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After nearly four years in prison, Do Kwon, still has community members holding the line on Terra Luna Classic and looking forward to an "epic revival."
BlockBeats News, June 6th. Despite Terraform Labs founder Do Kwon being sentenced to 15 years in prison for causing the $40 billion Terra crash, the abandoned original chain Terra Luna Classic (LUNC) has not disappeared. A group of community members are still actively maintaining the network and are hopeful to achieve one of the greatest revivals in the history of the cryptocurrency industry.
Reports indicate that a community core member, known as "Vegas," lost about $50,000 during the Terra crash. Since then, Vegas has been actively participating in validator node operation, proposal governance, and developer coordination. He stated that despite long-term internal power struggles and fraud accusations, and even being maliciously reported to the authorities, he still believes LUNC has the potential to return to the top ten of the cryptocurrency industry.
After the Terra crash in 2022, Terraform Labs launched a new chain, Terra, through a hard fork, while the original chain was preserved and renamed as Terra Luna Classic. Subsequently, the community organization Terra Rebels took over the maintenance work and introduced a series of proposals, including a 1.2% burn tax, in hopes of revitalizing the ecosystem. However, due to fund allocation and governance disputes, Terra Rebels eventually disbanded, and multiple developers left one after another.
Nevertheless, the community continues to advance projects such as lending protocols, games, and meme coins, and attempts to restore the stablecoin peg mechanism. Data shows that LUNC has risen by 17.3% in the past year, but has dropped by 28.7% since 2022, with a total decline of 99.99% from its all-time high of $119.
Some community members expressed that the shared trauma of the crash has formed a "family"-like bond among them, and price is no longer the sole focus. "What if we could achieve one of the greatest comebacks in crypto history? This is like a last-ditch Hail Mary pass," one community member said.
BlockBeats News, June 6th. Despite Terraform Labs founder Do Kwon being sentenced to 15 years in prison for causing the $40 billion Terra crash, the abandoned original chain Terra Luna Classic (LUNC) has not disappeared. A group of community members are still actively maintaining the network and are hopeful to achieve one of the greatest revivals in the history of the cryptocurrency industry.
Reports indicate that a community core member, known as "Vegas," lost about $50,000 during the Terra crash. Since then, Vegas has been actively participating in validator node operation, proposal governance, and developer coordination. He stated that despite long-term internal power struggles and fraud accusations, and even being maliciously reported to the authorities, he still believes LUNC has the potential to return to the top ten of the cryptocurrency industry.
After the Terra crash in 2022, Terraform Labs launched a new chain, Terra, through a hard fork, while the original chain was preserved and renamed as Terra Luna Classic. Subsequently, the community organization Terra Rebels took over the maintenance work and introduced a series of proposals, including a 1.2% burn tax, in hopes of revitalizing the ecosystem. However, due to fund allocation and governance disputes, Terra Rebels eventually disbanded, and multiple developers left one after another.
Nevertheless, the community continues to advance projects such as lending protocols, games, and meme coins, and attempts to restore the stablecoin peg mechanism. Data shows that LUNC has risen by 17.3% in the past year, but has dropped by 28.7% since 2022, with a total decline of 99.99% from its all-time high of $119.
Some community members expressed that the shared trauma of the crash has formed a "family"-like bond among them, and price is no longer the sole focus. "What if we could achieve one of the greatest comebacks in crypto history? This is like a last-ditch Hail Mary pass," one community member said.
US Stock Market Volatility Index Soars, Semiconductor Stocks Experience Rapid Two-Month Surge Halted
BlockBeats News, June 6th. As the semiconductor sector experienced a sharp pullback, the Cboe Volatility Index (VIX), known as Wall Street's "fear gauge," surged nearly 40% in a single day, marking the largest gain since March this year. The VanEck Semiconductor ETF (SMH) fell by nearly 10% intraday, ending a strong rally of about 80% over the previous two months.
Data shows that the S&P 500 index options saw a record 7.8 million contracts traded on Friday, a 16% increase from the previous high in April. Meanwhile, the 10-year Treasury yield rose after strong nonfarm payroll data, leading to a significant increase in demand for put options on long-term Treasury ETFs (TLT) as well as investment-grade and high-yield bond ETFs.
Brent Kochuba, the founder of the options analysis platform SpotGamma, stated that the recent abnormally high premium of single-stock options compared to index options is readjusting, indicating a need for the overheated chip stocks to cool down. Danny Kirsch, the head of options at Piper Sandler, pointed out that a substantial amount of leveraged ETF funds are concentrated in the semiconductor sector. Coupled with funding for tech giants like Meta and Alphabet and concentrated large IPO issuance, the market correction pressure has been further intensified.
Impacted by the decline in risk appetite, Bitcoin briefly dropped below $60,000 before stabilizing, while Strategy's stock fell by nearly 7% on the day, with the trading volume of put options exceeding that of call options by two-fold. The Nasdaq index recorded its worst single-day performance since April 2025.
BlockBeats News, June 6th. As the semiconductor sector experienced a sharp pullback, the Cboe Volatility Index (VIX), known as Wall Street's "fear gauge," surged nearly 40% in a single day, marking the largest gain since March this year. The VanEck Semiconductor ETF (SMH) fell by nearly 10% intraday, ending a strong rally of about 80% over the previous two months.
Data shows that the S&P 500 index options saw a record 7.8 million contracts traded on Friday, a 16% increase from the previous high in April. Meanwhile, the 10-year Treasury yield rose after strong nonfarm payroll data, leading to a significant increase in demand for put options on long-term Treasury ETFs (TLT) as well as investment-grade and high-yield bond ETFs.
Brent Kochuba, the founder of the options analysis platform SpotGamma, stated that the recent abnormally high premium of single-stock options compared to index options is readjusting, indicating a need for the overheated chip stocks to cool down. Danny Kirsch, the head of options at Piper Sandler, pointed out that a substantial amount of leveraged ETF funds are concentrated in the semiconductor sector. Coupled with funding for tech giants like Meta and Alphabet and concentrated large IPO issuance, the market correction pressure has been further intensified.
Impacted by the decline in risk appetite, Bitcoin briefly dropped below $60,000 before stabilizing, while Strategy's stock fell by nearly 7% on the day, with the trading volume of put options exceeding that of call options by two-fold. The Nasdaq index recorded its worst single-day performance since April 2025.
Tether Appoints Independent Director to Twenty One Capital Board, Restoring Full Audit Committee Structure
BlockBeats News, June 6th, Tether announced that it has appointed a new independent director to the board of Bitcoin reserve company Twenty One Capital (XXI) to fill the previous vacancy in the audit committee. The company stated that this appointment complies with the independence requirements of the U.S. SEC Securities Exchange Act Rule 10A-3 and NYSE listing rules.
This vacancy arose after Tether's acquisition of XXI shares held by Softbank Group on May 20th. Following the termination of the governance agreement between the two parties, Softbank's appointed director resigned, one of whom was a member of the audit committee.
According to reports, Twenty One Capital currently holds over 43,500 Bitcoins and is positioned as a vertically integrated Bitcoin company with business operations covering Bitcoin mining, asset reserves, capital markets, and financial services.
Tether CEO Paolo Ardoino stated that XXI is in the process of building one of the most significant Bitcoin enterprises globally. Therefore, the company's priority is to ensure that the board has an independent oversight mechanism in compliance with SEC and NYSE requirements to match its robust balance sheet.
BlockBeats News, June 6th, Tether announced that it has appointed a new independent director to the board of Bitcoin reserve company Twenty One Capital (XXI) to fill the previous vacancy in the audit committee. The company stated that this appointment complies with the independence requirements of the U.S. SEC Securities Exchange Act Rule 10A-3 and NYSE listing rules.
This vacancy arose after Tether's acquisition of XXI shares held by Softbank Group on May 20th. Following the termination of the governance agreement between the two parties, Softbank's appointed director resigned, one of whom was a member of the audit committee.
According to reports, Twenty One Capital currently holds over 43,500 Bitcoins and is positioned as a vertically integrated Bitcoin company with business operations covering Bitcoin mining, asset reserves, capital markets, and financial services.
Tether CEO Paolo Ardoino stated that XXI is in the process of building one of the most significant Bitcoin enterprises globally. Therefore, the company's priority is to ensure that the board has an independent oversight mechanism in compliance with SEC and NYSE requirements to match its robust balance sheet.
FT Experiences Minimal Liquidation During Major Market Correction
On June 6, Sonic co-founder Andre Cronje stated that during the first significant market correction experienced by the derivatives platform FT (FlyingTulip), the equity account lending model resulted in only about $50,000 in liquidation. This is significantly lower than traditional loan-to-value (LTV) models due to the use of net risk calculations instead of discounted collateral models, along with the effectiveness of a soft liquidation mechanism, which resulted in an average liquidation amount of only $200 to $2,000 per transaction. Andre Cronje noted that if a traditional LTV-based lending system had been used, the liquidation scale during this market volatility could have increased by 10 to 20 times. He emphasized that the equity account model enables net risk management and reduces market impact through the soft liquidation mechanism, leading to a safer, lower volatility, and reduced discount loss lending experience.
On June 6, Sonic co-founder Andre Cronje stated that during the first significant market correction experienced by the derivatives platform FT (FlyingTulip), the equity account lending model resulted in only about $50,000 in liquidation. This is significantly lower than traditional loan-to-value (LTV) models due to the use of net risk calculations instead of discounted collateral models, along with the effectiveness of a soft liquidation mechanism, which resulted in an average liquidation amount of only $200 to $2,000 per transaction. Andre Cronje noted that if a traditional LTV-based lending system had been used, the liquidation scale during this market volatility could have increased by 10 to 20 times. He emphasized that the equity account model enables net risk management and reduces market impact through the soft liquidation mechanism, leading to a safer, lower volatility, and reduced discount loss lending experience.
Analysis: On-chain data did not show large-scale selling by investors of cryptocurrency assets to participate in the SpaceX IPO
BlockBeats News, June 6th, despite market speculation that some retail investors may sell Bitcoin to participate in SpaceX's record-breaking $75 billion IPO, stablecoin flows and on-chain data show that there is currently no sign of large-scale fund outflows from the crypto market.
The SpaceX IPO is valued at approximately $1.8 trillion, with up to 30% of the shares allocated to retail investors through platforms such as an exchange, significantly higher than the typical 10% allocation to individual investors in traditional IPOs. Following the start of the roadshow, the demand for subscriptions has exceeded the issuance size.
Data shows that the outflows of USDT and USDC remain within normal ranges since February, with no signs of abnormal redemptions or supply contraction. On the contrary, on June 6th, around 66,470 BTC and 2.49 million ETH were net outflows from exchanges, indicating that more investors are moving assets to private wallets, showing a buy-the-dip signal rather than a mass cash-out.
However, on-chain data cannot reflect the trading activity of users within platforms such as an exchange, so it is still necessary to wait for relevant brokerages to release data to determine if any crypto investors have sold assets to subscribe to SpaceX shares.
The most significant outflows of funds currently come from spot ETFs. Data shows that as of June 3rd, the US Bitcoin spot ETF has seen net outflows for 13 consecutive trading days, totaling around $4.4 billion in redemptions; the Ethereum spot ETF has experienced fund outflows for 17 consecutive trading days before returning to a slight net inflow.
According to the plan, SpaceX is set to complete pricing on June 11th and will debut on the Nasdaq on June 12th under the stock ticker symbol SPCX.
BlockBeats News, June 6th, despite market speculation that some retail investors may sell Bitcoin to participate in SpaceX's record-breaking $75 billion IPO, stablecoin flows and on-chain data show that there is currently no sign of large-scale fund outflows from the crypto market.
The SpaceX IPO is valued at approximately $1.8 trillion, with up to 30% of the shares allocated to retail investors through platforms such as an exchange, significantly higher than the typical 10% allocation to individual investors in traditional IPOs. Following the start of the roadshow, the demand for subscriptions has exceeded the issuance size.
Data shows that the outflows of USDT and USDC remain within normal ranges since February, with no signs of abnormal redemptions or supply contraction. On the contrary, on June 6th, around 66,470 BTC and 2.49 million ETH were net outflows from exchanges, indicating that more investors are moving assets to private wallets, showing a buy-the-dip signal rather than a mass cash-out.
However, on-chain data cannot reflect the trading activity of users within platforms such as an exchange, so it is still necessary to wait for relevant brokerages to release data to determine if any crypto investors have sold assets to subscribe to SpaceX shares.
The most significant outflows of funds currently come from spot ETFs. Data shows that as of June 3rd, the US Bitcoin spot ETF has seen net outflows for 13 consecutive trading days, totaling around $4.4 billion in redemptions; the Ethereum spot ETF has experienced fund outflows for 17 consecutive trading days before returning to a slight net inflow.
According to the plan, SpaceX is set to complete pricing on June 11th and will debut on the Nasdaq on June 12th under the stock ticker symbol SPCX.
New Stock Guru Serenity: JPMorgan Significantly Increases SIVE Holdings After Retail Investor Shakeout
On June 6, 'New Stock Guru' Serenity posted on platform X that after a significant number of retail investors were shaken out of their positions, JPMorgan Chase took the opportunity to substantially increase its holdings in Sivers. This increase primarily came from institutional funds, with JPMorgan's stake in Sivers rising rapidly from 0.4% last month to over 5% this month. Serenity added that it had been emphasizing the importance of Sivers (SIVE) to the Co-Packaged Optics (CPO) supply chain to retail investors and Swedish hedge funds, but the market had not fully appreciated this perspective.
On June 6, 'New Stock Guru' Serenity posted on platform X that after a significant number of retail investors were shaken out of their positions, JPMorgan Chase took the opportunity to substantially increase its holdings in Sivers. This increase primarily came from institutional funds, with JPMorgan's stake in Sivers rising rapidly from 0.4% last month to over 5% this month. Serenity added that it had been emphasizing the importance of Sivers (SIVE) to the Co-Packaged Optics (CPO) supply chain to retail investors and Swedish hedge funds, but the market had not fully appreciated this perspective.
WLD plummeted over 20% at one point, with a market capitalization dropping to $2.247 billion
BlockBeats News, June 6th, according to an exchange market data, WLD once fell by over 20%, currently trading at $0.4319, with a market cap of $2.247 billion.
Arthur Hayes stated today that he has liquidated all his holdings of Worldcoin (WLD), diverging from his public commitment to holding WLD less than a day ago. Hayes views WLD as a liquidity proxy asset for AI-themed trading. He believes that as SpaceX puts more emphasis on AI and connectivity businesses, a strong performance at its listing will drive the entire AI and tech sector, with WLD serving as a substitute for retail investors who find it challenging to directly participate in SpaceX equity trading.
However, SpaceX's stock has recently seen a significant drop in its pre-IPO price in the private market. Data indicates that the SpaceX pre-IPO price on Hyperliquid has fallen by over 50% in recent days, diminishing the appeal of AI concept trading and prompting Hayes to change his stance and exit WLD. Over the past month, WLD had defied the trend with an approximately 70% increase, but with the recent pullback, its one-month gain has narrowed to around 45%.
BlockBeats News, June 6th, according to an exchange market data, WLD once fell by over 20%, currently trading at $0.4319, with a market cap of $2.247 billion.
Arthur Hayes stated today that he has liquidated all his holdings of Worldcoin (WLD), diverging from his public commitment to holding WLD less than a day ago. Hayes views WLD as a liquidity proxy asset for AI-themed trading. He believes that as SpaceX puts more emphasis on AI and connectivity businesses, a strong performance at its listing will drive the entire AI and tech sector, with WLD serving as a substitute for retail investors who find it challenging to directly participate in SpaceX equity trading.
However, SpaceX's stock has recently seen a significant drop in its pre-IPO price in the private market. Data indicates that the SpaceX pre-IPO price on Hyperliquid has fallen by over 50% in recent days, diminishing the appeal of AI concept trading and prompting Hayes to change his stance and exit WLD. Over the past month, WLD had defied the trend with an approximately 70% increase, but with the recent pullback, its one-month gain has narrowed to around 45%.
If Bitcoin surpasses $63,000, the mainstream CEX's total short liquidation amount will reach $1.513 billion.
BlockBeats News, June 6th, according to Coinglass data, if Bitcoin breaks through $63,000, the cumulative short liquidation intensity of mainstream CEXs will reach $1.513 billion.
Conversely, if Bitcoin falls below $59,000, the cumulative long liquidation intensity of mainstream CEXs will reach $989 million.
BlockBeats Note: The liquidation chart does not show the exact number of contracts to be liquidated or the exact value of the liquidated contracts. The bars on the liquidation chart actually represent the importance of each liquidation cluster relative to neighboring liquidation clusters, that is, the intensity.
Therefore, the liquidation chart shows to what extent the price of the underlying asset will be affected when it reaches a certain level. A higher "liquidation bar" indicates that the price will have a more intense reaction due to a liquidity cascade.
BlockBeats News, June 6th, according to Coinglass data, if Bitcoin breaks through $63,000, the cumulative short liquidation intensity of mainstream CEXs will reach $1.513 billion.
Conversely, if Bitcoin falls below $59,000, the cumulative long liquidation intensity of mainstream CEXs will reach $989 million.
BlockBeats Note: The liquidation chart does not show the exact number of contracts to be liquidated or the exact value of the liquidated contracts. The bars on the liquidation chart actually represent the importance of each liquidation cluster relative to neighboring liquidation clusters, that is, the intensity.
Therefore, the liquidation chart shows to what extent the price of the underlying asset will be affected when it reaches a certain level. A higher "liquidation bar" indicates that the price will have a more intense reaction due to a liquidity cascade.
NVIDIA Launches First Personal Laptops Designed for AI Agents
On June 6, NVIDIA announced the release of its first personal laptops specifically designed to run AI 'agents', collaborating with manufacturers such as Dell, Lenovo, and HP to produce these laptops.
On June 6, NVIDIA announced the release of its first personal laptops specifically designed to run AI 'agents', collaborating with manufacturers such as Dell, Lenovo, and HP to produce these laptops.
Polymarket Prediction: Probability of "Bitcoin Falling to $55,000 in June" Rises to 41%
BlockBeats News, June 6th, as Bitcoin briefly dropped below $60,000, the probability on Polymarket for "Bitcoin to drop to $55,000 in June" increased to 41% (4% on June 2nd). Furthermore, the probability of dropping to $50,000 is 18%, while the probability of rising to $65,000 is 57%.
BlockBeats News, June 6th, as Bitcoin briefly dropped below $60,000, the probability on Polymarket for "Bitcoin to drop to $55,000 in June" increased to 41% (4% on June 2nd). Furthermore, the probability of dropping to $50,000 is 18%, while the probability of rising to $65,000 is 57%.