ZachXBT: SIM Card Swap Attack Fraud Needs Stricter Punishment, Minor Offenders Punished Too Lightly

On June 3rd, Federal Reserve Chair Powell did not offer any comments on monetary policy and economic outlook in a pre-written speech.

On June 3rd, Federal Reserve's Guersbey pointed out that up to now, we have obtained extremely good inflation reports. The direct impact of tariffs on the economy has been surprisingly limited. It remains to be seen whether this situation will continue in the next one to two months. (Xinhua Finance)

On June 3rd, based on Coinglass data, the total open interest of Bitcoin futures contracts across the entire network is 691,610 BTC (approximately $72.23 billion). Among them, the open interest of CME Bitcoin futures contracts is 158,280 BTC (approximately $16.52 billion), ranking first. The open interest of Binance Bitcoin futures contracts is 117,950 BTC (approximately $12.32 billion), ranking second.

On June 3rd, as per Bloomberg, the potential litigation risks faced by employers who have a legal duty to oversee employee 401(k) investments might impede President Donald Trump's attempts to incorporate a greater amount of cryptocurrency into employee retirement accounts. The U.S. Department of Labor has withdrawn the guidance issued by the Biden administration which had cautioned corporate retirement plans against allocating digital assets. This is a part of a broader policy shift at the White House aimed at opening 401(k) accounts to alternative assets, including private equity, especially in light of companies increasing their Bitcoin investments with the support of Trump. Currently, cryptocurrency assets make up less than 1% of the $9 trillion 401(k) market, which has traditionally been almost exclusively focused on stocks and bonds. Note: "Benefit Litigation" refers to legal actions initiated by employees, retirees, or their representatives against employers, retirement plan f

On June 3rd, as reported by The Block, the blockchain software development company Consensys announced the acquisition of the wallet infrastructure provider Web3Auth, with the transaction details remaining undisclosed. This acquisition is intended to enhance the user experience of its MetaMask wallet. Consensys stated that this action is specifically aimed at addressing one of the "biggest risks" in self-custody procedures - the management issue of mnemonic phrases. According to data, approximately 35% of users have not backed up their mnemonic phrases, which puts their funds at risk of loss. By integrating Web3Auth, MetaMask users will be able to create and recover wallets using familiar Web2 login methods (such as social accounts and device authentication) without the need to manually back up mnemonic phrases, thereby reducing the risk of fund loss.

On June 3rd, based on Coinglass data, the entire network had a liquidation of $142 million in the past 24 hours. The long liquidations reached $76.22 million, and the short liquidations were $65.53 million.