Morning News | Michael Saylor stated that this week he bought bonds instead of Bitcoin; StablR was attacked and lost about 2.8 million dollars; the U.S. Congress is pushing the Bitcoin Reserve Act again

整理：ChainCatcher

Important News:

• FTX's former law firm and auditing agency agree to pay $66 million to settle fraud allegations
• StablR stablecoin depegs after attack, attackers have profited approximately $2.8 million
• Ethereum Foundation frequently criticized, researchers support its mission to build protocols rather than pump ETH
• Several CFTC officials questioning prediction market regulation have been suspended and forced to resign
• U.S. Congress pushes Bitcoin reserve bill again, Republicans aim to hoard 5% of global Bitcoin
• Michael Saylor: What we bought this week is bonds, not Bitcoin

What important events have occurred in the past 24 hours?

U.S. Congress pushes Bitcoin reserve bill again, Republicans aim to hoard 5% of global Bitcoin
According to ChainCatcher, U.S. Republican lawmakers are accelerating the push for a new version of the "ARMA Act," hoping to complete the bill's signing while the Republican Party still controls both houses of Congress. The bill advocates for the establishment of a national Bitcoin reserve in the U.S. and plans to hold approximately 5% of the global Bitcoin circulating supply long-term.

Market news indicates that within the Republican Party, there is an effort to elevate the Bitcoin strategic reserve to a level of national financial and geopolitical competition, believing that the U.S. should seize a dominant position in the global digital asset system. If the bill is ultimately passed, the U.S. government may become one of the largest holders of Bitcoin globally, further reinforcing the narrative of BTC as "digital gold" and a sovereign reserve asset.
Michael Saylor: What we bought this week is bonds, not Bitcoin
According to ChainCatcher, Michael Saylor posted, "This week we bought bonds, not Bitcoin. ₿itVac is charging."
Security experts warn: AI is accelerating quantum computing threats, the crypto industry faces a continuous security arms race
According to ChainCatcher, as reported by CoinDesk, several researchers in post-quantum cryptography and blockchain security have stated that AI is accelerating the development of quantum computing and forcing the crypto industry to reassess the reliability of existing security systems.

Project Eleven CEO Alex Pruden pointed out that researchers are utilizing machine learning to optimize quantum error correction—one of the biggest engineering bottlenecks in the field of quantum computing. NEAR Protocol co-founder and former Google AI researcher Illia Polosukhin warned that the "harvest now, decrypt later" strategy poses a real threat, where attackers collect encrypted traffic now and decrypt it once quantum computers mature, "this is likely already happening."

Since most blockchain networks rely on the same elliptic curve cryptography as the internet, once quantum computers become powerful enough, they could theoretically derive private keys from public keys, thus breaching wallets and systems. Researchers noted that the combination of AI and quantum computing is creating a continuous security arms race, where security defenses will no longer be static infrastructures but must continuously evolve and upgrade. Currently, multiple blockchain ecosystems such as Ethereum, Solana, and NEAR are actively promoting post-quantum cryptography migration solutions.
FTX's former law firm and auditing agency agree to pay $66 million to settle fraud allegations

According to ChainCatcher, as reported by The Block, FTX's former major external law firm Fenwick & West has agreed to pay $54 million to settle claims related to allegations of assisting in Sam Bankman-Fried's fraudulent activities. Additionally, the auditing agency Prager Metis has agreed to pay $11.75 million, and former Miami Heat player Udonis Haslem, as a former promoter of FTX, will pay $420,000, totaling approximately $66 million.

This settlement marks the second round of resolutions in the FTX class action lawsuit, with relevant documents submitted to the Miami federal court on Friday. Fenwick denies any wrongdoing and claims to have been unaware of FTX's fraudulent activities. Notably, the firm still faces another civil lawsuit for $525 million in Washington, D.C., which is not covered by this settlement.

FTX collapsed in November 2022, and Bankman-Fried was sentenced to 25 years in prison for stealing approximately $8 billion in customer funds and is currently appealing. FTX's bankruptcy estate has returned over $5 billion to creditors.

ZachXBT: European stablecoin issuer StablR's related contracts suspected of being attacked, losses may exceed $3 million
According to ChainCatcher, "on-chain detective" ZachXBT disclosed on his personal channel that two contracts related to European stablecoin issuer StablR are suspected of being attacked, with potential losses exceeding $3 million (EURR and USDR), with the attacker's funding source being through the CCTP platform on Noble. Additionally, ZachXBT revealed seven attacker addresses currently associated with this security incident.

StablR stablecoin depegs after attack, attackers have profited approximately $2.8 million
According to ChainCatcher, the stablecoin issuer StablR has faced ongoing attacks, leading to its euro stablecoin EURR and dollar stablecoin USDR becoming unpegged. Blockchain security company Blockaid stated that the attacker likely gained control by obtaining the private key of one owner in the minting multi-signature account, replacing other administrators under a mechanism requiring only 1/3 of the signatures, and additionally minted 8.35 million USDR and 4.5 million EURR.

Subsequently, the attacker exchanged tokens worth approximately $10.4 million for about 1,115 ETH on a DEX, realizing a profit of approximately $2.8 million. Following the incident, EURR briefly fell to around $0.88, and USDR dropped to around $0.7. Blockaid pointed out that this incident was not due to a smart contract vulnerability but rather a failure in key management and governance mechanisms.
Bankr developers plan to launch the Bankr Fund to invest in quality ecosystem projects
According to ChainCatcher, Bankr developer @0xDeployer stated that they are planning to launch the Bankr Fund, investing real funds in top Bankr ecosystem projects. They hope to make their first investment in the coming weeks.

Recently, several quality AI projects in the Base ecosystem have released tokens through the Bankr platform. Projects like LFI and GITLAWB have quickly gained market recognition, with market capitalizations surpassing $20 million.

Russia expands miner regulation, ASIC miners must report network addresses

According to ChainCatcher, as reported by Bits Media, the Russian government has expanded the range of information that miners and mining infrastructure operators must submit to tax authorities. Under the new regulations, the national registry of miners and operators must include network address data for equipment (ASIC miners) used for cryptocurrency mining. The Russian Ministry of Finance stated that this move aims to simplify the regulation of digital asset transactions and investigations into violations. Additionally, grid operators will be able to monitor infrastructure loads more accurately in areas with highly concentrated mining capacity.

According to the law, government agencies, courts, the Central Bank of Russia, and grid operators can access information in the miners' registry. The Federal Tax Service is responsible for maintaining the registry of miners and mining infrastructure operators. Under current laws, miners and infrastructure operators (such as mining pools) must submit and regularly update the following information: for mining equipment, details such as manufacturer, model, serial number, algorithm, hash rate, power consumption, and operating mode. Regarding mining: the quantity and type of cryptocurrency mined, mining pools, and links to online statistics.

South Korea's petition to abolish cryptocurrency taxes receives support from 50,000 people, included in National Assembly discussion agenda
According to ChainCatcher, as reported by South Korean media "Seoul Economy," a nationwide petition calling for the abolition of cryptocurrency taxes has been included in the National Assembly's agenda for discussion. The "Abolish Virtual Asset Tax Petition" posted on the National Assembly's electronic petition platform garnered over 50,000 supporters in just eight days, meeting the criteria for submission to the permanent committee for review.

The petition will be handed over to the Finance and Economy Committee, which oversees the Ministry of Economy and Finance and the National Tax Service, for review, after which it will be decided whether to submit it for plenary session discussion. Petitioners argue that "since the financial investment income tax on stocks has been abolished and tax reduction policies have been implemented, it is unreasonable to impose a separate tax only on virtual currencies," adding that "the current system needs a comprehensive review, not just simple amendments."
Ethereum Foundation frequently criticized, researchers support its mission to build protocols rather than pump ETH
According to ChainCatcher, as reported by Cointelegraph, the Ethereum Foundation has recently faced community criticism for selling ETH, unstaking, and having limited public communication. However, blockchain researcher and investor William Mougayar defended the foundation, stating that the external perception of the foundation's role has long been misunderstood. ETH, the Ethereum network, and the Ethereum Foundation itself are three distinct aspects: ETH is an asset, Ethereum is a shared computing infrastructure, and the foundation is a non-profit organization responsible for promoting protocol development, one of whose goals is even to "make the founders gradually less important." The Ethereum Foundation is currently on a "subtraction path," strengthening the network by promoting protocol upgrades, funding foundational research, and reducing its centralized influence.
Several CFTC officials questioning prediction market regulation have been suspended and forced to resign
According to ChainCatcher, as reported by Cointelegraph, an investigative report released by The New York Times on Sunday revealed that several senior CFTC officials who raised regulatory concerns about Polymarket, Crypto.com, and Gemini affiliates have been suspended, internally investigated, and forced to resign. The three companies have been accused of having business ties to the Trump family.

The report states that then-CFTC acting chair Caroline Pham and her senior advisors intervened to assist these companies in obtaining the necessary approvals. By the end of 2025, five officials who questioned or enforced crypto regulatory laws were placed on administrative leave and internal investigation, without being informed of specific reasons. After leaving, Pham joined the crypto company MoonPay, which has a partnership with Polymarket, while her senior advisor Brigitte Weyls became the legal counsel for Gemini Titan—whose application was approved with her involvement.

In terms of enforcement, the CFTC has withdrawn at least five crypto investigations, with the number of enforcement actions plummeting from over 80 during the Biden administration to only two during Trump's term. In response, a White House spokesperson denied any conflict of interest, stating that "President Trump only acts in the best interest of the American public."

Report: Cryptocurrency is becoming the default payment layer for AI Agents, 98.6% of transactions settled in USDC

According to ChainCatcher, Keyrock's latest report shows that crypto rails are gradually becoming the default payment layer for AI Agents. Over the past year, AI Agents have completed more than 176 million transactions via blockchain, with a settlement amount exceeding $73 million.

As AI Agents begin to autonomously purchase data, cloud computing power, API services, and AI inference resources, traditional card payment systems are struggling to adapt to high-frequency, ultra-small payment scenarios. Currently, about 76% of Agent payment amounts are below 30 cents, while some on-chain stablecoin transfer costs are only "a fraction of a cent." Coinbase, Stripe, Google, and Visa have all begun to lay out machine-to-machine payment infrastructure. Among them, Coinbase's x402 protocol allows AI Agents to directly use USDC to pay for on-chain analysis and cloud service fees.

Data shows that currently, 98.6% of AI Agent payments are settled in USDC. The report believes this further strengthens Circle's important position in the crypto payment field, but also indicates that the industry's reliance on a single stablecoin issuer is increasing.

Meme Popularity Rankings

According to the meme token tracking and analysis platform GMGN, as of May 25, 09:00,

The top five popular tokens on ETH in the past 24 hours are: HEX, SHIB, LINK, PEPE, mUSD

The top five popular tokens on Solana in the past 24 hours are: TROLL, neet, WORLDCUP, HANTA, Buttcoin

The top five popular tokens on Base in the past 24 hours are: TOSHI, KEYCAT, BRETT, CLANKER, LUNA

What are some interesting articles worth reading in the past 24 hours?

a16z: 7 charts to understand how tokenization is changing the nature of assets

Tokenized assets, often referred to as "real-world assets (RWA)," are changing the form, liquidity, and construction of financial systems.

Just last month, the market size of tokenized assets surpassed $30 billion and is currently stabilizing around $34 billion (excluding stablecoins), a size roughly equivalent to that of a regional bank or a top university endowment fund. Although still very small compared to the global financial system, it is already significant enough to have a real impact.

It's worth noting that two years ago, the market size of tokenized assets was less than $3 billion, but then the market underwent a dramatic transformation: the U.S. GENIUS Act brought a clearer framework for stablecoin regulation, institutional-grade on-chain infrastructure gradually matured, and many financial institutions began deploying blockchain technology around the same time—these factors propelled the tokenized asset market to grow tenfold in less than two years.

Breaking down the secrets of Hyperliquid's success from a five-layer financial stack

The construction of institutional-grade financial infrastructure often follows a traceable path. You cannot start with the most expressive product and then work backward.

You must start from the clearing layer, proving that it can operate normally under pressure, and then unlock all functions that depend on it.

The New York Stock Exchange did not add derivatives before having a well-functioning stock market. The Chicago Mercantile Exchange did not launch options before introducing futures.

This order is by no means arbitrary. The order at the grassroots level determines the possibilities at the top level.

Hyperliquid understands this well.