🔚 The Evmos network in the Cosmos ecosystem has been shut down. On May 24, the Cosmos-based chain Evmos passed the "Evmos Shutdown" governance proposal. The proposal states that Evmos nodes will cease operation at block height 37,318,000. Currently, the Evmos block explorer and official website are inaccessible.
Amid pressure from Tether and Circle, how can foreign exchange stablecoins break through? Foreign exchange stablecoins currently face widespread challenges such as low liquidity and de-pegging risks. Rather than competing directly on spot issuance, they should emulate traditional finance by building “synthetic foreign exchange” based on non-deliverable forwards (NDFs) tied to USDT/USDC. This “underlying USD holdings + front-end display of local fiat” model preserves the deep liquidity and yield of USD stablecoins while unlocking three major commercial use cases: - Empowering new stablecoin banks to offer true multi-currency accounts. - Enabling large-scale on-chain foreign exchange arbitrage vaults (e.g., long JPY vs. short BRL). - Meeting enterprise-grade global payment hedging needs. Recommended reading👇
Trump claims U.S.-Iran deal is nearly finalized and the Strait of Hormuz will open; Iran refutes, stating it will remain under Iranian control. On the afternoon of the 23rd Eastern Time, U.S. President Trump posted on social media that the United States and Iran have nearly finalized an agreement. Trump stated that he had just spoken with the leaders of Saudi Arabia, the UAE, Qatar, Turkey, Egypt, Jordan, Bahrain, and the Chief of Staff of the Pakistani Army to discuss Iran-related issues and matters pertaining to a “peaceful memorandum of understanding.” He added that a U.S.-Iran agreement is nearly complete and awaits final confirmation by both sides and relevant Islamic nations. He also spoke with Israeli Prime Minister Netanyahu. The final details of the agreement are currently being negotiated and will be announced soon. Trump further stated that, among other provisions of the agreement, the Strait of Hormuz would also be opened. However, Iran released a statement saying that Trump’s recent social media remarks regarding “the opening of the Strait of Hormuz” are “incomplete.” According to the latest exchanged text, even if an agreement is reached, the Strait of Hormuz will remain under Iranian “management.” Additionally, while Iran has agreed to allow shipping volumes through the Strait to return to pre-war levels, this does not mean the Strait will revert to a state of “free navigation” as before. Iran emphasized that management of the Strait, route planning, vessel transit times and methods, and permitting authority will remain fully under Iranian control. Therefore, Trump’s statements are incomplete and do not reflect the facts.
The former law firm and audit firm of FTX have agreed to pay approximately $66 million to settle customer claims of fraud. According to @TheBlockCo, court filings show that Fenwick & West, the Silicon Valley law firm that served as FTX US’s primary external legal counsel before its collapse in 2022, has agreed to pay $54 million to resolve allegations that it assisted Sam Bankman-Fried in committing fraud. This settlement is part of FTX’s second batch of settlements, which also include $11.75 million from audit firm Prager Metis and $420,000 from former NBA player Udonis Haslem. The total value of the second batch of FTX class action settlements amounts to approximately $66.17 million. Fenwick denies any wrongdoing and remains subject to a separate $525 million lawsuit in Washington, which is not resolved by this settlement.
Federal Reserve Chair Walsh: Will Advance a Reform-Oriented Central Bank Governance Framework In his inaugural address, Walsh stated that the United States is at a pivotal moment, expressed gratitude for President Trump’s trust, and pledged to serve with vigor and a strong sense of purpose. He emphasized that the Federal Reserve will draw lessons from past mistakes and successes to advance a reform-oriented central bank governance framework. Walsh also noted that inflation is expected to continue declining, the economy will maintain robust growth, and he anticipates “unparalleled prosperity” for the United States over the coming years, while acknowledging that significant challenges remain.
Wash was sworn in as Chair of the Federal Reserve.
Polymarket’s private key compromise has frozen $164,000 in funds. According to Josh Stevens, Polymarket’s Vice President of Engineering @devjoshstevens, with assistance from @zachxbt, @Bitcoin_Vietnam, and @ChangeNOW_io, $164,000 in funds—approximately 28.6% of the $573,200 total transferred—have been frozen in the private key compromise incident. Josh stated that the incident did not affect Polymarket or UMA smart contracts; user funds remain secure and platform operations are unaffected. The investigation revealed that the breach stemmed from a private key, approximately six years old, that was used for internal deposit configurations, resulting in funds being continuously sent to the compromised address. The relevant teams are continuing to track the remaining stolen funds.
