Headlines

US-Iran Skirmishes Continue Despite Ceasefire

At around 5:00 AM on May 8, as U.S. Navy missile destroyers transited through the Strait of Hormuz toward the Gulf of Oman, American forces intercepted an unprovoked Iranian attack and responded in self-defense. As the USS Truxtun, USS Rafael Peralta, and USS Mason navigated this international waterway, Iranian forces launched multiple missiles, drones, and dispatched several fast attack craft. No U.S. assets were damaged during the incident.

The U.S. Central Command neutralized the incoming threats and conducted strikes against Iranian military installations responsible for the attack, including missile and drone launch sites, command and control centers, and intelligence, surveillance, and reconnaissance (ISR) nodes. While Central Command has no intention of escalating tensions, it remains fully deployed and prepared to protect U.S. forces at all times.

Meanwhile, Trump stated that today’s strike against Iran “utterly devastated” them, adding that a deal with Iran “may not happen—but could happen at any moment.”

Cathie Wood: “1011 Flash Crash” Was Not Triggered by Binance

In a podcast conversation with Ark Invest founder Cathie Wood, CZ clarified her previous remarks on last year’s “1011 Flash Crash,” stating that Binance did not trigger the crash—rather, the crash itself caused system failures, amplified by tariff-related panic and heightened market fragility. CZ expressed gratitude for Cathie Wood’s clarification.

Kalshi Raises $1 Billion, Led by Coatue Management

The prediction market platform Kalshi announced a new round of $1 billion funding, led by Coatue Management, pushing its company valuation to $22 billion.

Data shows Kalshi has approximately 2 million monthly active users, with annualized trading volume reaching $178 billion—up over threefold in the past six months—and annual revenue exceeding $1.5 billion. This round marks Kalshi’s third financing within the past seven months, with each round seeing valuations nearly double, reflecting growing institutional interest in the prediction markets sector, alongside ongoing regulatory litigation and allegations of insider trading.

Industry News

DOJ Investigates Suspicious Crude Oil Trades Ahead of Trump-Related Announcements, Involving ~$2.6 Billion

According to market sources, the U.S. Department of Justice (DOJ) is investigating a series of suspicious crude oil trades occurring just before public announcements related to President Donald Trump, involving approximately $2.6 billion in capital. The trades have drawn regulatory scrutiny due to their unusually precise timing, with the investigation focusing on potential insider trading or using policy information to front-run the market. The DOJ has yet to release further details.

U.S. Treasury Issues Letter to Binance Seeking Compliance Clarification, Possibly Linked to Iran Crypto Investigation

The U.S. Department of the Treasury has sent a formal letter to Binance requesting compliance explanations regarding recent media reports on Iran-linked cryptocurrency transactions and demanding enhanced cooperation with regulatory oversight.

U.S. Initial Jobless Claims for the Week Ended May 2: 200,000 vs. Expected 205,000

Initial jobless claims in the U.S. for the week ended May 2 stood at 200,000, below the expected 205,000. The prior week's figure was revised upward from 189,000 to 190,000.

Nasdaq Index Breaks Through 26,000 Points, Reaching New All-Time High

The Nasdaq Composite opened above 26,000 points, currently standing at 26,017, up 0.68% intraday. Nvidia shares rose 2.97%, Microsoft climbed 2.37%, and Tesla surged 3.66%.

Project Updates

sato’s New Documentation Acknowledges Structural Price Disparity in Bonding Curve Transactions

sato released updated mechanism documentation offering deeper insight into Curve’s operational logic. The document clarifies that sato’s Bonding Curve is not a perfectly symmetric exchange system—users mint and burn using different pricing models, with burn prices structurally lower than mint prices due to adjustment factors.

According to the documentation, sato officially defines the Curve as a “token issuance system + final buyback pool,” rather than a full-fledged pegged redemption mechanism. In early stages, the Curve primarily facilitates token issuance; once secondary market liquidity matures, it transitions into a “last buyer,” providing on-chain buyback functionality when secondary market liquidity dries up.

Eric Trump Co-Founded AmericanBitcoin Posts Q1 Net Loss of $81.8 Million

Eric Trump’s co-founded Bitcoin mining firm, American Bitcoin, released its Q1 2026 financial results. The company reported a net loss of $81.8 million, exceeding the previous quarter’s $59.5 million loss. Mining revenue reached $62.1 million, down from $78.3 million in the prior quarter.

Financial statements indicate that volatility in digital asset values was the primary driver of losses, amounting to $117.2 million, significantly impacted by Bitcoin’s 22% decline in Q1. Despite this, the company mined 817 BTC during the quarter and added 803 BTC to reserves, bringing total holdings to 7,021 BTC.

Polymarket’s U.S. Return Stalls: Lagging Market Share, CEO Accused of “Nominal Leadership”

Four years after exiting the U.S. market, Polymarket attempted a re-entry by acquiring a U.S.-licensed derivatives and futures exchange, aiming to rejoin the regulated ecosystem, and appointing Justin Hertzberg to lead U.S. operations.

However, recent developments show Polymarket’s U.S. business progress has fallen short of expectations, with market share clearly trailing major competitor Kalshi. Reports suggest Justin Hertzberg functions more as a “nominal CEO,” primarily handling regulatory filings, while actual operational execution and expansion capabilities remain limited. Overall, Polymarket’s return to the U.S. market continues to face dual challenges on both regulatory and execution fronts.

TRON Total Account Count Officially Surpasses 380 Million

TRONSCAN data reveals that TRON’s total account count has reached 380,102,569, officially surpassing 380 million. The total account count represents the number of activated wallet addresses on the TRON network.

Tether Releases Locally-Run Medical AI Model QVAC MedPsy

The Tether AI Research Group unveiled its next-generation medical AI model, QVAC MedPsy, designed to run directly on low-compute devices such as smartphones and wearables without relying on cloud servers. The model outperforms several larger-scale SOTA models across multiple medical benchmark tests.

Manta Network to Shut Down Staking Program

Manta Network announced the closure of its staking program, citing that yield mechanisms based on inflationary token issuance would long-term dilute MANTA holder value, contradicting the project’s future direction. Staking rewards will cease entirely two weeks from now (April 20, 2026). Node operators may exit at any time starting immediately, and no further network incentives will be distributed after the program ends.

DL News, Crypto Media Outlet, to Shut Down by End of May 2026

DL News, a crypto media outlet, announced it will shut down by the end of May 2026. Founded in 2022 as the news division of DefiLlama, it separated from DefiLlama in early 2023. In 2024, it launched its commercial arm, DL Research, which saw 270% revenue growth in 2025, with annual sales surpassing seven figures.

Funding & Investment

Anthropic’s On-Chain Pre-IPO Valuation Surges Past $1.2 Trillion, First Surpassing OpenAI

Anthropic’s on-chain pre-IPO market implied valuation has risen to $1.2 trillion (approximately RMB 8.7 trillion), officially surpassing OpenAI. Its pre-IPO valuation is now roughly 20% higher than OpenAI’s. If listed at this valuation, Anthropic would immediately rank as the world’s 11th largest publicly traded company by market cap, behind Apple, Microsoft, Nvidia, Amazon, Alphabet, Meta, TSMC, Broadcom, Tesla, and Saudi Aramco.

Kraken Acquires Stablecoin Infrastructure Firm Reap for $600 Million

According to market sources, Kraken has acquired stablecoin infrastructure firm Reap for $600 million.

AI Coding Startup Blitzy Secures $200 Million in Funding, Backed by Jump Capital and Others

Blitzy, an AI coding company co-founded by former NVIDIA architect Sid Pardeshi, announced a $200 million funding round led by Northzone, with participation from Battery Ventures, Jump Capital, and crypto investment firm Morgan Creek Digital.

Voices

ZachXBT: LAB Founder Involved in CEX Manipulation Harms Retail Investors

ZachXBT posted on X that the LAB founder is simultaneously engaging in CEX market manipulation that harms retail investors while spewing philosophical platitudes. He previously attempted private contact but received read receipts without replies. The scammer, he said, has further eroded the remaining industry credibility.

CZ: Wall Street and Crypto Should Be One Industry

In a podcast conversation with Cathie Wood, CZ stated, “Wall Street and crypto should fundamentally be one industry.” He noted that Binance’s current user base of ~320 million is driving strong demand for high-quality real-world assets (RWA), accelerating the tokenization of gold, crude oil, and equities into on-chain markets. This tokenization trend is making traditional assets more accessible to crypto-native investors, while geopolitical volatility is cementing the “24/7 global market” as the new norm in financial systems.

Coinbase Executive: CLARITY Crypto Market Structure Act Could Be Debated as Early as Next Week

Coinbase’s U.S. Policy Vice President Kara Calvert said at Consensus 2026 that the CLARITY Crypto Market Structure Act could be debated as early as next week by the U.S. Senate Banking Committee. Calvert emphasized that passage in the Senate requires at least 60 votes, and stakeholders are actively working to secure bipartisan support.