Echo Protocol confirms being under attack, suspends all cross-chain transactions

On May 20th, monitoring from HyperInsight (https://t.me/HyperInsight) reveals a trader opened leveraged short positions on the Hyperliquid platform. The trader shorted 9,220 shares of SpaceX’s SPCX ticker with 3x leverage, totaling a $1.88 million position. Concurrently, the same trader shorted 18,130 shares of Cerebras’ CBRS ticker—also with 3x leverage—for a $5.63 million position. Combined, these two shorts currently carry over $50,000 in unrealized losses.

May 20, Bitget market data shows the U.S. stock storage sector posted broad gains in after-hours trading. Micron Technology (MU) advanced 0.95%, SanDisk (SNDK) rose 0.73%, Western Digital (WDC) gained 0.38%, and Seagate Technology (STX) climbed 0.43%.

On May 20th, on-chain analyst Darkfost noted that Bitcoin’s Long-Term Holder (LTH) unrealized loss has reached 5.7 million coins — mirroring bear market highs from prior cycles: 5.96 million in 2015, 5.8 million in 2019, and 6.8 million in 2022. Even so, BTC’s current price is roughly 52% off its all-time high — a steeper drop than seen in previous bear market corrections. That gap suggests the losses are heavily concentrated among the younger segment of LTHs, most likely driven by significant trading activity in the $80,000–$125,000 price zone.

On May 20th, Hyperliquid has officially updated its HIP-3 documentation. The update states that the 500,000 HYPE staking requirement for deploying a perpetual decentralized exchange (DEX) will gradually drop as the infrastructure matures—any portion staked above the next staking threshold can be unstaked. The document also clarifies: "Any deployer that meets the staking requirement can launch a perpetual DEX. Crucially, each perpetual DEX operates with its own independent margin, order book, and deployer settings. Future upgrades may support multiple DEX deployments using the same deployer and staking requirements." BlockBeats believes lowering the staking threshold will attract more builders to the HIP-3 ecosystem, tap into additional niche markets, and facilitate more experimental projects.

On May 20th, per LookOnChain’s monitoring, two separate wallets simultaneously took 10x long positions on PEPE, totaling $3.37 million.

May 20, as reported by Xinmin Evening News, a 70-something man in Chongming, Shanghai, China, nearly became a victim of an online "investment guru" pushing Bitcoin investments that promised massive returns. The man visited his local bank twice in a row to withdraw 100,000 yuan in cash to send to the scammer, but police and bank staff worked together to successfully talk him out of the plan. Law enforcement officials are warning that investment scams targeting older adults—including Bitcoin schemes and fraudulent "retirement financial planning" offers—are highly prevalent. Scammers often pose as financial experts on short video platforms, using fake profit screenshots and lines like "small investment, big returns, zero risk" to trick people into transferring money. For anyone making large financial transactions, police advise confirming details with family members first, and reporting any suspicious activity to authorities immediately.