Former Treasury Secretary Downplays Economic Recession Concerns, Calls Stock Market Pullback a Natural Phenomenon

CryptoRank’s latest report shows that decentralized finance (DeFi) total value locked (TVL) has declined for six consecutive months, falling from around $115 billion in January 2026 to roughly $70 billion currently, marking a 39% year-to-date drop, a trend reflecting the ongoing correction following the 2025 crypto market peak. Data indicates that 121 security incidents have occurred in the DeFi space since the start of 2026, resulting in total losses of approximately $942 million. Among these, 85 attacks took place in the second quarter, causing around $775 million in losses, making it one of the most attack-prone quarters on record. The April attacks on Drift Protocol ($295 million) and KelpDAO ($293 million) alone account for more than half of the year’s total losses. Among the top 10 public blockchains by TVL, only TRON and Hyperliquid have posted positive growth. TRON’s year-to-date TVL rose by around 5%, driven primarily by demand for USDT transfers, stablecoin settlements, and lending services. Hyperliquid’s TVL grew by roughly 6.7%, fueled by its leading position in the on-chain perpetual contracts market and the expansion of its HyperEVM ecosystem. However, the report notes that the current DeFi downturn is significantly milder than the 2021–2022 cycle. Back then, DeFi TVL plummeted by over 70% in just seven months, while current capital is flowing more into segments like stablecoins, real-world assets (RWA), derivatives, and infrastructure, making the market structure more diversified and mature than in the previous cycle.

Binance announced that to enrich contract trading options and enhance user trading experience, Binance Futures will launch the OUSDT U-based perpetual contract at 19:45 Beijing time on June 24, supporting a maximum leverage of 10x.

Reform UK leader Nigel Farage has addressed the ￡5 million (approximately $6.7 million) gift he received from Tether shareholder Christopher Harborne, describing the funds as an "unconditional gift" whose use is entirely personal—adding, "If I wished, I could use it to buy a Ferrari." The UK Parliament’s Standards Commissioner is currently investigating whether Farage should have declared the donation after being elected as a Member of Parliament in 2024. Under parliamentary rules, newly elected MPs are generally required to disclose high-value gifts received in the preceding year. Harborne, a British-Thai businessman, holds roughly 12% of Tether—issuer of the stablecoin USDT—and is one of Reform UK’s key donors. In response to external concerns that the gift could influence his stance on cryptocurrency, Farage rejected the claim, stating he has long supported the crypto industry and advocates for establishing a UK Bitcoin reserve and lowering capital gains tax on digital assets. Notably, the personal gift is separate from political donations Harborne has made to Reform UK, and neither was paid in cryptocurrency.

With the Strait of Hormuz reopening to navigation, some oil wells in Iran, Saudi Arabia, the United Arab Emirates (UAE), Iraq and other countries that were shut down during the conflict are gradually preparing to resume production. The market is closely watching whether these wells can smoothly restore production capacity after prolonged shutdowns and whether permanent damage will occur. Analysts note that both the shutdown and restart of oil wells involve complex engineering operations. Prolonged well shutdowns may lead to issues such as underground pressure changes, equipment corrosion and reduced production capacity, but the industry has mature experience in dealing with these problems. Vikas Dwivedi, global oil and gas strategist at Macquarie Group, said there remains uncertainty about the actual performance of the wells after restart. In response to U.S. President Donald Trump’s earlier warning that shutdowns could lead to oilfield "explosions" and permanent damage, Natasha Kaneva, head of global commodities strategy at JPMorgan, said the relevant risks are likely overstated. Historically, whether during the large-scale well shutdowns amid the 2020 pandemic or OPEC production cuts, Middle Eastern oil-producing countries have not seen significant long-term production capacity losses. Analysts believe that although the production resumption process requires gradually restoring underground pressure balance through methods such as water and gas injection, and coordinating the synchronized operations of multiple oilfields in the region, the possibility of large-scale infrastructure damage or permanent production capacity loss remains low.

U.S. crypto-themed stocks posted modest pre-market gains, with the following tickers rising: MSTR up 0.88%, COIN up 0.77%, CRCL up 0.98%, SBET up 0.50%, BMNR up 0.53%, HOOD up 0.34%, and HYPE Treasury’s PURR surging 2.58%.

According to documents SK Hynix filed with the U.S. Securities and Exchange Commission (SEC), Bank of America, Citigroup, Goldman Sachs, and JPMorgan Chase will serve as underwriters for its initial public offering (IPO). BlockBeats reported today that South Korean storage chip giant SK Hynix plans to raise up to 45 trillion won (approximately $29 billion) by issuing American Depositary Receipts (ADRs) in New York, with the transaction set to launch in July. If completed successfully, the financing scale will exceed Alibaba’s $25 billion 2014 IPO, making it one of the largest overseas equity financing projects in South Korean corporate history and approaching a global capital market record.