A large amount of Shiba Inu (SHIB) tokens worth $31.7 million were moved from Shiba Staking to Binance by an unknown crypto whale as the memecoin experienced a dip. The value of SHIB was $0.00000792 during the transaction, which was lower than its seven-day high of $0.00000872. According to IntoTheBlock, 89% of SHIB holders are currently experiencing losses. Shibarium, a new layer-2 project built on top of Ethereum, is gaining popularity as more users experiment with its testnet and currently has 16.7 million wallet addresses using it.

Binance, the world's largest cryptocurrency exchange, experienced a significant liquidation following the SEC's charges against the exchange and its CEO earlier this week. In addition, TrueUSD (TUSD) minting through Prime Trust has been paused, which could cause further issues for Binance as it recently started supporting TUSD stablecoin. However, TUSD minting and redemption services remain unaffected and will continue to operate normally, with reserves held in Prime Trust, First Digital, Capital Union, Manual, and BitGo. The crypto market has also crashed due to the SEC's actions, with over $350 million in crypto liquidation recorded in the last 24 hours.

In the past 24 hours, the Shiba Inu Community has burned over 211 million SHIB tokens through three separate transactions, with the largest transaction coming from Binance's wallet. This marks a significant event for the community as it is the biggest burn since June 4th. However, Shiba Inu has also witnessed a 1% increase in its circulating supply as a long-term holder transferred a large amount of SHIB to a Binance-linked wallet, causing a significant decline in its price. As of press time, SHIB is trading at $0.000006256, down -21.40% over the last day.

The SEC's allegations against Binance and Coinbase could have negative consequences for the decentralized finance (DeFi) industry, which aims to provide financial services in a decentralized manner. The charges against centralized exchanges raise doubts about the future of DeFi, and may discourage developers and entrepreneurs from pursuing new concepts. Furthermore, the regulatory approach towards DeFi exchanges appears biased, creating an unlevel playing field compared to traditional financial institutions. To unlock the full potential of DeFi and promote financial inclusiveness and empowerment, regulatory measures should strike a balance between regulation and decentralization.

SEC Chair Gary Gensler, known for his criticism of crypto, has filed lawsuits against Binance and Coinbase, potentially leading to a Supreme Court case and congressional action on crypto regulation. Legal experts have varying opinions on the outcome of the lawsuits, with some seeing Coinbase as better positioned due to its compliance efforts, while others question the SEC's regulatory approach. The lawsuits may encourage businesses to comply with regulations, but some crypto businesses are considering leaving the US for more welcoming jurisdictions. The SEC's actions highlight the need for comprehensive crypto legislation from Congress, as the agency's regulatory objectives remain unclear.

Robinhood, a brokerage firm, has announced that it will delist Cardano, Polygon, and Solana after the US Securities and Exchange Commission (SEC) classified them as securities in its charges against two major crypto exchanges. The firm will end support for the three cryptocurrencies on June 27, but investors can still buy, sell, and hold ADA, MATIC, and SOL until the deadline.

OKX, a top global cryptocurrency exchange, is taking advantage of the legal troubles faced by rival exchange Binance to attract new investors and traders. OKX's decision to burn over $258 million worth of its native tokens, OKB, between March and May has resulted in a surge in the token's value and raised its market cap to over $2.6 billion.

Binance, the world's largest cryptocurrency exchange, has announced that it will be performing scheduled system upgrades for its Margin and selected Earn products on June 13. As a result, services related to Margin and some Binance Earn products will be suspended during this time.

Crypto-friendly legal analyst MetaLawMan has stated that the outcome of the SEC vs. Ripple lawsuit will have a significant impact on the commission's cases against Binance and Coinbase. If Judge Torres rules that XRP tokens trading on secondary markets are not securities, it would undermine the basis of the SEC's case against Coinbase and much of the Binance case.

According to CryptoSlate, a large amount of Bitcoin was recently transferred from miner balances to exchanges. Further investigation has revealed that a significant portion of this outflow was from the Poolin miner pool, which sent 1,200 Bitcoin to Binance on June 5th. This brings their total BTC outflow to 5,800 since May 30th.