Morning Report | The South Korean Financial Services Commission plans to expand the regulatory sandbox to include virtual assets; the parent company of the New York Stock Exchange, ICE, has reached a partnership with OKX to jointly establish a cryptocu...

Compiled by: ChainCatcher

What important events have occurred in the past 24 hours?

Taiko's chain state verification mechanism was compromised, users are advised to withdraw funds from related cross-chain bridges immediately

According to ChainCatcher, Taiko announced on platform X that it has confirmed the compromise of its chain state verification mechanism, making the security assumptions of all cross-chain bridges deployed on Taiko unreliable.

Taiko is coordinating with the security committee and ecological partners to control the situation, suspend affected systems, and take technical and legal actions. Taiko strongly advises all users to withdraw funds from all cross-chain bridges deployed on Taiko immediately.

Taiko urgently requests all centralized exchanges to suspend TAIKO token deposits until further notice. The attacker's address has been disclosed. Previously, it was reported that the Taiko ERC20 Vault was attacked, resulting in losses exceeding $1 million.

Policy simulation report "Europe 2031" warns: Europe faces marginalization risks in the AI era

According to ChainCatcher, the recently released policy simulation report "Europe 2031" points out that due to a shortage of computing power and reliance on external models, Europe may face economic and political marginalization risks in the global AI competition if it does not make significant strategic adjustments. The report states that Europe currently accounts for only 5% of global AI computing power, lacking leverage in technological competition, and its advocated "technological sovereignty" may be difficult to achieve due to insufficient funding and delayed policies, even facing the risk of losing control over core technology companies (such as ASML).

To address these challenges, the report proposes a series of countermeasures. It suggests that Europe should mobilize public and private capital on a large scale, focusing investments on foundational computing infrastructure such as energy, semiconductors, and data centers; and form a technology alliance with countries like the UK and Japan to integrate supply chain advantages for international negotiation leverage. Additionally, the report calls for Europe to advance labor market reforms to adapt to the proliferation of AI, tighten scrutiny of foreign investment in domestic manufacturing to consolidate its existing advantages in industrial AI and robotics.

News: Anthropic's next-generation Mythos model has completed training

According to ChainCatcher, Andrew Curran reports that Anthropic's next-generation Mythos model (possibly named Mythos 5.1 or Mythos 6) has completed training. It is currently unclear whether this model will be publicly released or kept for internal use to accelerate subsequent technology development.

Analysis indicates that although some cutting-edge models like Fable 5 or Mythos 5 face restrictions or scrutiny regarding public release, this has not slowed down the research and development pace of top AI laboratories. In the face of fierce competition from open-source models represented by GLM-5.2, leading AI companies still need to continue investing and training more powerful systems to maintain their commercial and technological leadership.

Zhizhu's total market value exceeds 1.2 trillion HKD, with an intraday increase of over 29%

According to ChainCatcher, on the morning of June 22, 2026, Zhizhu (02513.HK) saw a significant increase in its stock price. The stock was reported at 2708.000 HKD, with an increase of 29.32%, rising by 614.000 HKD. Today, the stock opened at 2100.000 HKD, reaching a high of 2980.000 HKD during the day. As of now, the trading volume is 1.244 million shares, with a transaction amount of approximately 3.087 billion HKD, and the company's total market value has reached 1.207 trillion HKD.

Bittensor co-founder releases decentralized roadmap, aiming for completion within a year and a half

According to ChainCatcher, Bittensor co-founder const posted on platform X, detailing the current state of decentralization of the project, future roadmap, and goals. Bittensor has not yet achieved decentralization at the economic incentive layer, still led by the core team, including const himself, two engineers, and a core contributor group. The project has been online for over 5 years, with no pre-mining, and has 128 subnet teams and over 20 core validator teams, achieving decentralization at the ownership distribution level. The team chose to "maintain centralization" at the cost of rapid iteration rather than slowly advancing "democratic" decision-making.

Regarding future update plans, Bittensor will promote validators to re-enter the competitive mechanism while opening liquidity pools for two-way investment to symmetrize the market and prevent on-chain signals from being manipulated. Additionally, a belief mechanism will be introduced to grant voting rights to Alpha token holders, and updates on TaoFlow and its derivatives will be made in the coming weeks to further fine-tune the issuance distribution algorithm to optimize the distribution of inflation. Const expects to complete the core mechanism construction within the next year and a half, at which point the three pillars of incentive alignment, value optimization, and true ownership will operate in synergy, ultimately achieving complete decentralization by abandoning centralized control.

Sichuan Nanchong police investigate a case of using AI to fabricate false stock market information

According to ChainCatcher, Nanchong media reported that the Nanchong County Public Security Bureau in Sichuan recently investigated a case involving the use of AI large models to fabricate and disseminate false securities market information.

It is reported that the person involved, Wang, aimed to profit from online traffic and used AI to generate an article of about 3000 words related to the stock market, which was published on online platforms. After verification by the China Securities Regulatory Commission, the article fabricated false policy information regarding stamp duty and T+0 trading, making misleading predictions about the securities market and disrupting the financial market order. Currently, the related false articles have been removed, and the Nanchong County police have legally punished Wang.

SK Hynix's market value briefly surpasses Bitcoin and Samsung Electronics, reaching a total market value of 1.348 trillion USD

According to ChainCatcher, data from Coinglass shows that SK Hynix's market value briefly surpassed Samsung Electronics during intraday trading, becoming the highest-valued company in South Korea. As of now, SK Hynix's market value has reached 1.348 trillion USD, with a 24-hour increase of 5.61%. With this round of increase, its total market value has surpassed Bitcoin (approximately 1.286 trillion USD), rising to 16th place in the global asset market value ranking, while Bitcoin's ranking has dropped to 18th.

Analysis: Chinese AI companies like Zhizhu and MiniMax have high valuation multiples, with price-to-sales ratios exceeding their American counterparts by dozens of times

According to ChainCatcher, analysis by Tommy points out that there is a significant gap between the valuations and revenue conversion of Chinese open-source AI companies, with their price-to-sales ratios (P/S) far exceeding those of leading American counterparts.

Data shows that Zhizhu, which developed the GLM 5.2 model, currently has a market value of approximately 137 billion USD, but its revenue for the 2025 fiscal year is about 107 million USD, resulting in a price-to-sales ratio as high as 1280 times; MiniMax has a market value of about 23 billion USD, with a price-to-sales ratio of about 290 times. In contrast, leading American AI laboratories have more solid valuations, with OpenAI (valued at about 852 billion USD) and Anthropic (valued at about 965 billion USD) having price-to-sales ratios of only 34 times and 21 times, respectively.

It is believed that due to overseas users' concerns about data privacy, they are unwilling to send data directly to China, resulting in the massive demand for Chinese AI companies not being converted into actual API revenue, with significant profits lost to overseas third-party inference service providers (such as OpenRouter). To support their current high valuations, Chinese AI companies urgently need to prove their data non-retention mechanisms and capture the market at low prices, or explore revenue-sharing and initial authorization cooperation with overseas inference platforms to expand their actual revenue scale.

ByteDance reportedly delays IPO plans, with over-the-counter gray market valuation approaching 1 trillion USD

According to ChainCatcher, foreign media reported that ByteDance's board reached a consensus in early May 2026 to delay its initial public offering (IPO) plans. Founder Zhang Yiming believes there is still room for valuation growth, and going public at this stage would transfer too many benefits to later-stage risk-free investors.

Currently, ByteDance's trading valuation in the over-the-counter gray market has exceeded 600 billion USD. A senior technology investment banker at Bank of America stated that the company's market value is expected to approach 1 trillion USD, setting a new industry benchmark.

Policy and geopolitical risks have eased somewhat. In early 2026, Oracle Corporation reached an agreement with an investor consortium to jointly acquire 80% of TikTok's U.S. entity, effectively clearing related regulatory pressures.

In terms of AI business, the Doubao APP, as the largest chat assistant for domestic users, is adding paid tiers on top of its free service.

South Korea's Financial Services Commission plans to expand the regulatory sandbox to virtual assets

According to ChainCatcher, Digital Asset reports that South Korea's Financial Services Commission plans to expand the scope of its regulatory sandbox to include the "Virtual Asset User Protection Act." This move is part of a broader plan aimed at preparing the financial industry for the future by expanding services to reflect changes in the financial environment and market demands.

At a recent event hosted by Financial Services Commission Chairman Lee Ik-yeon, the commission stated that it will continue to explore and incorporate laws related to emerging fields and services, such as the "Internet Banking Act" and the "Virtual Asset User Protection Act," into the regulatory sandbox.

DeFi protocol Altura announces gradual closure of stablecoin treasury after experiencing a massive withdrawal wave

According to ChainCatcher, Altura's CEO Ranveer Arora announced that due to an "unprecedented" wave of withdrawal requests over the weekend, the platform will orderly close its stablecoin yield treasury. It is reported that within 24 hours prior to the announcement, Altura processed over 8.5 million USDT in instant redemptions.

This wave of withdrawals was mainly influenced by market panic triggered by the severe de-pegging of another yield-bearing stablecoin, Main Street (msUSD). Although Altura officials clarified that they have no direct risk exposure to Main Street, concerns arose in the market due to both projects sharing the same reserve proof service provider, Accountable. Currently, Altura has notified all counterparties and begun to close its strategy funds in exchanges, private credit, and real-world assets (RWA) to ensure that all redemptions can be completed fairly and transparently. It is understood that the total locked value of the treasury on HyperEVM once reached 39 million USD.

Bitmine announces a cash dividend of $0.1056 per share for its Class A preferred stock

According to ChainCatcher, Bitcoin mining company Bitmine Immersion Technologies (NYSE: BMNR) announced that its board has approved a cash dividend of $0.1056 per share for its 9.50% Class A perpetual preferred stock (NYSE: BMNP). This dividend will be officially paid on July 10, 2026, to shareholders of Class A preferred stock registered as of the close of business on June 30, 2026.

It is reported that Bitmine is a Bitcoin mining company operating in the United States, currently working to allocate excess capital to Ethereum reserve strategies and launched a staking infrastructure network, MAVAN, specifically for its assets in 2026.

Dash evaluates the Philippines as a cryptocurrency payment market, compliance entry may take years

According to ChainCatcher, Dash is evaluating the Philippines as a potential market for cryptocurrency payments. Daria Chernozub, Dash's global adoption lead, stated at the 2026 Philippines Blockchain Week that the project focuses on emerging markets where users face high transaction fees and need simpler payment options, and Filipino consumers are open to new technologies, fitting this positioning.

She stated that Dash is still assessing the local market and will prioritize ensuring legal compliance before proceeding, having begun communication with major market participants and prepared legal opinions. Quevedo, a commissioner of the Philippines Securities and Exchange Commission, stated that foreign investors can complete company registration online in 20 to 30 minutes, but cryptocurrency companies face additional licensing and compliance requirements.

BlockShoals' legal officer Quiogue pointed out that the Philippines SEC has established a regulatory framework for foreign cryptocurrency exchanges, but the compliance path is burdensome. The collaboration arrangement between BlockShoals and Binance took about two years. She added that the Philippines' young population, high mobile device usage, and widespread English proficiency may attract overseas cryptocurrency companies.

Japan plans to invest 10.5 trillion yen in the physical AI sector to address labor shortages

According to ChainCatcher, Nikkei Asia reports that the Japanese government recently announced plans to achieve over 370 trillion yen (approximately 15.59 trillion RMB) in public-private joint investment in 17 strategic areas by the fiscal year 2040. Of this, approximately 10.5 trillion yen (about 442.3 billion RMB) will be specifically allocated to the physical AI sector.

It is reported that the Japanese government expects physical AI technology to play a key role in scenarios such as industrial automation, unmanned transportation, and infrastructure inspection, to alleviate the labor shortage caused by an aging population and imbalances in labor supply and demand, thereby comprehensively enhancing productivity. Additionally, to mitigate potential risks from high-performance artificial intelligence, Japan also announced a new AI policy draft last week, planning to further strengthen relevant threat control and safety assessment mechanisms.

Cryptocurrency trading startup Fomo completes $75 million Series B financing, led by Index Ventures

According to ChainCatcher, Fortune reports that cryptocurrency trading startup Fomo announced the completion of $75 million in Series B financing, led by Index Ventures, with participation from Union Square Ventures, Zynga co-founder Mark Pincus, Discord CEO Humam Sakhnini, and Eventbrite co-founder Kevin Hartz, bringing the company's valuation to $550 million.

Fomo was founded in 2025 by former dYdX team members Paul Erlanger, Se Yong Park, and Prashan Dharmasena.

NYSE parent company ICE partners with OKX to establish cryptocurrency joint venture OKXICE

According to ChainCatcher, Bloomberg reports that the parent company of the New York Stock Exchange, Intercontinental Exchange (ICE), announced a joint venture with cryptocurrency trading platform OKX in the cryptocurrency field to establish OKXICE.

This collaboration marks a deep integration between traditional financial infrastructure giants and leading cryptocurrency trading platforms, seen by the market as an important signal of institutional capital further embracing crypto assets.

Currently, the specific business scope and operational details of the joint venture have not been disclosed. ICE previously operated a cryptocurrency futures platform, Bakkt, and this collaboration with OKX may further strengthen its strategic layout in the digital asset field.

Former New York Governor Andrew Cuomo will serve as co-chair of the joint venture between ICE and cryptocurrency exchange OKX, while Trabue Bland, senior vice president of ICE Futures Exchange, will serve as the other co-chair. The joint venture plans to operate a U.S.-registered broker-dealer and futures broker, helping OKX expand its U.S. customer base while allowing its overseas users to access ICE futures and NYSE tokenized stock markets, pending regulatory approval progress.

Cuomo has served as a policy advisor to OKX since 2023, previously assisting the company in dealing with a federal investigation, to which OKX pleaded guilty in 2025 and paid over $504 million in fines. In March of this year, ICE invested $200 million in OKX, corresponding to a valuation of $25 billion, and obtained a seat on the OKX board.

Micron Technology and Anthropic reach multiple collaborations and participate in its Series H financing

According to ChainCatcher, Micron Technology and Anthropic announced a new agreement covering memory and storage AI architecture design, supply-demand coordination, Micron's internal adoption of Claude, and Micron's strategic investment in Anthropic's Series H financing.

Franklin Templeton completes acquisition of 250 Digital, establishing active digital asset management department Franklin Crypto

According to ChainCatcher, Franklin Templeton announced that it has completed the acquisition of cryptocurrency asset management company 250 Digital, including its entire team and all liquidity cryptocurrency strategies previously managed by CoinFund, with Franklin Templeton also investing in related products.

The company has simultaneously established a dedicated active digital asset management department, Franklin Crypto, led by Christopher Perkins, with Seth Ginns serving as chief investment officer, and jointly leading with Tony Pecore, a member of the Franklin Templeton Digital Assets investment team. Franklin Crypto will provide actively managed cryptocurrency investment strategies to institutional investors based on Franklin Templeton's existing digital asset research and risk management framework.

Benchmark maintains buy rating on Strategy, stating that the decline in STRC is due to the market's demand for higher yields

According to ChainCatcher, The Block reports that Benchmark Equity Research has reiterated its buy rating on Strategy (MSTR), maintaining a target price of $570. This target price still has about 406% upside potential compared to Friday's closing price of $112.53.

Although Strategy's perpetual preferred stock STRC experienced significant selling last week, dropping to around $83, Benchmark analyst Mark Palmer stated that STRC is not a stablecoin and does not have a Terra/Luna-style reflexive mechanism. Its essence is a perpetual preferred stock backed by over 847,000 bitcoins (approximately $55 billion) held by Strategy.

Palmer believes that the decline in STRC is not a "de-pegging," but rather a reset of the market's required yield. The company currently has about $1.4 billion in cash reserves, which can flexibly support dividend payments. Benchmark views this sell-off as a stress test of its financing model rather than a structural deterioration.

Ethereum Foundation member: EF will focus on addressing MEV extraction and privacy deficiencies, making Ethereum a truly uncapturable permissionless infrastructure

According to ChainCatcher, a member of the Ethereum Foundation (EF) management, CSA Operator Aerugo, systematically elaborated on EF's mission. Aerugo stated that EF's core mission is to ensure that Ethereum becomes and continues to be a truly permissionless sovereign infrastructure: censorship-resistant, capture-resistant, open-source, private, and secure, capable of supporting large-scale trustless coordination.

He emphasized that EF's focus is on eliminating the extraction and capture risks that may arise at the protocol layer of Ethereum, particularly the two core challenges of MEV (Maximum Extractable Value) issues and the default lack of privacy. Aerugo described MEV as "the main battlefield of the next crypto-punk war," and pointed out that "a public ledger without serious privacy defaults is a monitoring infrastructure with settlement guarantees."

Additionally, EF will move some of its work outside the foundation through spin-offs in the future, but will maintain strict standards for external funding. The recent departures of some personnel are part of normal institutional adjustments, and EF will handle them with dignity, without publicizing personnel issues.

Meme Popularity Ranking

According to the meme token tracking and analysis platform GMGN, as of June 23, 09:00,

The top five popular ETH tokens in the past 24 hours are: ASTEROID, sato, PRISM, UNI, AAVE

The top five popular Solana tokens in the past 24 hours are: three, RO, CONDOR, Fugu, RDR2

The top five popular Base tokens in the past 24 hours are: Surplus, SOSO, PEAK, SYND, FUN

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

A company that almost went bankrupt has just surpassed Bitcoin in market value

In terms of funding, Arthur Hayes pointed out in a recent article "Reality Test" that since the release of ChatGPT in 2022, the AI industry has issued approximately $1.5 trillion in debt, roughly equivalent to the increase in the dollar M2 during the same period—AI has almost absorbed all the new liquidity, leaving Bitcoin with no opportunity.

Hayes believes this is not the logic of "if AI falls, funds will flow back to crypto." The upcoming large-scale IPOs of Anthropic and OpenAI will further siphon market funds, and once the AI bubble bursts, bank credit contraction will simultaneously tighten liquidity, leading to Bitcoin being sold off alongside AI.

Since the second half of last year, many traders who were previously active in the crypto market have begun to shift their attention to U.S. and Korean stocks, chasing the AI hardware market. The logic of capital flowing into AI infrastructure is also simple and straightforward: real orders, physical barriers, quantifiable profit margins.

This certainty is the fundamental reason why capital is willing to offer high premiums at present, while the crypto market's AI narrative lacks this certainty.

In other words, the dividends of AI infrastructure are currently more likely to be captured by entities with technological barriers and real supply capabilities. In this process, the crypto network needs to more clearly define its position in the value chain.

Rented beliefs: How much real money is in the Bitcoin ETF fund flows

A few honest limitations. The basis is constructed from the recent month's CME futures contracts against the spot, excluding the last few days before each expiration (its extremely short expiration time magnifies rounding errors into false spikes); the sequence constructed contract by contract allows for sharper exact numbers but does not change the conclusion. The fund flows and shorts have a strong co-directional relationship, rather than one proving the other— the key point is that they are two halves of the same trade. The futures short numbers are an upper limit on the proportion of ETF buy orders being hedged, as some short hedges are against coins held elsewhere.

None of this changes the main trunk. On a weekly basis, the "demand" for Bitcoin ETFs is primarily a hidden interest rate trade rather than a belief—fund flows measure the activity level of participants in arbitrage far more accurately than measuring belief. And that real buying pressure is genuine, patient, and now constitutes the vast majority remaining, as that "rented" portion has spent two years going home.

On-chain finance: On-chain IPOs and on-chain ICOs, a new frontier in the trillion-dollar market

The U.S. exports dollars using stablecoins, exports assets using on-chain IPOs/ICOs, and outputs financial rules using OnFi.

OnFi is not an upgrade of DeFi.

It is a new distribution layer for global financial markets.