6.18 AI Daily Opportunities and Challenges in the Crypto Assets Market Turmoil: From Regulation to Innovation

1. Headlines

1. The U.S. Senate passes historic "GENIUS Act", establishing a regulatory framework for stablecoins.

On June 17, the U.S. Senate passed the "Guidance and Establishment of the American Stablecoin Innovation Act" (GENIUS Act) with an overwhelming result of 68 votes in favor and 30 against. This is the first time the Senate has passed significant legislation targeting the cryptocurrency industry.

The bill aims to introduce stricter regulations for the operation of stablecoins, placing them under the close supervision of the U.S. government. Key provisions include: requiring stablecoin issuers to hold physical assets in a 1:1 reserve as backing and to undergo regular audits; issuers must obtain federal licenses and comply with anti-money laundering and consumer protection regulations; stablecoin transactions will be regarded as money transmission services and will be subject to corresponding taxes.

Analysts believe that this move marks the formal inclusion of stablecoins under the regulation of the U.S. government, which is beneficial for maintaining financial stability and consumer rights. However, it may also impact the operating models of existing stablecoin giants like Tether, forcing them to adjust in order to comply with the new regulations. Overall, the passage of the bill will inject certainty into the development of stablecoins, but it may also exacerbate industry fragmentation and promote the rise of compliant institutions.

2. The Iranian crypto exchange Noex was hacked, with losses of up to $48.65 million

The well-known Iranian cryptocurrency exchange Noex experienced a major hacking incident on June 18. Noex officials stated that the technical team detected signs of unauthorized access to some reported infrastructure and hot wallets, and all access has been immediately suspended.

Preliminary assessments show that the attack has caused losses of up to $48.65 million for Noex, involving the Tron blockchain. The hacker group "Gonjeshke Darande" has claimed responsibility for the attack and threatened to release Noex's source code and internal information within 24 hours.

Noex stated that user assets in cold storage are secure and committed to fully compensating losses through an insurance fund and platform resources. Currently, the platform's website and application have been temporarily shut down, awaiting the security team's completion of a comprehensive investigation.

This incident has once again sparked widespread attention on the security protection of cryptocurrency exchanges. Industry insiders point out that even with measures such as separating hot and cold wallets, hot wallets remain the primary target of hacker attacks. In the future, it may be necessary to further strengthen wallet management and risk control to improve overall security.

3. The Federal Reserve may follow in the footsteps of its predecessor "hawkish farewell", hinting that interest rates will remain unchanged for the year.

Multiple institutions expect that Federal Reserve Chairman Powell may continue the tradition of his predecessors by ending his term with a hawkish tone after this week's policy meeting. The past three chairmen, Greenspan, Bernanke, and Yellen, all maintained a hawkish stance before leaving office.

Analysts believe that Powell is continuing this tradition, striving to maintain his anti-inflation credibility and policy independence upon leaving office. This means that the Federal Reserve may keep interest rates unchanged in June and July, implying that there will be no rate cuts within the year.

The market has differing opinions on Powell's departure time, but it is generally expected to be around January next year. If he really chooses to make an "hawkish exit," it will further exacerbate the market's concerns about the economic outlook and may trigger a decline in risk assets.

However, some analysts have pointed out that Powell may release signals of interest rate cuts in the dot plot after the meeting to alleviate market concerns about an economic recession. Overall, this week's meeting will set the tone for subsequent monetary policy, and its influence should not be underestimated.

4. Musk's xAI seeks $9.3 billion in funding, burning $1 billion a month.

Bloomberg cited sources familiar with the matter, stating that Elon Musk's artificial intelligence startup xAI is attempting to raise $9.3 billion through debt and equity financing to support the development of its superintelligence program.

According to reports, xAI is currently burning through as much as $1 billion a month, with huge funding needs. Musk has been personally selecting talent and making calls to advance this ambitious AI project.

Analysts point out that Musk's move reflects the importance that tech giants place on AI technology. In the context of artificial intelligence becoming a new strategic high ground, those who can master advanced AI capabilities will dominate the future direction of technological development.

However, there are also views that xAI is currently burning money too quickly and has certain risks of bubble formation. If it cannot achieve breakthrough progress in the short term, it will be difficult to attract sustained funding. Overall, the development of xAI is worth continued attention.

5. OpenAI accuses Meta of crazy poaching: $100 million annual salary still refused to join

OpenAI CEO Sam Altman recently accused Meta of trying to poach developers from OpenAI with a $100 million signing bonus and higher salaries in an effort to catch up in the AI competition.

Altman stated that Meta's current progress in artificial intelligence has fallen behind and has even turned to offering "huge offers" to OpenAI employees. He emphasized that OpenAI will stick to its technological path and will not be swayed by money.

Analysts believe that this reflects the fierce competition among tech giants for AI talent. Artificial intelligence is seen as the next strategic high ground, and having advanced AI capabilities can dominate the future direction of technological development.

However, Meta's move has also raised some doubts. Some believe that relying too much on financial means to poach talent makes it difficult to truly retain them. In contrast, OpenAI focuses more on technological philosophy and innovative culture, which may be more conducive to team cohesion.

Regardless, the competition for artificial intelligence talent has begun, and it will continue to heat up in the future. Whoever can build a more attractive AI ecosystem will dominate the final outcome of this talent war.

2. Industry News

1. Bitcoin fell below $105,000, as geopolitical risks triggered market risk-aversion sentiment.

Bitcoin has fallen over 2% in the past 24 hours, dropping below the $105,000 mark. This decline is mainly influenced by the escalation of geopolitical tensions in the Middle East. The Trump administration has threatened military action against Iran, raising investor concerns about the global economic outlook. Amid this uncertainty, investors are pulling out of risk assets and seeking safe havens.

Analysts point out that Bitcoin, as a risky asset, is inevitably impacted during periods of heightened geopolitical risk. However, compared to traditional financial markets, the cryptocurrency market reacts more violently, mainly due to the high volatility and speculative nature of the cryptocurrency market.

Nevertheless, some analysts believe that Bitcoin has maintained a relatively strong performance during this decline, which may reflect investors' confidence in Bitcoin's long-term prospects. If the geopolitical situation deteriorates further, Bitcoin may continue to face pressure. However, if the situation eases, Bitcoin is expected to attract capital inflows again.

Overall, geopolitical risks are the main factors currently affecting Bitcoin prices. Investors need to closely monitor the situation's development, prudently assess risks, and implement risk management.

2. Ethereum has fallen below the $2500 mark, while on-chain activity remains high.

Against the backdrop of rising geopolitical risks, Ethereum has fallen more than 2% in the past 24 hours, dropping below the $2500 mark. Similar to Bitcoin, Ethereum, as a risk asset, is also inevitably affected by investors' risk aversion sentiment.

Despite the price decline, the activity on the Ethereum chain remains at a high level. Data shows that the trading volume and the number of active addresses on the Ethereum chain remain stable. This indicates that even in a turbulent market environment, the Ethereum ecosystem continues to develop, and users maintain confidence in its long-term prospects.

Analysts believe that Ethereum, as a core infrastructure in the cryptocurrency space, derives its long-term value primarily from the development of its ecosystem and the implementation of applications. Although it is affected by geopolitical risks in the short term, as long as the ecosystem continues to develop healthily, Ethereum's long-term value will not be significantly impacted.

In the future, the price trend of Ethereum will depend on the development of geopolitical situations and the progress of the ecosystem. If the situation eases, Ethereum is expected to attract capital inflows again. However, if the situation continues to deteriorate, Ethereum may remain under pressure. Investors need to closely monitor market dynamics and carefully assess risks.

3. The activity level of the Solana ecosystem continues to rise, with monthly active users approaching historical highs.

Despite the overall impact of geopolitical risks on the cryptocurrency market, the activity level of the Solana ecosystem continues to rise. Data shows that the monthly active user count for Solana is nearing its historical peak.

This growth is mainly attributed to the continuous emergence of new applications and projects in the Solana ecosystem. From decentralized finance ( DeFi ) to non-fungible tokens ( NFT ), and to Web3 games, the Solana ecosystem is attracting an increasing number of developers and users.

Analysts believe that the continuous development of the Solana ecosystem reflects its technological advantages and growth potential. As a high-performance blockchain, Solana is able to provide low-cost, high-throughput services, which are very attractive for many applications.

Despite this, Solana also faces some challenges, such as questions regarding its level of decentralization and security. However, overall, the activity level of the Solana ecosystem continues to rise, reflecting the market's confidence in its long-term prospects.

In the future, the development of Solana will depend on the further expansion of its ecosystem and technological innovation. If Solana can continue to attract high-quality projects and users, its value is expected to rise further. However, if significant technical issues arise or competition intensifies, Solana may also face challenges. Investors need to closely monitor the developments of Solana and prudently assess the risks and opportunities.

4. The AI cryptocurrency sector is leading the decline, with Render Token down over 6%.

In the context of rising geopolitical risks, various sectors of the cryptocurrency market generally fell. Among them, the AI cryptocurrency sector performed the worst, dropping over 5% in 24 hours, leading the entire market decline.

Render Token in the AI cryptocurrency sector has seen the largest decline, exceeding 6%. Analysts believe this is primarily due to investors having certain concerns about the prospects of AI cryptocurrency projects.

Despite the broad application prospects of AI technology in the cryptocurrency field, most AI cryptocurrency projects are still in the early stages and lack truly implemented application scenarios. Against the backdrop of rising geopolitical risks, investors tend to avoid high-risk investment targets.

However, some analysts believe that the decline in the AI cryptocurrency sector may provide a good buying opportunity for long-term investors. As long as the application of AI technology in the cryptocurrency field continues to deepen, the value of AI cryptocurrency projects is expected to be released.

Overall, the performance of the AI cryptocurrency sector reflects investors' cautious attitude towards risk assets. In the future, the trends in this sector will depend on the developments in geopolitical situations and the practical application progress of AI technology in the cryptocurrency field. Investors need to closely monitor relevant dynamics and prudently assess risks and opportunities.

5. The stablecoin USDT has issued an additional 1 billion dollars on the Ethereum network.

Against the backdrop of volatility in the cryptocurrency market, Tether has issued an additional $1 billion of USDT stablecoins on the Ethereum network. This move is seen as a response to market fluctuations and to meet investors' demand for stablecoins.

Analysts point out that during turbulent times, stablecoins often receive favor from investors. Due to their peg to the US dollar, stablecoins can provide investors with a relatively safe haven. Therefore, Tether's issuance of additional USDT may be to meet the growing demand for stablecoins in the market.

However, some analysts have raised questions about the transparency of stablecoin issuance. They believe that stablecoin issuers should disclose their reserve status more transparently to ensure full backing of the stablecoins. Otherwise, stablecoins may face systemic risks.

Overall, the role of stablecoins during turbulent times has received significant attention. In the future, with the continuous improvement of regulatory policies, the issuance and operation of stablecoins may become more standardized and transparent. Investors need to closely monitor related developments and cautiously assess risks and opportunities.

6. The cryptocurrency exchange Noex was hacked, resulting in a loss of nearly 50 million dollars.

The Iranian cryptocurrency exchange Noex was attacked by hackers, resulting in losses of up to $48.65 million. This incident has once again raised concerns and questions about the security of cryptocurrency exchanges.

According to reports, a hacker group attacked Noex's hot wallet system through unauthorized access. Although Noex has taken emergency measures to cut off all access, it still could not prevent the massive loss of funds.

This incident has sparked extensive discussions among industry insiders regarding the security of cryptocurrency exchanges. Some believe that centralized exchanges inherently carry the risk of single points of failure and are vulnerable to hacking. They are calling for cryptocurrency exchanges to enhance security measures and improve transparency.

Some people believe that decentralized exchanges may be the solution. Because decentralized exchanges do not have a centralized hot wallet system, they are theoretically more secure. However, decentralized exchanges also face other challenges, such as user experience and liquidity issues.

Overall, the Noex incident has once again highlighted the importance of security for cryptocurrency exchanges. In the future, as regulatory policies continue to improve, cryptocurrency exchanges may face higher security compliance requirements. Investors need to closely monitor relevant developments, carefully choose exchanges, and take necessary risk management measures.

3. Project News

1. Anora launches the AI virtual influencer creation platform OnlyStans Studio

Anora is an AI virtual influencer project built on the Spectral Lux framework. Recently, Anora announced the official launch of the AI virtual influencer creation platform OnlyStans Studio, aimed at providing users with the ability to efficiently create personalized virtual influencers.

OnlyStans Studio allows users to launch their influencer business in just a few minutes, maximizing income and enhancing fan engagement through AI technology. The platform supports automatic cross-platform content publishing, including OnlyFans, enabling 24/7 operations. Users retain full ownership of their content and earnings.

Anora stated that AI-driven virtual influencer marketing will become a new model for brands and social influence in the future. The launch of OnlyStans Studio is expected to promote the application of AI virtual influencers in the marketing field, providing new monetization channels for brands and creators.

Industry insiders believe that AI virtual influencers have advantages such as low cost and high efficiency, but also face challenges like content homogenization and lack of authenticity. Whether OnlyStans Studio can provide users with a differentiated personalized experience and make breakthroughs in content quality and authenticity will be key to its market recognition.

2. Eyenovia raises $50 million to launch HYPE reserve strategy

Eyenovia is a Nasdaq-listed company in the United States that specializes in ophthalmic medical products. The company recently completed a $50 million financing round and plans to launch a treasury strategy for the HYPE token, becoming the first U.S. listed company to include HYPE on its balance sheet.

HYPE is an algorithmic stablecoin supported by Hyperliquid. Eyenovia stated that incorporating HYPE into the company's balance sheet helps to improve asset liquidity and reduce financing costs. This initiative is seen as part of the company's digital transformation.

Analysts believe that Eyenovia's approach reflects the growing acceptance of digital assets by traditional companies. As the first publicly traded company to incorporate algorithmic stablecoins into its balance sheet, this initiative is groundbreaking and may serve as a model for other companies to follow.

However, there are also viewpoints that believe algorithmic stablecoins carry higher risks, and their price volatility may affect the financial condition of the company. Whether Eyenovia can effectively manage risks will be a key factor in the success of its HYPE reserve strategy.

3. Elon Musk's xAI seeks $9.3 billion in funding to accelerate AI model development.

According to reports, Elon Musk's artificial intelligence company xAI is in talks to raise $9.3 billion through debt and equity financing to accelerate its AI model development. xAI incurs costs of up to $1 billion per month, but is expected to generate only $500 million in revenue this year.

xAI was founded in 2021 with the aim of developing general artificial intelligence systems. Musk hopes to achieve profitability for xAI by 2027, but analysts believe this goal is difficult to attain. Compared to competitors like OpenAI, xAI still lags behind in terms of funding and technological strength.

However, Elon Musk's personal influence and xAI's ambitions in the AI field have garnered widespread attention. If xAI can achieve breakthrough progress, it will have a profound impact on the entire AI industry.

Industry insiders point out that xAI is facing tremendous financial pressure, and whether financing can proceed smoothly will determine its future development direction. At the same time, there are many technical challenges in AI model development, and xAI needs to achieve breakthroughs in multiple areas such as computing power and algorithms.

4. New privacy proposal for Ethereum cWETH draft released

The Ethereum Research Forum recently released a proposal titled "Confidential Wrapped Ethereum Privacy," introducing the concept of confidential wrapped Ethereum (cWETH), aimed at achieving privacy protection for ETH transactions through application layer implementation.

cWETH combines the elliptical curve Twisted ElGamal commitment mechanism and the Diffie-Hellman protocol, utilizing zk-SNARKs to verify the legitimacy of transactions, enabling users to make peer-to-peer payments without revealing their balances and transfer amounts. Compared to existing solutions, cWETH allows access to encrypted balances without having to solve the discrete logarithm problem, improving efficiency.

This proposal is expected to develop into a complete confidential token standard (EIP), bringing privacy protection capabilities to the Ethereum ecosystem. If cWETH can be successfully implemented and widely adopted, it will help enhance the privacy of Ethereum transactions, meeting the privacy needs of some users.

However, some analysts point out that privacy protection may bring regulatory risks. cWETH needs to seek a balance between privacy protection and compliance in order to achieve long-term development. In addition, the complexity of privacy protection technology may also affect the user experience of cWETH.

5. Pantera Partners Interpret Three Major Projects in the DePin Track

Partner Paul Veradittakit recently shared his insights on the three major projects in the DePin( decentralized physical infrastructure network) track.

The first project is Helium, a decentralized Internet of Things network. Helium has built a low-cost, high-coverage IoT infrastructure by incentivizing users to share wireless networks. However, Helium also faces challenges such as network congestion and excessive issuance of HNT tokens.

The second project is Filecoin, a decentralized storage network. Filecoin achieves decentralized storage by incentivizing users to provide storage space. However, it also faces issues such as high storage costs and slow data retrieval speeds.

The third project is Flux, a decentralized computing network. Flux aims to build a high-performance, low-cost computing infrastructure by incentivizing users to share computing resources. However, Flux is still in the early stages, and its feasibility remains to be further validated.

Veradittakit believes that the DePin track has enormous development potential, but the current projects all have certain issues and limitations. In the future, DePin projects need to make breakthroughs in scalability, cost efficiency, and user experience in order to achieve broader application.

6. Hong Kong Cyberport launches "We Trial Subsidy Program"

Hong Kong Cyberport recently launched the "Blockchain and We Pilot Subsidy Scheme" to provide financial support for developing blockchain and We companies, aiming to promote the testing and validation of innovative solutions.

The program provides funding of up to 80% of the total project expenditure for selected projects, with a maximum approved funding amount of HKD 500,000 for each project. The application period is from June 18, 2025, to August 1, 2025, and each eligible entity can apply for support for up to 3 pilot projects.

The program encourages participating technology companies to collaborate with qualified project sponsors from different industries to test and validate blockchain and Web3 applications in real-world environments. This helps accelerate the application of innovative technologies and promotes Hong Kong as a hub for virtual assets.

Industry insiders believe that the subsidy program of Cyberport in Hong Kong provides valuable financial support for local blockchain and Web3 startups, which is beneficial for promoting the development of the Hong Kong Web3 ecosystem. However, some also argue that the scale of funding for the subsidy program is limited, and whether it can truly stimulate innovation remains to be seen.

Overall, the plan reflects the Hong Kong government's determination to support Web3 innovation and lays the foundation for Hong Kong to build a virtual asset hub. In the future, Hong Kong will also need to continuously improve in areas such as regulation, talent, and infrastructure in order to truly become a global Web3 center.