins between April and May, pushing prices above $73,000. However, subsequent continuous net outflows from the U.S. Bitcoin spot ETF and setbacks in advancing the digital asset tax legislation have sharply reversed market sentiment. Analysts point out that while this options expiration does not lock in July's trends, it will exert pressure on bulls' confidence.

Upcoming Expiration of $13 Billion Bitcoin Options Favors Bears, Market Concerns Over Continued Decline This Month

On June 21, crypto analyst Murphy stated that from the chart below, it is clear that for preferred shares to be breached, BTC would need to drop to $26,000; to breach debt, it would need to fall to $8,000... In fact, there is currently no repayment crisis for preferred shares. Similar product SATA has remained stable above $99 this week. The fact that SATA has not depegged while STRC has indicates that the selling pressure is more directed at Strategy rather than a design flaw of these tools themselves. Therefore, this situation resembles a repricing of leverage and credit, compounded by the depletion of cash reserves and the amplification of initial sell signals leading to liquidity tightening; it is by no means a liquidation crisis. Strategy is still far from forced liquidation; it is simply that the flywheel has indeed stopped turning at the current price. The future price path of BTC will determine whether this is merely a halftime break or the beginning of a downward spiral. However, comparing STRC's depegging to the previous cycle's UST depegging and LUNA collapse is clearly an overreaction. If BTC's price rebounds, equity ATMs reopen, and the flywheel can restart; it can also use common stock to cover dividends and rebuild cash reserves, thereby addressing the most dangerous factor behind STRC's discount.

[Analyst: Strategy is Far from Forced Liquidation, Comparing STRC's Depegging to UST's and LUNA's Collapse is Excessive]On June 21, crypto analyst Murphy stated that from the chart below, it is clear that for preferred shares to be breached, BTC would need to drop to $26,000; to breach debt, it would need to fall to $8,000... In fact, there is currently no repayment crisis for preferred shares. Similar product SATA has remained stable above $99 this week. The fact that SATA has not depegged while STRC has indicates that the selling pressure is more directed at Strategy rather than a design flaw of these tools themselves. Therefore, this situation resembles a repricing of leverage and credit, compounded by the depletion of cash reserves and the amplification of initial sell signals leading to liquidity tightening; it is by no means a liquidation crisis. Strategy is still far from forced liquidation; it is simply that the flywheel has indeed stopped turning at the current price. The future price path of BTC will determine whether this is merely a halftime break or the beginning of a downward spiral. However, comparing STRC's depegging to the previous cycle's UST depegging and LUNA collapse is clearly an overreaction. If BTC's price rebounds, equity ATMs reopen, and the flywheel can restart; it can also use common stock to cover dividends and rebuild cash reserves, thereby addressing the most dangerous factor behind STRC's discount.

Analyst: Strategy is Far from Forced Liquidation, Comparing STRC's Depegging to UST's and LUNA's Collapse is Excessive

On June 21, U.S. media reported that ongoing military operations against Iran are placing significant pressure on the U.S. defense budget and ammunition stockpiles. According to the Wall Street Journal, citing informed sources, the internal estimates from the Department of Defense suggest that the war and related expenditures may have approached or reached $80 billion, warning that if spending continues to expand, the Pentagon could face a risk of operational funding shortfalls this summer, necessitating emergency supplemental appropriations from Congress. The report noted that this funding gap has not yet formed a formal budget request but has been mentioned in communications between senior officials at the Department of Defense and Congress. A former Department of Defense financial official stated that early estimates were around $29 billion, but actual costs could be significantly higher. Meanwhile, the conflict has also been noted to significantly deplete critical U.S. ammunition stockpiles, including THAAD and Patriot interceptors. Several research institutions have analyzed that the U.S. has consumed a considerable portion of the relevant stockpiles, with some models having replenishment cycles lasting several years, raising concerns about military supply capabilities. Additionally, the new round of defense authorization legislation being advanced by Congress is expected to exceed $1 trillion, including billions in appropriations for Israeli defense systems and cooperative projects, sparking ongoing discussions about the structure of U.S. global military spending and resource allocation.

[US Media: Iran War Draining Pentagon Funds, Could Raise Defense Spending to $80 Billion]On June 21, U.S. media reported that ongoing military operations against Iran are placing significant pressure on the U.S. defense budget and ammunition stockpiles. According to the Wall Street Journal, citing informed sources, the internal estimates from the Department of Defense suggest that the war and related expenditures may have approached or reached $80 billion, warning that if spending continues to expand, the Pentagon could face a risk of operational funding shortfalls this summer, necessitating emergency supplemental appropriations from Congress. The report noted that this funding gap has not yet formed a formal budget request but has been mentioned in communications between senior officials at the Department of Defense and Congress. A former Department of Defense financial official stated that early estimates were around $29 billion, but actual costs could be significantly higher. Meanwhile, the conflict has also been noted to significantly deplete critical U.S. ammunition stockpiles, including THAAD and Patriot interceptors. Several research institutions have analyzed that the U.S. has consumed a considerable portion of the relevant stockpiles, with some models having replenishment cycles lasting several years, raising concerns about military supply capabilities. Additionally, the new round of defense authorization legislation being advanced by Congress is expected to exceed $1 trillion, including billions in appropriations for Israeli defense systems and cooperative projects, sparking ongoing discussions about the structure of U.S. global military spending and resource allocation.

US Media: Iran War Draining Pentagon Funds, Could Raise Defense Spending to $80 Billion

On June 21, blockchain research firm Common Prefix revealed that hackers exploited a vulnerability in the Secret Network and Axelar cross-chain bridge contract on June 10. They forged deposits and minted uncollateralized tokens, subsequently cashing out approximately $4.67 million. The attack went undetected for seven days until a normal cross-chain transfer failed due to insufficient funds in the escrow account on June 17, which exposed the anomaly. The root of the vulnerability lies in the contract's transition from an escrow model to a minting model, during which two key functions responsible for verifying the source of transfers were deleted. Additionally, the contract has never undergone an external audit since its deployment in early 2023. Secret Network pointed out that the Axelar bridging infrastructure failed to trigger any effective anomaly detection or emergency pause mechanism before the assets were stolen on a large scale. The stolen funds were routed through Osmosis to Ethereum and exchanged for ETH on CoW Protocol, then dispersed to exchanges such as KuCoin, ChangeNow, and HitBTC. Currently, approximately $672,000 remains in the attackers' Axelar wallet. Secret Network has requested Axelar to freeze this address, but the request was denied. Axelar emphasized that its core protocol was never affected and that the exploited contract was not developed or maintained by Axelar. Axelar has since disabled the related cross-chain connections and stated that it is coordinating with exchanges and law enforcement agencies for follow-up.

[Secret Network Loses $4.67 Million Due to Cross-Chain Vulnerability, Attack Undetected for Seven Days]On June 21, blockchain research firm Common Prefix revealed that hackers exploited a vulnerability in the Secret Network and Axelar cross-chain bridge contract on June 10. They forged deposits and minted uncollateralized tokens, subsequently cashing out approximately $4.67 million. The attack went undetected for seven days until a normal cross-chain transfer failed due to insufficient funds in the escrow account on June 17, which exposed the anomaly. The root of the vulnerability lies in the contract's transition from an escrow model to a minting model, during which two key functions responsible for verifying the source of transfers were deleted. Additionally, the contract has never undergone an external audit since its deployment in early 2023. Secret Network pointed out that the Axelar bridging infrastructure failed to trigger any effective anomaly detection or emergency pause mechanism before the assets were stolen on a large scale. The stolen funds were routed through Osmosis to Ethereum and exchanged for ETH on CoW Protocol, then dispersed to exchanges such as KuCoin, ChangeNow, and HitBTC. Currently, approximately $672,000 remains in the attackers' Axelar wallet. Secret Network has requested Axelar to freeze this address, but the request was denied. Axelar emphasized that its core protocol was never affected and that the exploited contract was not developed or maintained by Axelar. Axelar has since disabled the related cross-chain connections and stated that it is coordinating with exchanges and law enforcement agencies for follow-up.

Secret Network Loses $4.67 Million Due to Cross-Chain Vulnerability, Attack Undetected for Seven Days

On June 21, The Wall Street Journal's investigation revealed that many 'users making huge profits' videos circulating on social media from the prediction market platform Polymarket are not genuine. Some of the content is produced by paid creators who attract user attention and participation in the prediction market through fabricated profit screenshots and exaggerated trading achievements. The report states that such content has been widely disseminated on platforms like TikTok, Instagram, and YouTube, creating the impression that ordinary users can easily earn substantial profits by betting on politics, sports, and trending events, while the reality is significantly different from the promotion. The investigation shows that most users have not achieved considerable profits, and some popular cases are entirely fictional. Polymarket deliberately targets US users for promotional marketing through simulated trading demonstrations and fake profit videos. Meanwhile, the platform has also hired the marketing company 'Virality' to specifically manage influencer promotion activities, which are reportedly aimed directly at US users. Previously, Polymarket avoided regulatory restrictions by not providing services to US users, and if the aforementioned report is accurate, it may indicate that the platform has long operated in a legal gray area in the United States.

[WSJ: Polymarket Accused of Violating Marketing Regulations with False Trades and Fake Profit Videos Targeting US Users]On June 21, The Wall Street Journal's investigation revealed that many 'users making huge profits' videos circulating on social media from the prediction market platform Polymarket are not genuine. Some of the content is produced by paid creators who attract user attention and participation in the prediction market through fabricated profit screenshots and exaggerated trading achievements. The report states that such content has been widely disseminated on platforms like TikTok, Instagram, and YouTube, creating the impression that ordinary users can easily earn substantial profits by betting on politics, sports, and trending events, while the reality is significantly different from the promotion. The investigation shows that most users have not achieved considerable profits, and some popular cases are entirely fictional. Polymarket deliberately targets US users for promotional marketing through simulated trading demonstrations and fake profit videos. Meanwhile, the platform has also hired the marketing company 'Virality' to specifically manage influencer promotion activities, which are reportedly aimed directly at US users. Previously, Polymarket avoided regulatory restrictions by not providing services to US users, and if the aforementioned report is accurate, it may indicate that the platform has long operated in a legal gray area in the United States.

WSJ: Polymarket Accused of Violating Marketing Regulations with False Trades and Fake Profit Videos Targeting US Users

HTX data monitoring shows that UNI has fallen below 3 USDT, currently reported at 3 USDT, with a 24H decline of 1.58%.

【UNI falls below 3 USDT】HTX data monitoring shows that UNI has fallen below 3 USDT, currently reported at 3 USDT, with a 24H decline of 1.58%.

UNI falls below 3 USDT

Анонимный блокчейн-сыщик ZachXBT заявил, что владелец заблокированных в сервисе Changelly 5,73 биткоинов может быть связан с мошенниками из Индии. К такому выводу исследователь пришел после переписки с пользователем, обратившемуся к нему с жалобой на заморозку криптовалюты.

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