All Been Crypto — Week 20 June 2025
Flat week as we are again in limbo of geopolitics BTC at 104k ETH at 2500 with the main outperformer BCH +23% WoW. In the news we had a politically motivated hack, Jump Trading jumping back into Crypto, EigenLayer revealed EigenCloud and a 70mm top up cheque from A16z, Trump reported 57mm earnings from crypto ventures, Kraken’s INK hinting at a token launch, some progress on the stablecoin bill in the US, JP Morgan piloting JPMD deposits on Base and Shopify now accepting USDC. Enjoy reading!
Bat Tai Chi — btc21@mail.com
HEADLINES:
Iran’s largest crypto exchange Nobitex hacked for 90mm
Geopolitics not just impact via Macro outlook and risk sentiment but in this incident show how digital warfare might become more profound in future as more and more assets become Web3 native. Hackers claiming allegiance to Israel successfully hacked Nobitex the largest crypto exchange in Iran and de facto burned the assets to vanity addresses containing some variation of the term “F*ckIRGCterrorists” within their public key. Elliptic in their report give a good breakdown and explain these vanity addresses and why the hackers likey didn’t benefit financially from the attack. Now the exchange has obviously been used by a number of sanctioned entities however it was likely also the source of escaping the financial capture of a restrictive regime for many ordinary citizens. So the moral of the hack and it’s result is something that certainly has two sides. What certainly happened is that users that had their assets withdrawn from the CEX and in their own private cold storage were unaffected #NKYNKC.
Justin Sun’s Tron to go public
FT reports that Justin Sun is also keen on capturing the +ve sentiment on markets for crypto and capitalizing on this ‘support’ for the current US administration i.e. Trump. Allegedly Tron will go public via a reverse merger with NASDAQ listed SRM to replicate MSTR. The company will be renamed to Tron Inc and Eric Trump is expected to take up a role. In a similar fashion the vehicle will serve as a TRX treasury company and Tron will inject 210mm in tokens upon completion. We see this playbook many times before and it’s not surprising that his excellency is joining the party. This time for him it’s via a listed vehicle though so there will be stricter disclosures and less flexibility to move tokens around but we know Justin’s creativity is limitless. It’s a good reminder here to also dust up on Justin’s previous engagement in the US. Well he was charged by SEC with sale of unregistered securities and market manipulation, but after Trump came to power they put the lawsuit to a pause. Wondering when we have the top in on the treasury companies?
BUIDL accepted on Deribit and Crypto.com
We are there after 2.5 years post the launch of the first Tbill tokens and a good year post BUIDL going live the first major exchanges take it as collateral. This is a big step towards institutionalization because just like in TradFi you don’t use cash as collateral with your PrimeBrokers but at least Treasuries. Now on CEX you will use the tokenized for of this. Yes it’s not apples to apples coz BUIDL is a Moneymarket Fund run by Blackrock so it’s a bundle of Treasuries but close enough. Haircut will be minimal if any and BUILds liquidity is large enough to see this being meaningful, also helps that Blackrock has the financial muscle to provide instant redemption into USDC. The interesting aspect here is that obviously Coinbase is large owner of Circle and they also just bought Deribit. So we can see that as a clear stab at Tether where most of volumes and margin is still done in USDT on all exchanges. Will be very interesting to see how quick other CEXs follow the model and what retail friendly version there will be. Of course one has to remember that BUIDL is only for qualifying institutional investors and so Deribit makes a lot of sense while Crypto com is actually much more of a retail outfit, that is now trying to court US institutions more and more. They went big on spending into Trump et al so clearly trying to set a mark here.
QUOTES:
Ondo issuing on ripple is the perfect marriage. A token nobody wants on a blockchain nobody uses.
Omid Malekan — Professor at Columbia
Justin Sun douyin account got banned , lmao. When jail..
Mo Li (Molly) — Head of Marketing at Hashkey Hub
We could take $100 million of ADA in the treasury, convert it to a blend of stablecoins incumbent in Cardano so USDM and USDA and convert some of it in bitcoin to prime bitcoin DeFi
Charles Hoskinson — Cardano co-founder
All Been Crypto — Week 20 June 2025 was originally published in Coinmonks on Medium, where people are continuing the conversation by highlighting and responding to this story.