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4 Jun 2026, 15:40

South Korean Police Investigate Polymarket Users for Gambling, Lawyer Warns

BitcoinWorld South Korean Police Investigate Polymarket Users for Gambling, Lawyer Warns South Korean authorities have escalated scrutiny of decentralized prediction market platform Polymarket, with the Gangwon Provincial Police Agency actively investigating users on suspicion of gambling. Han Chang-bo, a representative lawyer at Law Office Jonjung and a former prosecutor specializing in gambling cases, confirmed the development in a recent blog post. He stated that the agency’s Cyber Investigation Division is tracking users’ cryptocurrency transaction histories to identify individuals and is issuing summonses sequentially. Current Status of the Investigation Han explained that he recently attended a suspect interrogation for a client who was summoned in connection with these charges. According to his account, the Gangwon police are currently treating Polymarket activity as gambling under South Korean law. The case is expected to be transferred to the Chuncheon District Prosecutors’ Office upon completion of the investigation. However, Han emphasized that neither prosecutors nor the courts have yet made a definitive ruling on whether using Polymarket constitutes a gambling offense under South Korea’s criminal code. Legal Uncertainty and Risks for Users The investigation highlights the ongoing legal ambiguity surrounding prediction markets in South Korea. While the police are treating the activity as gambling, the absence of a formal judicial precedent means users face significant legal uncertainty. Han urged users in the country to exercise caution, noting that the outcome of this case could set a precedent for how decentralized prediction platforms are regulated in the future. Broader Implications for Crypto Regulation This case is part of a wider trend of South Korean authorities tightening oversight of cryptocurrency-related activities. The country has some of the strictest crypto regulations globally, including mandatory real-name trading accounts and strict anti-money laundering requirements. Polymarket, which allows users to bet on the outcomes of real-world events using cryptocurrency, operates in a gray area that regulators are now actively exploring. The investigation could have ripple effects for other decentralized finance (DeFi) platforms operating in the region. Conclusion The Gangwon Provincial Police Agency’s investigation into Polymarket users marks a significant step in South Korea’s evolving approach to cryptocurrency regulation. While no definitive legal ruling has been made, the case underscores the risks users face in jurisdictions with unclear regulatory frameworks. As the investigation progresses, the outcome could shape the future of prediction markets and decentralized platforms in the country. FAQs Q1: Why is South Korea investigating Polymarket users? The Gangwon Provincial Police Agency is investigating Polymarket users on suspicion of gambling, as the platform allows users to bet on real-world events using cryptocurrency. The police are treating this activity as a potential violation of South Korea’s gambling laws. Q2: Has Polymarket been officially classified as gambling in South Korea? No. While the police are currently treating Polymarket activity as gambling, neither prosecutors nor the courts have made a definitive ruling. The case is still under investigation. Q3: What should Polymarket users in South Korea do? Lawyer Han Chang-bo advises users to exercise caution. The investigation is ongoing, and users could face legal consequences if the courts ultimately rule that Polymarket activity constitutes gambling. This post South Korean Police Investigate Polymarket Users for Gambling, Lawyer Warns first appeared on BitcoinWorld .

4 Jun 2026, 15:39

Cardano Founder Confirms He’s “Taking a Break”

Cardano founder Charles Hoskinson has confirmed to the community that he would be stepping away for a while. This decision comes as the market continues to trend downward, with renewed selling pressure affecting major assets like ADA, as well as ecosystem stress and governance issues within the Cardano community. Visit Website

4 Jun 2026, 15:37

Bitcoin spot ETFs see record outflows over 13 day streak with total outflows at $4.3 billion

U.S. spot Bitcoin ETFs have experienced net outflows for a staggering 13 consecutive trading sessions, with a total of $4.37 billion (59,351 BTC) drained from the funds between May 15 and June 3, according to Galaxy Research. This is the longest ever negative streak of consistent selling seen with spot Bitcoin ETFs since they launched in January 2024. Galaxy Research also noted that outflow windows across 7-day, 10-day, and 20-day periods all set all-time records during in and around the streak, a sign that selling pressure has been intensive and sustained over a long while instead of being concentrated in a single wave at once. BTC spot-ETF outflows are on record setting 13 day streak of consecutive outflows (5/15-6/3) 📉 -$4.33B / −59,351 BTC in last 13 days The recent selling is essentially the worst ever recorded — the 7-day, 10-day and 20-day trailing windows are each the single largest outflow… pic.twitter.com/B4j9tDPClH — Galaxy Research (@glxyresearch) June 4, 2026 Bitcoin ETFs AUM down over $21 billion in three weeks Total net assets under management across all U.S. spot Bitcoin ETFs fell from $104.29 billion on May 15 to $82.83 billion on June 3, a decline of $21.46 billion driven by the combination of massive outflows in addition to the Bitcoin’s price nosedive. Bitcoin ETF holdings now equal about 6.36% of Bitcoin’s circulating market cap, down from above 7% at the mid-May peak. Bitcoin itself traded near $65,000 on Wednesday, having broken below $70,000 earlier in the week for the first time since April. The number one cryptocurrency has fallen by about 47% from its October 2025 ATH near $126,200. BlackRock and Fidelity take hits Wednesday, June 3, alone saw over $396.6 million leave the Bitcoin ETFs, with BlackRock’s IBIT accounting for $342.34 million of that total, and Fidelity’s FBTC shedding about $54.26 million. No other spot Bitcoin ETF recorded net inflows or outflows on the day. IBIT’s losses on May 27 were even worse than yesterday’s. Cryptopolitan reported that BlackRock’s flagship fund saw roughly $528 million in single-day withdrawals on that day, its second-largest daily outflow on record. Are insitutions cutting back on BTC exposure? First-quarter 13F filings revealed that some large holders had already been trimming BTC exposure before the outflow streak even started. Jane Street cut its Bitcoin ETF position by approximately 70%, rotating part of that acquired capital into Ether ETFs, while Goldman Sachs popped its holdings by almost 10%, IG Bank reported. Strategy (formerly MicroStrategy) disclosed in a Form 8-K submitted on June 1 that it sold 32 Bitcoin between May 26 and May 31 at an average price of $77,135, its first sale since December 2022. The sale raised roughly $2.5 million to fund preferred stock distributions for the company. Even though the sale was operationally small, standing at less than 0.004% of Strategy’s 843,706 BTC treasury, and theoretically not holding much sway, it mattered a lot psychologically as MSTR shares fell 9% on Tuesday. Altcoin ETFs not left out The selling pressure and continuous outflows are not limited to Bitcoin ETFs. Ether ETFs lost $52.94 million on Wednesday, with BlackRock’s ETHA responsible for nearly all of this amount at $51.58 million. Solana funds saw $12.74 million in outflows, led by Bitwise’s BSOL, and XRP products shed $5.34 million. Hyperliquid’s HYPE ETFs were the only major crypto fund category still attracting inflows and purchases in the general market. 21Shares’ THYP pulled in another $2.99 million on Wednesday, pushing cumulative net inflows since the product’s May 12 launch to $139.51 million. Don’t just read crypto news. Understand it. Subscribe to our newsletter. It's free .

4 Jun 2026, 15:30

Is The XRP Vs. SWIFT War Already Over, Or Are Banks Taking Another Route?

XRP and SWIFT are often presented as rivals in the race to modernize global payments, but a recent argument suggests otherwise. Rather than a winner-takes-all battle, the latest developments point toward a financial environment where traditional banking infrastructure and blockchain-based settlement systems operate side by side. That perspective raises an important question: is the long-running XRP versus SWIFT debate already outdated, or are banks quietly building a different model altogether? XRP VS SWIFT: The Wrong Battlefield To understand the argument, it is necessary to separate messaging from settlement. According to James Dula, much of the discussion surrounding SWIFT’s latest cross-border payments initiative misses a crucial distinction. While the network recently rolled out a single framework with over 50 banks, offering faster processing and better transaction tracking, its core function remains unchanged. SWIFT functions as a communication layer between financial institutions. It transmits payment instructions, confirms transaction details, and coordinates activity across borders. However, sending a message is not the same as moving money. The actual transfer of value still requires a settlement mechanism capable of completing the transaction. This distinction is why Dula argues that the latest announcement does not automatically place SWIFT in direct competition with XRP . In his view, the real challengers emerging from the blockchain sector are interoperability and messaging protocols such as Axelar, LayerZero, Wormhole, and Chainlink . These networks focus on transporting information and coordinating activity between systems, making them closer competitors to SWIFT’s communications role than XRP itself. Viewed through that lens, the debate changes dramatically. Instead of asking whether SWIFT can replace XRP , the more relevant question becomes whether messaging networks and settlement assets should even be competing for the same position within the financial stack. Banks Are Building Both Routes That shift in perspective becomes even more significant when examining the institutions involved. Dula highlights that many of the banks participating in SWIFT’s new framework already maintain relationships with Ripple or have explored blockchain-based payment solutions linked to its ecosystem. Major global names such as JPMorgan , HSBC, Deutsche Bank, Standard Chartered, and Santander have all been associated with digital asset research, blockchain experimentation, or payment modernization efforts. Their involvement on multiple fronts suggests that financial institutions are not necessarily choosing one system while abandoning another. Instead, banks appear increasingly interested in combining technologies that solve different problems . A messaging network can coordinate transactions, provide compliance information, and create standardized communication channels. A separate settlement layer can then handle the movement of value with greater speed and efficiency. This emerging model challenges the idea of a direct war between XRP and SWIFT . Rather than replacing one another, both could occupy different positions within a broader financial architecture. The implication is clear. If Dula’s assessment is correct, the future of international payments may not be defined by a single victor. Instead, banks may be constructing a hybrid network where traditional infrastructure and digital asset technology work together, creating an entirely different route than many observers expected.

4 Jun 2026, 15:29

Bitcoin plunges over 22 percent in four weeks! What’s behind the latest market exodus?

🚨 Bitcoin suffered a dramatic 22.7 percent drop in just four weeks. 💰 Nearly 400 billion dollars shifted into AI while 4 billion dollars exited $BTC spot ETFs. 📉 Even giant holder Strategy acted, selling 32 BTC and sparking speculation. Continue Reading: Bitcoin plunges over 22 percent in four weeks! What’s behind the latest market exodus? The post Bitcoin plunges over 22 percent in four weeks! What’s behind the latest market exodus? appeared first on COINTURK NEWS .

4 Jun 2026, 15:25

Why Did Arthur Hayes Dump All His Hyperliquid and NEAR Holdings?

BitMEX co-founder Arthur Hayes said he has sold his entire Hyperliquid and Near positions, citing macro risks, rising energy costs, and concerns that liquidity may shift toward large artificial intelligence listings in the coming months. Hayes said he will provide a fuller explanation in an essay titled “Reality Test,” scheduled for release next Tuesday. In his initial comments, he listed three reasons for exiting HYPE and NEAR: higher energy prices tied to the Iran war and inventory restocking, three major AI IPOs expected before the early third quarter, and a view that President Donald Trump may turn against AI as part of a political strategy. On-chain tracker Lookonchain said Hayes sold 247,334 HYPE, valued at about $18.02 million, to lock in profits. Hayes had previously predicted that HYPE could reach $150, but his latest sale shows a shift toward risk reduction after a strong rally in the token. Arthur Hayes Cites Energy, AI IPOs, and Market Timing Hayes said the market could peak between now and September, leading him to take profits on HYPE and NEAR. His comments came as crypto markets face pressure from geopolitical uncertainty, a weaker altcoin tape, and capital rotation toward AI-linked equities. The reference to energy prices is tied to concerns that higher fuel and electricity costs could pressure inflation and reduce the chance of easier monetary policy. At the same time, upcoming large AI IPOs may compete for investor capital, especially if public markets continue rewarding artificial intelligence companies. Hayes also said Trump could move against AI politically. He did not provide full details in the short post, but said the argument would be explained in the upcoming essay. His post did not suggest he had permanently abandoned Hyperliquid, and in a reply, he said, “I’ll be back.” The sale created attention because Hyperliquid has been one of the strongest crypto market stories in 2026. The project’s perpetual futures volume has continued to rise relative to centralized exchanges, even as broader crypto trading has weakened. Hyperliquid Growth Continues Despite HYPE Sale Hyperliquid’s May perpetual futures volume reached a record 6.63% of total global centralized exchange perpetual volume. Its volume also reached 14.4% relative to Binance, another record for the platform. The growth was partly driven by Hyperliquid’s HIP-3 framework, which produced more than $62 billion in May volume and about $3 billion in open interest. However, pure crypto perpetual volume on Hyperliquid still declined year over year, showing that broader market conditions remain difficult. Source: X Institutional activity around HYPE has also grown. Grayscale’s Hyperliquid ETF, trading under the ticker HYPG, is set to launch with a 0.29% fee. Existing Hyperliquid ETFs, THYP and BHYP, have already attracted $141 million in cumulative net inflows. Bitwise CEO Hunter Horsley said more than 7.7 million HYPE has been staked to Bitwise Onchain Solutions validators. That includes about 1.4 million HYPE in BHYP, along with several million tokens from other institutional owners, platforms and individuals. Even with those demand channels, whale positioning has started to narrow. Market data showed the gap between Hyperliquid whale long and short positions falling to just $0.01 billion, suggesting a possible shift in large-holder positioning. HYPE and NEAR Charts Face Key Support Tests HYPE is trading near $68.93 on the 3-day chart after a sharp rally from the $37.50 to $43.50 re-accumulation zone. The token recently approached the upper boundary of its long-term rising channel and stalled near the $83 to $95 resistance area. Source: X A clean 3-day close above $83 to $95 would be needed to reduce rejection risk and reopen upside levels near $110 to $130. Without that breakout, the current zone may continue to act as resistance. The first major downside level for HYPE price sits near $59 to $60. If that area fails, support sits near $51, followed by the wider $37.50 to $43.50 range. A move into that lower zone would mark a deeper correction but would not end the broader rising-channel structure unless price breaks below it. NEAR is also under pressure after rejecting near $2.55. The token is trading around $2.05, down about 12.8% on the referenced chart. The main short-term support is $2.00 to $2.01. Source: X If NEAR holds that level, a relief move toward $2.20 to $2.30 remains possible. A stronger recovery would require a return to $2.55. If NEAR loses $2.00, the next support is near $1.73, followed by a lower accumulation range between $1.45 and $1.65.