Gravity Bridge was drained of roughly $5.4 million in a suspected signing key compromise, prompting validators to halt the bridge while an investigation is underway. Gravity Bridge, a decentralized blockchain facilitating cross-chain transfers between Ethereum and Cosmos, was reportedly drained of roughly $5.4 million, prompting validators to halt the bridge. Onchain analyst Specter first flagged the unusual outflows in a Saturday post on X, revealing that the bridge contract key may have been compromised. “It appears the Gravity Bridge contract key may have been compromised, resulting in the theft of $5.4M,” Specter wrote. Security firm PeckShield also confirmed the exploit in a post, breaking down the stolen assets as approximately $4.3 million in USDC (USDC), 274 Wrapped Ether (WETH) worth roughly $553,000, $434,000 in USDt (USDT) and 14.164 PAX Gold (PAXG) tokens worth about $64,000. Read more
Crypto sentiment platform Santiment warned that the two biggest spikes in social media bullishness around Bitcoin have previously been followed by short-term price pullbacks. The feeling toward Bitcoin on social media has reached its most bullish level of the year, even as the overall crypto market is down, according to crypto sentiment platform Santiment. “Sentiment on Bitcoin has spiked to 2.23 bullish comments for every bearish one — the most lopsided positive ratio of 2026,” Santiment said in a report published on Saturday. “The previous two biggest positive-ratio days of the year preceded short-term price pullbacks, while severely negative readings marked local bottoms. The current euphoria contrasts sharply with the bearish ETF flow picture and warrants caution," Santiment said. Spot Bitcoin ETFs logged their tenth consecutive trading day of outflows on Friday, with total net redemptions exceeding $2.97 billion since May 15. Read more
Bitcoin dip buyers are present near range lows, and new leveraged longs opened in the zone but the volumes lack the size needed to reverse the downtrend. Bitcoin ETF selling overwhelmed markets again after last week’s $1.42 billion outflow followed the previous week’s $1.26 billion outflow. BTC’s subsequent fall to $72,500 raised concerns that the price would slip back into the $60,000 to $70,000 range that BTC was locked in during February through April, but Cointelegraph's reporting showed spot volumes kicking in to defend the $70,000 support. Read more
While Bitcoin is hovering around $73,000, a crypto trader says the current setup is “different from the previous breakdown in February.” Bitcoin could fall toward its February yearly low if it fails to maintain support above the $70,000 level, according to a crypto analyst. “Bitcoin is at a pivotal level, and if it doesn't hold, we're buying at <$65K,” MN Trading Capital founder Michael van de Poppe said in an X post on Saturday. Bitcoin (BTC) reached a yearly low of $60,000 in early February before recovering to $73,873 at the time of publication, according to CoinMarketCap. It comes as crypto market participants are divided over whether Bitcoin's early February price of $60,000 marked the bottom of the cycle, or if further downside still lies ahead. Read more
The Senate Banking Committee voted to advance the CLARITY Act in May, but it must still pass both chambers of Congress before heading to the president's desk. The United States will lose its leadership position in crypto to other countries, including China, if US lawmakers fail to pass the Digital Asset Market Clarity Act (CLARITY), a crypto market structure bill, according to Wyoming Senator Cynthia Lummis. Passing a comprehensive crypto regulatory framework would “ensure” that other countries “do not write the rules of the next financial era,” Lummis said. She added in a separate X post: In May, the Senate Banking Committee voted to advance the CLARITY Act after the legislation had stalled for months, reviving crypto industry hopes that the bill might be codified into law in 2026. Read more
The $12.6 million in USDC was likely frozen in connection with an ongoing but unrelated civil court case, according to onchain sleuth ZachXBT. Stablecoin issuer Circle froze $12.6 million in USDC dollar-pegged tokens linked to privacy protocol Zama’s confidential USDC smart contract on Saturday, according to onchain sleuth ZachXBT. The smart contract is “publicly labeled” on block explorers and the privacy protocol’s technical documentation, ZachXBT said. The exact reason for the freeze is “unclear,” he said, adding that wallets linked to the Overnight Finance decentralized finance (DeFi) protocol deposited $12.4 million into the Zama protocol on May 11, 2026. He said: Read more