Note: The X account is not owned by the original Enron entity. Users should be aware of the risk.

According to the Financial Intelligence Analysis (FIU) under South Korea’s Financial Services Commission (FSC), around 40 unregistered virtual asset service providers have been reported to law enforcement authorities. Under South Korea’s Specific Financial Information Act, platforms operating crypto asset businesses in South Korea must obtain an Information Security Management System (ISMS) certification and complete registration with the FIU; overseas platforms serving South Korean users are also subject to these rules. Unregistered platforms are not covered by regulations such as the Virtual Asset User Protection Act, leaving users at risk of personal data leaks, hacking, fund misappropriation, and operator exit scams, with difficulties in pursuing claims and recovering losses if incidents occur. Additionally, the FIU disclosed various typical violations, including attracting South Korean users via channels like Telegram and KakaoTalk while deliberately omitting Korean language services to evade regulation, and private money exchange institutions providing stablecoin-fiat currency conversion services to groups such as international students and foreign workers. The FIU will continue to partner with relevant agencies to step up crackdowns on illegal crypto asset businesses and expand joint investigations and regular monitoring mechanisms.

Multiple private equity professionals in mainland China revealed that they received notices from their partner securities firms last night, with regulators requiring a halt to new additions to cross-border TRS (Total Return Swap) positions by fund managers. According to public information, TRS is a financial derivative that allows private equity firms to enter into return swap agreements with counterparty securities firms to gain exposure to the returns (or losses) of overseas assets without directly holding those assets (i.e., principal remains onshore). Since the start of this year, driven by strong performance in the global tech sector, many private equity firms have allocated overseas assets via cross-border TRS. Since May, the China Securities Regulatory Commission (CSRC) and seven other government departments jointly issued the "Implementation Plan for the Comprehensive Rectification of Illegal Cross-Border Securities, Futures and Fund Operations", taking tough measures against leading cross-border internet brokerages including Tiger Brokers, Futu Holdings and Longbridge. As the space for mainland Chinese residents to trade stocks cross-border illegally has shrunk, private equity products using cross-border TRS to allocate overseas tech assets have drawn increasing capital attention. Multiple private equity professionals said: "The relevant notice came quite suddenly, and some product strategies may see certain adjustments in the short term. We are currently waiting for further detailed regulations on cross-border TRS quotas."

Multiple private equity industry insiders in mainland China disclosed that they received notices from their partner securities brokers overnight, as regulators have ordered a halt to new additions to cross-border Total Return Swap (TRS) positions managed by private equity firms. TRS, or Total Return Swap, is a financial derivative that allows private equity firms to enter into return swap agreements with counterparty brokers to gain exposure to the returns (or losses) of overseas assets without directly holding those assets—meaning principal does not cross borders. Driven by the strong performance of the global tech sector this year, many private equity firms have been allocating overseas assets via cross-border TRS. Since May, eight Chinese government departments including the China Securities Regulatory Commission (CSRC) have jointly issued the "Implementation Plan for the Comprehensive Rectification of Illegal Cross-Border Securities, Futures and Fund Business Activities", cracking down hard on leading cross-border internet brokers such as Tiger Brokers, Futu Holdings and Longbridge. As space for mainland Chinese residents to conduct illegal cross-border stock trading has shrunk, private equity products using cross-border TRS to allocate overseas tech assets have attracted growing capital interest. Multiple private equity insiders noted: "The notice came rather abruptly, and some product strategies may see certain adjustments in the short term. We are currently awaiting further refined regulations on cross-border TRS quotas."

According to official news, Binance Wallet announced that Binance Alpha will roll out the NES (NES) airdrop event first on June 24. Eligible users can claim the airdrop using Binance Alpha points on the Alpha event page once trading opens. Detailed participation rules and eligibility requirements will be announced at a later date.

U.S. leveraged exchange-traded funds (ETFs) are growing at a record pace, with investor leverage also hitting an all-time high. The 3x long Nasdaq 100 ETF TQQQ now has roughly $40 billion in assets under management (AUM), near its all-time peak. Meanwhile, the 3x long semiconductor ETF SOXL has reached an all-time high of $34 billion in AUM. Since April, SOXL’s AUM has more than tripled, while TQQQ’s AUM has nearly doubled. By comparison, the 2x long Nasdaq 100 ETF QLD added $7 billion in AUM over the same period, an 88% rise, bringing its size close to an all-time high of $15 billion. Driven by these gains, the total AUM of U.S. leveraged ETFs has hit an all-time high of $198 billion, up 55% over the same period.

According to a post by analyst Darkfost, the realized price of Bitcoin’s Short-Term Holders (STH) is currently around $74,800, and BTC has traded below this cost level for eight consecutive months, leaving most short-term holders under unrealized loss pressure. The average unrealized loss for STHs is now roughly 14.4%, a notable improvement from the over 34% unrealized loss level seen in February this year. Notably, the STH cost basis has dropped from $95,700 to $74,800, indicating that some short-term holders continued accumulating BTC during the downturn, pulling down the overall average holding cost. During this cycle, STH unrealized profits hit a peak of 47% in March 2024, but stood at just 11% when BTC set its all-time high in October 2025, reflecting that the market’s profit-taking level is significantly weaker than in prior phases. The $74,800 STH cost level remains a key resistance point for BTC. If Bitcoin can reclaim this level, it could signal a positive shift in market structure; until then, this zone is likely to act as a sell-pressure area for short-term holders looking to break even.