Security researchers disclosed a vulnerability in the TRON blockchain on May 30 that previously put $500 million of crypto at risk. "One signer could have accessed mulitisig accounts," the 0d research team at dWallet labs said that a critical zero-day vulnerability in the TRON blockchain left multisig accounts open to theft. Stablecoin issuer Tether has started mining Bitcoin in Uruguay, saying it's a mark of its "unwavering commitment to renewable energy." Blockchain analytics firm Nansen reduced its staff count on May 30, citing harsh market conditions and excessive early growth. Nansen CEO Alex Svanevik said that the company has reduced its team by 30%. Svanevik said that the last year’s conditions have had a “brutal” impact on crypto markets. He said that although Nansen recently diversified its revenues, the company experiences costs that are too high for its current operating scale. Hong Kong is set to launch a new regulatory framework that will allow retail investors to trade cryptocurrencies. The move on June 1 is part of an effort to make the city – which is governed as a special administrative region of the People’s Republic of China – a hub for digital assets and blockchain technology. According to Tony Perkins, an MIT-trained computer scientist and founder of the cryptocurrency protocol Elephant Money – touted as the world’s first globalized decentralized community bank – Hong Kong’s new framework is a major development that will be a catalyst for increased Chinese investment in crypto.

“Hong Kong and China institutions will be able to purchase crypto legally, that’s why this is important because the bigger your financial business is, the less you can participate in crypto if there is no legal framework,” Perkins recently told some 11,000 members on his Telegram chat group (a preferred communication platform for crypto investors and developers).

“Crypto is diverging from other asset markets, it’s a place where you can gain on a lot of leverage, even on the spot market, and this is going to be a big deal in terms of high net-worth individuals in Hong Kong and China, where they are being minted more than anywhere else.”