Australian fintech firm Block Earner has been spared from paying a hefty fine by the federal court, despite offering a crypto yield-bearing product without a financial services license. The court found that Block Earner had acted in good faith, having sought legal advice before launching the product. However, the company's CEO, Charlie Karaboga, noted the reputational damage and significant legal costs incurred. The Australian Securities and Investments Commission is currently reviewing the court's decision.

Dapper Labs, the company behind NBA Top Shot nonfungible tokens (NFTs), has agreed to a $4 million settlement in a class-action lawsuit. The suit alleged that Dapper Labs sold unregistered securities, but the settlement reaffirms that NBA Top Shot NFTs are not securities, according to CEO Roham Gharegozlou. The agreement also includes business changes to ensure the Flow blockchain's decentralization and an annual staff training program on federal securities laws. The settlement awaits approval from District Judge Victor Marrero.

E*Trade, the online brokerage platform, is reportedly contemplating removing Keith Gill, the GameStop (GME) meme stock trader known as "Roaring Kitty," over potential stock manipulation concerns. Gill's recent return to trading and his significant influence on the meme stock rally have raised eyebrows. However, E*Trade and its owner, Morgan Stanley, are wary of the potential backlash from removing Gill. The Securities and Exchange Commission and the Massachusetts Securities Division are also reportedly investigating Gill's activities. No final decision has been made yet.

Bitcoin exchange-traded funds (ETFs) from BlackRock and Fidelity have seen significant inflows this year, accounting for 26% and 56% of their total ETF inflows respectively. BlackRock's iShares Bitcoin Trust (IBIT) and Fidelity's Wise Origin Bitcoin Fund (FBTC) have attracted $16.6 billion and $8.9 billion since their launch five months ago. However, Vanguard, which doesn't offer Bitcoin ETFs, leads with $102.8 billion in total ETF inflows in 2024. BlackRock's IBIT recently overtook the Grayscale Bitcoin Trust as the world's largest spot Bitcoin ETF, holding over $20 billion in Bitcoin.

Bitfarms, a major crypto mining company, experienced a 42% drop in revenue in May, the first full month after the Bitcoin halving event. The company's Bitcoin production fell from 263 BTC in April to 156 BTC in May, with the average amount of Bitcoin earned per unit of computational power also dropping by 45%. Bitfarms attributed the decline to the Bitcoin halving event, which reduced the mining subsidy, and unusually cold temperatures at its Argentina facility. Despite the setback, Bitfarms secured an additional 100 megawatts at its Paraguay site and has 16,200 Bitcoin miners en route to boost its hash rate.

Chainlink CEO, Sergey Nazarov, has highlighted the vulnerabilities of centralized financial systems following a glitch that caused several securities listed on the New York Stock Exchange to drop by up to 99.9%. Nazarov suggested that Chainlink's decentralized oracle networks could mitigate such risks by providing accurate, tamper-proof data. He added that integrating blockchain technology could enhance the reliability and transparency of financial markets. Oracle networks like Chainlink feed smart contracts with real-world data, preventing single points of failure inherent in centralized systems. The NYSE glitch, which affected stocks such as Berkshire Hathaway and McDonald’s, has since been resolved.

Bitcoin (BTC) has seen a 2.5% increase, hitting $69,400 on June 3, sparking optimism for a rally towards $70,000. This positive movement coincides with a surge in the Bitcoin futures premium, reflecting bullish sentiment. Analysts suggest the rise may be influenced by GameStop's 36% rally, rekindling anti-traditional finance sentiment and boosting memecoins like Floki, Dogwifhat, and Bonk. Comments from the Federal Reserve Bank's Neel Kashkari, ruling out imminent rate cuts, have also added to market uncertainty, driving some investors towards Bitcoin. Global geopolitical tensions, including Australia's move to reduce Chinese stakes in a rare earths miner, have also impacted Bitcoin's price. The Bitcoin futures premium and the 25% delta skew suggest cautious optimism among traders, providing a stable foundation for further price gains.

President Biden has vetoed a resolution to overrule the SEC's crypto accounting guidelines, despite bipartisan support in Congress. The guidelines, which would require crypto assets to be recorded as liabilities, were set to take effect on April 11.

Meanwhile, Israel is speeding up the development of its digital shekel, with the Bank of Israel planning to co-develop an advanced digital payments ecosystem.

In Paraguay, a crackdown on crypto mining has led to the seizure of a property housing 2,738 crypto mining units, following the detection of an unmetered power connection.

Finally, Hong Kong has issued an ultimatum to unlicensed cryptocurrency exchanges: apply for a license by Feb. 29 or shut down operations within three months. Over 22 exchanges applied, but many withdrew their applications just before the deadline.

OKX Ventures is prioritizing sustainability solutions and zero-knowledge technology for future investments. The venture arm of crypto exchange OKX recently co-led a $12M investment in ZK hardware acceleration project, Cysic.

In other news, WeatherXM secured $7.7M for its decentralized weather network, while Switchboard raised $7.5M for its customizable oracle network. GaiaNet, an AI infrastructure project, raised $10M to decentralize AI agent software.

Meanwhile, OKX Ventures invested $12M in zero-knowledge startup Cysic, and DWF Labs backed a $4M round for oracles startup API3. Lastly, financial services startup SCRYPT secured $5M in strategic funding, led by Brazilian exchange bank Braza Bank.

Qatar Central Bank (QCB) has launched the first phase of a central bank digital currency (CBDC) project, focusing on large payment settlements among major banks. The project, which will run until October, will explore distributed ledger technology, artificial intelligence, liquidity enhancement, and securities transactions. This move comes after the QCB began studying CBDC technology in March 2022. The UAE, Qatar's neighbor, has already participated in similar projects, including the mBridge project and Project Aber. The QCB's announcement follows the recent launch of a new fintech sandbox, the Express Sandbox.

Crypto sensation Notcoin (NOT) has seen a whopping 320% price surge in the past week, hitting an all-time high of $0.02896. In less than two months, the play-to-earn game and token, integrated as a Telegram Mini App, has attracted over 30 million users on Telegram. Notcoin was listed on the Bybit exchange on May 16, and since then, the NOT token has risen over 200%. With a market capitalization of over $2.3 billion, Notcoin is now the 51st largest cryptocurrency. The rise in Notcoin's value is largely attributed to growing retail interest via social media platforms.

Bitcoin is bouncing back, with bulls aiming to push it past the significant $70,000 mark. Veteran trader Peter Brandt predicts a potential rise to between $130,000 and $150,000. Ether (ETH) could also see a surge, with nearly 797,000 Ether withdrawn between May 23 and June 2, suggesting a possible supply squeeze. Meanwhile, the S&P 500 Index is showing positive sentiment, with traders viewing dips as buying opportunities. The U.S. Dollar Index has slipped, giving bears a slight advantage. Other cryptocurrencies including BNB, Solana, XRP, Toncoin, Dogecoin, and Cardano are also showing various signs of potential growth.

Binance co-founder, Yi He, has refuted allegations of a platform security breach leading to a $1 million loss from a user's account. The user, crypto trader Nakamao, claimed his account was manipulated through "counter-trading" without his Binance password or 2FA instructions. He blames the loss on unauthorized leveraged trades, which he says Binance failed to alert him about. Binance responded, stating that the hacker accessed Nakamao's account through a malicious plug-in, and that the exchange froze the account within "1 minute and 19 seconds" of receiving the request. However, Nakamao disputes this, alleging Binance was aware of the plug-in's existence and failed to act.

Keith Gill, known as "Roaring Kitty," could become the first GameStop (GME) billionaire this week, as the stock continues its rally. Gill, credited with sparking the GameStop saga, is currently up over $300 million in his GME position. This follows a 74% price surge for the GME stock in pre-market trading on Monday. Gill recently revealed on Reddit that he is holding $181.4 million worth of GME stock and call options. Meanwhile, short sellers of GameStop are facing significant losses, with Citron Research being the latest firm to announce its short GME position.

Dubai's financial watchdog, the Dubai Financial Services Authority (DFSA), has updated its cryptocurrency token rules to advance the regulatory framework within its special economic zone. The changes, based on feedback from its Consultation Paper 153, affect funds investing in crypto tokens and the recognition process for crypto tokens. The DFSA has eased restrictions on funds investing in recognized crypto tokens and allowed domestic funds to invest in unrecognized tokens, provided exposure doesn't exceed 10% of the fund's gross asset value. The regulator also halved token recognition fees to $5,000 and introduced additional recognition criteria for stablecoins.

Bitcoin (BTC) is showing signs of a bullish comeback as it targets $69,000. The cryptocurrency has been rangebound for nearly three months, and market participants are eagerly awaiting a breakout. Key indicators for this potential surge include US unemployment figures due later this week, which have previously been a catalyst for risk-asset volatility. On-chain indicators are also signaling a bullish comeback. Meanwhile, Bitcoin network fundamentals are slowly recovering after a rapid cooling during May's downward price action. The coming days could provide the fuel that bulls need to push Bitcoin higher.

Maple Finance, a DeFi institutional lending platform, has launched Syrup, a protocol aimed at providing institutional yield to the DeFi community. This follows the company's challenges due to the FTX-Alameda collapse. Syrup offers users access to secured institutional lending by depositing Circle USD (USDC) on the platform. However, the launch has received mixed reactions, with some questioning the need for a new token and others expressing distrust due to unresolved FTX-Alameda issues. Maple Finance will host a webinar on June 4 to discuss the Syrup launch.

Crypto lending platform Frax Finance's social media account was reportedly hacked on June 1, with CEO Sam Kazemian alleging an insider job at the social media company. Despite no passwords being tampered with, the account was compromised, leading Kazemian to appeal for assistance in contacting customer service. The recovery process can take up to 72 hours and involves a back-and-forth exchange of information. No updates have been provided on the account's recovery, and users are advised to avoid any website links shared from the compromised account.

Spot Ether (ETH) exchange-traded funds (ETFs) are unlikely to match the day-one inflow of spot Bitcoin ETFs, warns Fireblocks' Stephen Richardson. The Bitcoin ETFs saw an impressive $655.2 million inflow on their opening day. Richardson suggests that Ethereum's value metrics are less clear-cut, making it harder to evaluate. He believes that the right value metrics need to be established before the technology's adoption can be assessed. Despite this, Ethereum is seen as a strong contender in the digital native space, with its value tied to the use cases built on top of it. Recently approved Ether ETF applicants now await SEC approval to start trading.

Over $3 billion worth of Ether (ETH) has been withdrawn from centralized crypto exchanges since the approval of spot Ether exchange-traded funds (ETFs) in the US on May 23. This suggests a possible upcoming supply squeeze. Data from CryptoQuant shows a decrease of around 797,000 Ether on exchanges between May 23 and June 2. Lower exchange reserves mean fewer coins are available for sale, as investors move their coins to self-custody for reasons other than immediate selling. The percentage of circulating Ether supply held on exchanges is also at its lowest level in years, at just 10.6%.