BTC fell to $60,000
On June 4, Bitcoin fell to $61,351, triggering massive market liquidations. At press time, the leading cryptocurrency is trading around $60,400. Following BTC's decline, altcoins also fell: Ethereum briefly fell below $1,800, Solana to $69, and XRP traded around $1.17. Over the past 24 hours, liquidations have reached approximately $1.63 billion. Long position holders have suffered the brunt of the losses, losing approximately $1.38 billion.
Toncoin price rose 19.5% in 24 hours
Toncoin (TON) surged after Pavel Durov announced plans to return the blockchain's native cryptocurrency to its historical name, Gram. Over the course of 24 hours, the asset's price rose from $1.89 to $2.26, a gain of almost 20%. The gains later partially reversed, and at press time, TON is trading around $2.
Durov announced that the rebranding will be the fourth stage of the Make TON Great Again (MTONGA) initiative. He said the transition to the Gram brand will take approximately three weeks, while the network itself will retain the name The Open Network (TON).
Zcash fixed a critical bug in Orchard
The Zcash (ZEC) price plunged 48% to $302.48 after the disclosure of a critical vulnerability that theoretically allowed for the uncontrolled creation of new coins without detection. The issue in the Orchard private pool was discovered by security engineer Taylor Hornby on May 29. He used Anthropic's Opus 4.8 AI model for analysis and was able to reproduce the exploit on the testnet, successfully generating counterfeit tokens.
Shielded Labs confirmed that the bug had existed since Orchard's launch in May 2022. Due to the privacy nature of Zcash, it is impossible to reliably determine whether the vulnerability had been exploited on the mainnet. The developers fixed the issue on June 1. They estimated that the likelihood of actual exploitation was low, as the bug proved extremely difficult to detect.
To increase transparency, Shielded Labs proposed creating a new secure pool that would allow verification of the actual supply of ZEC. Additionally, the team intends to conduct a formal verification of Orchard to prevent similar errors from occurring in the future.
Sui developers explained a series of blockchain shutdowns
The Sui Foundation revealed the causes of three mainnet outages that occurred on May 28-29. All incidents were related to errors that arose after the software update to version 1.72.
The first outage, which lasted approximately 6.5 hours, was caused by an issue in the new Address Balances feature. The error resulted in incorrect gas deductions: transactions were rejected due to insufficient funds, but the balance continued to decrease, creating negative values and disrupting validators.
The second outage was the result of an interim fix for the first issue. The developers were aware of the small risk of an outage, but decided to implement the patch to speed up network recovery.
The third incident was related to a separate, hidden bug discovered during a node restart. The bug affected the mechanism for saving random number generation parameters between epochs, preventing validators from completing the current epoch, and the network halted again.
The Sui Foundation emphasized that user funds were not affected, and confirmed transactions were not rolled back. All identified errors have already been resolved, and the network is operating normally. The team also noted that AI agents were used to analyze logs and speed up diagnostics during the incidents.
Cardano Foundation canceled its 2026 summit
The Cardano Foundation has cancelled its plans to host the Cardano Summit 2026 in Singapore after a proposal for treasury funding failed to secure the necessary support in an on-chain vote. The final proposal called for 7.8 million ADA (approximately $2 million) to organize the two-day event. Following community criticism, the foundation reduced the budget by 22% compared to its initial request of 14.1 million ADA ($3.66 million) and focused on long-term benefits for the ecosystem.
The summit and participation in the TOKEN2049 conference were intended to strengthen Cardano's position in Asia and expand its engagement with institutional investors. However, approval required approximately 66.7% of active DRep votes, while the initiative received only approximately 65%. Following the conclusion of the vote, the Cardano Foundation confirmed that the summit was cancelled and that efforts would be redirected to more local initiatives for the corporate and institutional sectors.
Meanwhile, EMURGO's separate application to sponsor TOKEN2049 received community support and was approved. Attempts by the Cardano Foundation and project founder Charles Hoskinson to persuade delegates to support an updated version of the proposal were unsuccessful.
Trezor Safe 7 crypto wallet chip found vulnerable to attacks
Tropic Square, a developer of secure chips, has disclosed a vulnerability in the TROPIC01 chip used in the Trezor Safe 7 hardware crypto wallet. The issue was discovered by researchers from the Ledger Donjon research group during an independent audit. Using a Laser Fault Injection attack, they were able to bypass firmware signature verification in a lab setting and access some secure data. After analyzing the report, Tropic Square identified an additional exploitation scenario involving mechanisms related to the device's PIN code.
Trezor emphasized that even a successful chip compromise does not allow the user to obtain the PIN code, private keys, or seed phrase. Conducting the attack requires physical access to the device, expensive specialized equipment, and a high level of technical expertise.
According to the company, the Trezor Safe 7 architecture makes such a scenario virtually impossible in practice, so users do not need to take any additional action.
