PRICE CHANGE: WTD/YTD

- BTC ($29,944): -1% / -36%
- ETH ($1,811):  -3% / -51%
- XRP ($0.40): 0% / -53%
- UNI ($5.17): 0% / -70%
- Crypto Market Cap ($1.2T): -1% / -44%
- BTC Dominance: 46%
- ETH Dominance: 18% 

STABLECOIN MARKET CAP CHANGE: WTD/YTD

- Tether ($72B): 0% / -7%
- USDC ($54B): +1% / +28%

NFT 3M TRADING VOLUMES

THIS WEEK IN CRYPTO

- Former OpenSea executive Nate Chastain was arrested on charges of wire fraud and money laundering in connection with allegations that he was front-running purchases of NFTs that were about to be featured on OpenSea's home page. The two charges each carry a maximum sentence of 20 years in prison. Link. Link. Link. Link. 

- FTX surpassed Coinbase as the second biggest centralized crypto exchange in terms of global market share. The dominant player remains Binance, which has 64% market share, followed by FTX (10.8%) and Coinbase (9.6%). Link. 

- 46,000 people have reported losing more than $1 billion to crypto scammers since the beginning of 2021 according to an FTC report. The median individual loss was $2,600 and the most common cryptocurrency used to pay scammers was Bitcoin at 70%, followed by tether and ether. Most of the reported losses came from investment scams that offered big returns and took advantage of people's limited understanding of crypto. Link. Link. FTC report. 

- A bill has been introduced in Congress that would require members of Congress to disclose financial interests in crypto. Link. 

- Snoop Dogg plans to open a Bored Ape NFT-themed dessert experience in Los Angeles called Dr. Bombay's Sweet Exploration. Link. 

- Jump Crypto released a report that shows large investors exited Terra-related positions as the UST stablecoin began to lose its peg. Meanwhile retail investors continued buying during the collapse. Link. 

- Node infrastructure provider Alchemy is expanding to the Solana blockchain. Link. 

- Chipotle now accepts crypto payments at all its US locations through Flexa. Customers will receive 10% off for using crypto. Link. 

- Layer 2 network Optimism released its governance token under the ticker OP. 5% of OP's supply was airdropped to users. Link. The token fell 65% following the airdrop, as 17,000 wallets dumped their OP tokens for profit immediately after claiming. Link. 

- Roughly 200 ETH ($360,000) worth of NFTs were stolen when the Bored Ape Yacht Club Discord server was hacked. Link. 

- Kanye West's Yeezus files for NFT trademarks. The applications mention "mention "blockchain-based non-fungible collectibles, assets, currencies and tokens" and "online retail store services featuring downloadable movies, videos, television, music, entertainment, digital art." Link. 

- Crypto exchange Gemini is being sued by the CFTC for allegedly misleading the regulator around how it would prevent manipulation in the bitcoin pricing used in its bitcoin futures product. According to the CFTC, Gemini loaned market-makers funds to induce more trading on the exchange, which allegedly reduced protections against price manipulation. Link. Link. 

- Coinbase rescinded job offers to new hires as part of a swathe of cost-cutting measures, even after informing some new recruits their roles would be safe. Link. Link. 

- A $90 million exploit of DeFi app Mirror Protocol went unnoticed for seven months. Mirror, which is built on Terra, had some bugs in its contract which allowed users to unlock hundreds of times more collateral than they had. Link. 

- The New York State Senate passed a two-year moratorium on new proof-of-work mining to address environmental concerns, though existing mining firms would be allowed to continue operations. Link. Link. 

- Animoca Brands acquired Notre Game, a Prague-based gaming firm that incorporates physical and digital items into its titles. Link. 

- FTX surpassed Coinbase in terms of Bitcoin trading volume in May, despite Coinbase having a record number of trades. Average trade size on FTX is $2k, nearly double that on Coinbase for the BTC-USD pair. FTX has grown from 5% market share in the US to 44% over the last 12 months. Link. 

- Ty Haney, founder of Outdoor Voices, raises $9.8 million for a her new startup which uses blockchain tech to help brands build customer loyalty without relying on ads or social media platforms. Link. 

- Tron, which debuted its USDD algorithmic stablecoin last month, is boosting transparency and adding collateral to its reserves, just weeks after Luna and TerraUSD collapsed. Link. 

- Japan's parliament passed a legal framework around stablecoins, saying they can only be issued by licensed banks, registered money transfer agents and trust companies. The bill did not address existing asset-backed or algorithmic stablecoins. Link. 

- Binance Labs closes $500M fund to focus on web3 and blockchain adoption. Link. 

- Ethereum mining revenues fell 27% in May to $970 million. Majority of revenue came from block subsidies. Only $80 million came from transaction fees and $41 million from uncle rewards. Link. 

- Gemini laid off 10% of its global workforce. Link.