Category: Cryptocurrency

The SAHARA token experienced a dramatic decline of approximately 55% on June 9, with its price dropping near an all-time low. The project’s team responded swiftly, denying any security breaches or insider selling, and attributed a major token movement to a planned liquidity deposit for a cross-chain bridge.

Trading volumes surged past $300 million as the token fell from heights of $0.03957 to lows of $0.01452. At press time, SAHARA was trading around $0.01718, still under severe pressure. The team emphasized that all contracts and products remain secure, while an internal investigation into the sell-off is ongoing.

In a statement, Sahara AI clarified that a transfer of 600 million SAHARA tokens, previously suspected as a dump, was actually a pre-scheduled deposit into a Chainlink CCIP bridge contract to facilitate liquidity between Ethereum and BNB Chain. An additional 150 million tokens are also scheduled for the same purpose. The address cited matches a verified LockReleaseTokenPool contract on Etherscan, created by the Sahara AI deployer, supporting the team’s explanation. However, the on-chain data does not pinpoint the exact catalyst for the selling pressure.

The market cap fell to approximately $58.5 million, with the token trading nearly 90% below its all-time high of around $0.1605 from July 2025. Trading volume spiked over 340% compared to the previous day, though it remains unclear whether the move was driven by a single large holder, multiple accounts, liquidations, or broader market sentiment. The project’s maximum supply is 10 billion tokens, with roughly 3.4 billion currently in circulation. A planned unlock of about 1.03 billion SAHARA on June 26 has been noted, but no evidence links it to the recent decline.

Sahara AI had previously raised $43 million in a 2024 funding round led by Binance Labs, Pantera Capital, and Polychain Capital. The token has a history of volatility, having dropped 60% after its exchange listings in June 2025. The team has promised to release further updates as soon as confirmed information is available.

Fortune has raised concerns that the premium investors are paying for Strategy’s stock — roughly 31% above its estimated net asset value — could come under threat amid rising debt and preferred stock obligations. The analysis points to a precarious capital structure where fixed liabilities have ballooned to approximately $21.8 billion, amplifying the impact of any Bitcoin price decline on common shareholders.

According to Fortune’s calculations, Strategy holds about 844,000 Bitcoin worth around $51.1 billion at a price of $60,500 per coin. Combined with its software business valued at $1.5 billion and $1 billion in cash, total assets reach about $53.6 billion. After subtracting $6.2 billion in convertible debt and $15.5 billion in preferred stock, common shareholders are left with roughly $31.8 billion — yet the market capitalization stands near $41.6 billion, creating a 31% premium.

The preferred stock financing strategy is central to the concerns. Since early 2025, Strategy’s combined debt and preferred stock obligations have surged from $6.9 billion to $21.8 billion, driven largely by preferred stock issuances to fund Bitcoin purchases. If Bitcoin falls to $50,000, Fortune estimates the net asset value could drop to around $23 billion, with fixed liabilities magnifying the hit to common equity.

Another risk highlighted is dilution. Since 2020, Strategy’s outstanding share count has increased from 98 million to 353 million. Meanwhile, questions around dividend funding persist. Strategy recently shifted its STRC preferred stock dividends from monthly to semi-monthly payments — now on the 15th and last day of each month — which management says aims to stabilize price and boost liquidity.

Strategy also increased its cash reserve by $100 million to $1 billion and resumed Bitcoin purchases, acquiring 1,550 BTC worth approximately $101.3 million between June 1 and June 7, bringing total holdings to 845,256 BTC. However, earlier sales of 32 Bitcoin for $2.5 million in late May, the first sale since December 2022, raised eyebrows. JPMorgan viewed the sale as symbolic but cautioned that future dividend commitments could strain reserves.

Annual preferred stock dividend obligations now total about $1.5 billion, and Fortune warns that continued reliance on new preferred stock issuances to pay dividends could add further pressure. Not all analysts agree; BTCTOP CEO Jiang Zhuoer argued that leverage remains manageable even if Bitcoin drops to $30,000, and suggested Strategy could use low-cost holdings to meet obligations while still raising capital for accumulation.

Bitcoin has steadied around the $63,200 mark after a recent dip below $60,000, as traders await crucial inflation data from the United States. The cryptocurrency briefly touched $64,156 before retreating, failing to sustain momentum beyond immediate resistance.

Market participants are closely watching the upcoming Consumer Price Index and Producer Price Index releases, scheduled for June 10 and 11. Higher-than-expected readings could boost Treasury yields and dampen appetite for riskier assets like Bitcoin. The latest employment figures already shifted rate expectations, with the economy adding 172,000 jobs versus an anticipated 85,000, pushing the 10-year yield near 4.55%.

Technical indicators offer mixed signals. The relative strength index sits near 28, below the typical oversold threshold of 30, suggesting selling pressure may be exhausted in the short term. However, this alone does not confirm a market bottom. Bitcoin must reclaim the $64,200 level to challenge the next resistance at $66,000, while a drop below $62,000 could expose support at $60,000 and then $59,100.

Long-term holders have moved over 50,000 BTC to exchanges in the past two weeks, adding to available supply and keeping sell pressure alive. On the positive side, Strategy recently acquired 1,550 Bitcoin for $101.3 million, providing some demand support. Analysts remain divided: some warn of a potential slide toward $50,000 if key supports fail, while others see a bottom forming based on historical patterns.

The inflation reports this week will likely dictate Bitcoin’s next directional move. A cooler CPI print could ignite a recovery toward $64,200 and reduce headwinds from bond yields, while a hot number might reinforce the dollar and push Bitcoin back toward recent lows.

Dogecoin is hovering around $0.0865 after a minor recovery from a recent low near $0.0845. The memecoin has seen a slight 24-hour gain of about 0.6%, yet it remains significantly lower over the past week and month, with declines of nearly 14% and over 20%, respectively. The market capitalization stands at roughly $13.38 billion, placing Dogecoin as the 11th largest cryptocurrency. Over the longer term, the asset has dropped more than 53% in the past year and around 43% over the last 200 days.

A critical support level at $0.081 is being closely watched by analysts. This price point marks the lower middle boundary of a five-year parallel channel that has guided Dogecoin since 2021. On-chain data reveals that over 30 billion DOGE were last transacted near this level, creating a substantial cost basis for many holders. This concentration can act as a support zone, as holders may defend their entry prices. However, a decisive weekly close below $0.081 could trigger selling pressure and expose deeper support levels at $0.067 and then $0.058, which represents the lower boundary of the multi-year channel.

The relative strength index (RSI) is currently at 31.03, just above the oversold threshold of 30. This suggests that bearish momentum is extended but still present. While an RSI move above its signal line could hint at a short-term bounce, it does not confirm a market bottom. The Accumulation/Distribution indicator is trending lower, indicating that distribution outweighs accumulation despite price stabilization. This mixed signal points to weak underlying demand, and a sustained recovery would require stronger spot buying.

Whale activity has shown accumulation of over 200 million DOGE in the past week, according to analyst Ali Martinez. This buying near the $0.081 level suggests large holders are adding to their positions during the decline. However, derivatives data paints a cautious picture: trading volume fell by 16.53% to about $1.35 billion, and open interest declined by 0.83%. Options volume also dropped, while open interest rose slightly. The overall lack of strong directional positioning indicates traders are reducing risk rather than building confidence in an immediate recovery.

To shift the bearish outlook, Dogecoin must first defend the $0.081 support and then reclaim $0.09. A move above $0.1019 would improve the short-term structure. If the price fails to hold $0.081, the next targets are $0.067 from a head-and-shoulders pattern and then $0.058 from the channel floor. A break below the channel could result in a decline of roughly 33% from current levels.

RippleX is taking a rigorous approach to security by applying formal verification to the XRP Ledger’s upcoming native lending system. This advanced technique, which uses mathematical models to prove the absence of certain bugs, goes beyond traditional testing to catch hidden flaws in the Layer-1 code. The review covers the XLS-66 Lending Protocol and XLS-65 Single Asset Vaults, aiming to ensure the system’s safety before it goes live on the Mainnet.

The process involves collaboration with Common Prefix, a protocol research firm. Together, they create abstract models of the intended behavior and use machine-checkable methods to test safety rules against the actual implementation. This approach can detect edge cases that standard tests might miss, especially in complex financial systems where errors like small accounting discrepancies could amplify over time.

Vet, an XRPL Foundation validator, has dubbed this initiative “Fortress XRP,” noting that the technology typically used to safeguard nuclear power plants and aircraft is now being applied to the XRP Ledger. However, Vet clarified that the label is his personal assessment, not an official certification. The formal verification process cannot guarantee complete absence of bugs, as each proof depends on the specific model and properties chosen.

XLS-66 proposes fixed-term, uncollateralized loans funded through Single Asset Vaults. Loan brokers would set terms and manage risks, while off-chain credit assessments would evaluate borrowers before on-chain fund transfers. The design includes optional first-loss capital to cushion defaults and supports XRP and issued assets, with compliance features like freezing or clawing back tokens. Despite the progress, the lending protocol still requires validator approval through the amendment process to be activated on the Mainnet.

This security review follows a previous flaw discovered in the Batch transaction feature, which led to its removal in version 3.1.1. The ongoing use of formal verification highlights Ripple’s commitment to building a secure and reliable Layer-1 financial infrastructure.

Blockchain investigator ZachXBT has concluded that the $31 million exploit affecting Humanity Protocol was not an insider theft. After analyzing how the stolen funds were moved, he determined that the incident stemmed from a genuine private key compromise rather than a scheme orchestrated by the project team.

The initial suspicion of insider involvement arose because of unusual market-making and over-the-counter trades occurring just before the June 25 token unlock. However, ZachXBT now believes these activities were unrelated to the security breach. The hacker likely exploited an already inflated token price, which had been driven up by aggressive trading in the weeks leading up to the attack.

On June 9, attackers drained over 17 wallets associated with Humanity Protocol, causing the H token to lose more than 80% of its value. The perpetrator converted roughly $23.7 million into Ethereum, with about $7.9 million remaining in H. Later, on BNB Smart Chain, the attacker gained proxy administrator rights and minted an additional 100 million H tokens, valued at around $12.9 million.

Humanity Protocol CEO Terence Kwok confirmed that a private key belonging to a foundation member was compromised. He advised users to avoid interacting with the project’s bridge or liquidity pools while investigations continued. Despite the clarification, questions persist about the project’s market-making agreements and the token’s price manipulation before the hack.

H reached an all-time high of $0.844 on June 2 but plummeted to about $0.123 after the exploit, with trading volume surging past $605 million. The scheduled token unlock on June 25 may have contributed to the vulnerability, as some early investors chose immediate release over longer vesting.

BNB has experienced a significant decline of over 16% from its peak near $720, and a prominent megaphone pattern on the daily chart indicates that the token may test the $500 support level. The price currently hovers around $602 after bouncing from a low of $560 during a market-wide liquidation event that saw nearly $1.8 billion in forced closures across crypto derivatives. This sell-off was exacerbated by weak risk appetite, as US spot Bitcoin ETFs faced consecutive outflows and capital shifted toward AI stocks.

On the weekly chart, a multi-year ascending trendline that once served as support has been broken and is now acting as resistance between $700 and $750. A failed retest of this level confirms bearish control over the longer-term trend. Even though the ecosystem continues to grow—with Binance launching the BNB Hack AI Trading Agent Edition—the price remains under pressure. The RSI on the weekly timeframe has dropped to around 40, and the MACD is still below zero, indicating that buyers lack strength.

The daily chart reveals a megaphone pattern characterized by expanding highs and lows, a setup that often signals heightened volatility. After testing the upper boundary near $720, BNB fell sharply to the lower boundary at $560, where buyers stepped in. However, the token remains beneath the Supertrend resistance at $673, which is a key level to watch. If the price fails to break above this threshold, it could revisit the lower edge of the megaphone pattern and the major support zone near $500. On the upside, a move above $673 might allow a retest of $720 and the weekly resistance area.

Liquidation data suggests that short positions are clustered above current prices, meaning a rally toward $650–$680 could trigger a squeeze and fuel further gains. For now, traders are focused on the battle between support at $560 and resistance at $673, with the outcome likely determining whether BNB recovers or slides toward the critical $500 level.

LINK changed hands near $7.86 on June 9 as a notable increase in wallet numbers contrasted with a languid price structure. The token slipped more than 11% over the past week and remained under $8, according to crypto.news data.

Analytics provider Santiment reported over 535,000 wallets now hold at least one LINK, reaching the highest tally since December 2022. While this signals growing network participation, the asset still hovers far from previous cycle peaks. The upward trend in wallet count suggests broader user adoption, yet price action must reclaim key moving averages before a breakout can be confirmed.

LINK traded between $7.81 and $8.12 in the last 24 hours. Its market capitalization stood near $5.72 billion with daily volume around $286 million. The token remains below its nine-day moving average of roughly $8.03 and the 21-day moving average of $8.78. This positioning confirms that recent price weakness persists relative to short-term norms.

Technically, a daily close above $8.03 would offer the earliest sign of strengthening momentum. Bulls would then need to tackle $8.78 before targeting the 50-day exponential moving average near $9.04. Immediate support sits around $7.80; a breakdown could expose $7.48, then $7.15, and eventually the recent low near $6.99. Since February, LINK has traded below $10 after six straight monthly declines. Recovering above $9.04 and $9.48 would improve the broader outlook, while the 200-day moving average at roughly $10.70 remains a major resistance.

The Chaikin Money Flow indicator reads around -0.10, meaning selling pressure still dominates. This negative signal tempers the wallet growth narrative, as many new holders may own only small amounts. The relative strength index recently recovered from oversold territory to near 35, indicating selling has eased but buying conviction is still weak. The MACD and its signal line remain below zero, confirming a bearish undertone despite the recent stabilization attempt.

Institutional demand has been a bright spot. US spot Chainlink ETFs recorded roughly $1.81 million in net inflows on Monday, lifting total net assets to $101.21 million, per SoSoValue data. These funds have avoided negative daily flows since their December 2 launch, providing a base of spot demand. Derivatives activity also picked up, with open interest rising over 4% to $373.06 million, futures volume around $480.8 million, and liquidations totaling about $320,000 in 24 hours, according to Coinglass. The open-interest-weighted funding rate turned positive to 0.0024% after briefly dipping to -0.0023%, showing mild demand for longs but still lacking strong bullish conviction.

Chainlink’s network utility remains significant. Cross-chain and oracle infrastructure has secured over $110 billion in value by late May, according to related reporting. For LINK to reclaim $8.78, it must first defend $7.80 and close above $8.03. A successful push beyond $8.78 could clear a path toward $9.04 and $10. Conversely, losing $7.80 would put $7.48 and $6.99 back in play.

SBI Shinsei Bank, a Japanese financial institution, has rolled out a new promotional campaign that ties deposit interest to cryptocurrency vouchers. Under this program, customers earning interest on their deposits will receive extra rewards worth 20% of that interest in the form of vouchers. These vouchers can later be exchanged for Bitcoin, Ether, or XRP.

The campaign runs for three months starting on Wednesday and applies to both regular deposits and time deposits with maturities ranging from three months to five years. Customers will receive their standard interest in Japanese yen, plus the additional vouchers. To convert these vouchers into digital assets, customers need to open an account with SBI VC Trade, the cryptocurrency exchange owned by SBI Group. The vouchers can be redeemed during a specified period.

This initiative gives traditional savers a new way to gain exposure to cryptocurrencies without directly buying them on an exchange. It is part of SBI Group’s broader strategy to integrate digital assets into its financial services. Earlier this year, the group partnered with Visa and Aplus on a crypto rewards credit card that lets users earn Bitcoin, Ethereum, and XRP through everyday spending. Additionally, SBI VC Trade launched a retail USDC lending service in March, where users can lend stablecoins to the exchange for a fixed period to earn yield. The group has also been expanding its exchange operations, including a potential acquisition of Bitbank and the absorption of Bitpoint Japan. Investment products like crypto-focused trusts and ETFs are also in development through SBI Securities.

Humanity Protocol has reported a security breach resulting in the theft of over $36 million worth of H tokens. The exploit occurred after attackers gained unauthorized access to administrative keys for the protocol’s bridge infrastructure on Ethereum and BNB Smart Chain.

According to the project’s June 9 update, the attack began when a compromised employee laptop allowed the hacker to obtain control over bridge administration systems. Using three of six compromised Gnosis Safe owner keys for the Ethereum bridge’s Hyperlane ProxyAdmin, the attacker transferred ownership to their wallet, upgraded the contract to a malicious version, and moved approximately 141.2 million H tokens in one transaction.

On BNB Smart Chain, the attacker similarly took over three of five Safe owner keys, enabling them to deploy a contract with an unlimited mint function and create 200 million H tokens across two transactions. On-chain analyst Specter initially reported losses near $19 million, but later tracking raised the figure above $30 million, with roughly $23.7 million swapped for Ethereum and $7.9 million remaining in H tokens.

Humanity Protocol has suspended deposits and withdrawals on affected bridges and is coordinating with exchanges and law enforcement to investigate and recover funds. CEO Terence Kwok stated the team is working with security specialists but has not announced a reimbursement plan. The protocol’s native token plummeted over 90% in market reaction. Humanity Protocol operates a zkEVM-based identity network using zero-knowledge proofs and palm biometrics for verification.