[News Brief] Jun 6, morning | Bitcoin Falls Below $60,000

Bitcoin Falls Below $60,000

According to Odaily, Bitcoin fell below $60,000 on OKX and was trading at $59,982.9.

Its 24-hour decline was recorded at 4.34%.

HTX Suspends WLFI-Related Trading Services and Converts Balances to USD1

HTX has suspended WLFI-related trading services and USD1 deposits and withdrawals, and converted all users’ USD1 holdings into USDT for distribution, according to Wu Blockchain.

HTX said the WLFI team, a cryptocurrency project backed by former President Trump’s family, recently froze HTX-related on-chain addresses citing UK sanctions screening. HTX explained that in this process, insufficient prior communication and no clear legal basis were provided, which resulted in restrictions on the circulation of some users’ WLFI tokens.

HTX stated that the frozen addresses belong to platform users, not sanctioned entities or the exchange itself, and demanded that the WLFI team immediately lift the freeze.

Russian Central Bank Moves to Restrict Crypto Available to Retail Investors

The Russian central bank is pushing a plan to limit the cryptocurrencies available to non-professional and non-qualified investors to Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).

Source: Wu Blockchain

Vladimir Chistyukhin, First Deputy Governor of the Bank of Russia, said cryptocurrencies are high-risk and highly volatile products and that there are no plans to expand the permitted list for the time being. He also noted that USDT wallets carry the risk of being frozen by the issuer.

Russia is also considering imposing an annual purchase cap of about $4,100 for retail investors buying crypto through a single broker or exchange service provider.

Iran’s Revolutionary Guards Warn of Full Closure of the Strait of Hormuz

Iran’s Revolutionary Guards warned that if U.S. actions continue, the United States will bear responsibility for a full closure of the Strait of Hormuz and for disruptions to oil and gas exports, Odaily reported.

The Strait of Hormuz is a key route for Middle Eastern crude shipments, and the possibility of closure could affect energy prices and sentiment toward global risk assets.

Cross River Bank Provides $250 Million in Forward Funding for Figure’s Crypto-Backed Lending Business

Cross River Bank will provide $250 million in forward funding to support Figure’s crypto-backed lending business, PANews reported, citing Business Wire.

Cross River will continue to supply capital for Figure’s crypto lending operations. The funding is intended to help borrowers secure dollar liquidity without having to sell their crypto assets.

Joseph Lubin-Linked Wallet Moves 81,000 ETH for the First Time in More Than 3 Years

Odaily, citing Lookonchain monitoring, reported that a wallet linked to Ethereum co-founder Joseph Lubin moved 81,000 ETH after more than three years of inactivity.

The transfer was worth about $121.6 million. The wallet still holds 243,300 ETH, valued at roughly $370 million.

Longling Capital Transfers 10,000 ETH to Binance

According to on-chain analysis, Longling Capital transferred 10,000 ETH worth about $15.68 million to Binance.

Odaily, citing Lookonchain monitoring, reported that the transfer had occurred. Large ETH inflows to exchanges are often watched as indicators of potential selling pressure in the market.

21,540 ETH Sold on a DeFi Protocol

PANews reported on the 6th, citing Lookonchain monitoring, that after Ethereum (ETH) fell below $1,550 earlier in the day, 21,540 ETH were sold on a DeFi protocol.

The sale amounted to about $34.1 million. At the time of reporting, Ethereum was trading at $1,595.

Coinbase Bitcoin Premium Index Stays Negative for 19 Straight Days

The Coinbase Bitcoin Premium Index has remained in negative territory for 19 consecutive days, according to Odaily.

Data showed the index currently stood at -0.0401%. The index measures the Bitcoin price gap between Coinbase and other exchanges, and a negative reading is generally interpreted as a sign of relatively weak buying demand from U.S. investors.

Allegations Raised Over JuCoin’s Proof-of-Reserves Manipulation

DarcyAri, co-founder of FlashRescue, alleged that cryptocurrency exchange JuCoin’s proof of reserves (PoR) does not demonstrate actual solvency and may have been manipulated.

According to Odaily, DarcyAri said JuCoin claimed to hold $511 million across six assets—USDT, BTC, ETH, USDC, BNB, and SOL—with a reserve ratio of 123.81%. However, he argued that these assets all pointed to addresses associated with the same controlling entity listed on CoinMarketCap, rather than independent reserve addresses.

He further claimed that JuCoin’s “USDT” and “USDC” were not official stablecoins issued by Tether and Circle, but rather ERC-20 tokens issued by the project team itself, meaning they could be minted arbitrarily and had no cross-chain linkage to the official assets.

It was reported that there were only 14 holders of these assets across the entire chain, with the PoR address holding 99.99% of the supply.