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Bankless Co-Founder Responds to Rug Pull, Only ZEC in Unrealized Loss

2 hours ago

On June 5, Bankless co-founder David Hoffman—who’d previously sold off all his Ethereum (ETH) holdings—snapped up altcoins VVV, NEAR, ZEC, HYPE, and LIT. Today, those altcoin positions took a massive tumble: ZEC crashed more than 32% in the last 24 hours, while NEAR, VVV, and LIT all dropped over 20% during that same window. Hoffman responded to the slump, stating, “The only one actually underwater is ZEC.” Prior reports have already revealed Hoffman’s entry prices for the four altcoins: NEAR at around $1.40, HYPE at roughly $45, ZEC at approximately $560, and LIT at about $1.35.
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Bitcoin Falls Below $62,000

On June 5, data from HTX markets shows Bitcoin fell below $62,000, with a 3.73% decrease over the past 24 hours.

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ZEC 24-hour Price Drop Widens to 39.5%, Currently Trading at $369.01

June 5: According to HTX market data, ZEC’s 24-hour price plunge has widened to 39.5%, with the token currently trading at $369.01. Earlier today, Zcash founder Zooko released a post-mortem report on the critical Orchard pool vulnerability. Zooko noted that security researcher Taylor Hornby uncovered a serious counterfeiting flaw in Zcash’s Orchard pool on May 29 and reported the issue to the Zcash Open Development Lab (ZODL). ZODL subsequently led an emergency response coordination across the ecosystem, and the vulnerability fix was finalized on June 2.

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In the past 24 hours, a total of $792 million was liquidated across the market, with over 180,000 people being liquidated.

June 5: Per Coinglass data, total global liquidations reached $792 million over the past 24 hours, including $611 million in long-position liquidations and $181 million in short-position liquidations. During the same period, 185,102 traders worldwide were liquidated. The largest single liquidation was a $11.8131 million BTCUSDT position on Binance.

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BIT-Linked Whale Longs 120,000 ETH, Currently Facing Over $69 Million in Unrealized Losses

On June 5th, Onchain Lens monitoring shows that as Ethereum (ETH) fell below $1,700, a BIT-associated whale is facing over $69 million in unrealized losses on its 120,000 ETH long position (15–20x leverage) and has already paid $1.86 million in funding fees.

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Bitget launches U-based ZEST and BTW perpetual contracts, supporting up to 10x leverage

On June 5th, Bitget announced in an official statement that it has launched U-based ZEST and BTW perpetual contracts. Both contracts support up to 10x leverage, and a contract trading bot is also available simultaneously. For more details, please refer to Bitget’s official platform.

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Bitcoin Dips Below $63,000, Ethereum Falls Below $1,700

June 5: HTX market data shows Bitcoin dipped below $63,000, notching a 2.02% decline in 24 hours. Meanwhile, Ethereum fell under $1,700, dropping 5.2% over the same period.

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