Gate.io Launches INIT Perpetual Contract Pre-trading

On May 6, Ekubo—a decentralized exchange (DEX) protocol in the Starknet ecosystem—issued a security warning about a vulnerability in its EVM-chain transaction routing contract. Starknet liquidity providers (LPs) and users are not impacted by the issue, per the alert. The full scope of the impact is currently under investigation. All users are advised to immediately revoke authorizations for the affected contract. Separately, SlowMist founder Cai Yunge noted the attacker exploited the **payCallback mechanism** to designate users who had previously granted unlimited token approvals to the contract as payers. This allowed the attacker to invoke WBTC’s `transferFrom` function to siphon victims’ assets. The attacker executed 85 total transactions, each involving 0.2 WBTC. One user (address 0x765DEC) incurred a total loss of 17 WBTC. ### Notes on American English adaptation: - Used **concise, conversational phrasing** (e.g., "per the alert" instead of "as stated in the alert"; "le

A crypto whale filed a lawsuit against Coinbase in San Francisco federal court this month, accusing the exchange of refusing to return funds stolen in 2024. The anonymous victim, based in Puerto Rico, lost over $55 million worth of DAI stablecoin in an August 2024 phishing attack. At the time, the hacker gained control of the victim’s wallet by mimicking a DeFi Saver login page, quickly transferred the funds, and laundered them via a coin mixer. The victim hired multiple on-chain investigation firms to trace the assets, ultimately finding some of the stolen funds had flowed into a Coinbase account. While Coinbase froze the related funds in December 2024, it has since refused to return them—claiming only a court order can unlock the assets. The lawsuit notes Coinbase’s initial freeze was justified but argues withholding the funds after the victim provided sworn proof of ownership was unreasonable. Coinbase has not yet publicly responded to the allegations.

May 6 at the Consensus Miami conference, U.S. Commodity Futures Trading Commission (CFTC) Chairman Michael Selig said the agency plans to formalize its friendly stance toward non-custodial software developers into official rules. In March, the CFTC issued a no-action letter to crypto wallet provider Phantom, explicitly noting that self-custodial wallet software developers meeting specific criteria do not need to register as brokers. Unlike temporary guidance, the CFTC favors quickly establishing regulatory positions via formal rulemaking to give U.S. developers clear direction and support the development and launch of related software. This move aligns with similar guidance from the SEC last month—the agency noted that interfaces like DeFi wallets are generally not considered brokers. Currently, both regulators are working to clarify their stances on software developers, a step that benefits the growth of non-custodial wallets and DeFi tools in the U.S.

On May 6, Kraken CEO Arjun Sethi told attendees at the Consensus Miami conference that the crypto exchange’s IPO preparations are “about 80% complete.” The company has filed its application with the U.S. Securities and Exchange Commission (SEC) and is waiting for the right market opportunity to move forward. Kraken had previously paused its IPO plans in March.

May 6 — Per HTX market data, CLANKER has surged above $31 and is currently trading at $31.20, with a 24-hour gain of 33.5%. Its market cap stands at roughly $31 million.

On May 6, Solana co-founder Toly announced at Consensus Miami 2026 that the network’s major "Alpenglow" upgrade will launch this year—potentially as soon as next quarter. Toly noted the upgrade will push transaction confirmation speeds near the physical "speed of light" limit, boosting the network’s speed, reliability, and transaction finality. This signals a shift for Solana: moving from its early innovation focus to a more mature phase centered on performance guarantees and reliability—critical for time-sensitive use cases like financial apps.