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<div style="display: none; max-height: 0px; overflow: hidden;">Terraform Labs' amended lawsuit against Jane Street Group alleges the firm used a private Telegram channel called "Bryce's Secret" </div>
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<h1><strong>TLDR Crypto <span id="date">2026-05-22</span></strong></h1>
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<a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fwww.coindesk.com%2Fpolicy%2F2026%2F05%2F20%2Ftelegram-group-at-center-of-jane-street-insider-trading-allegations-in-terra-collapse%3Futm_source=tldrcrypto/1/0100019e4fa4147b-789ccf5e-1f5e-426c-979d-76249191cff8-000000/7sMOrfgCoHFi2gMdnbdvc5fqFc9-y21FzgDm0Pq0Hqw=452">
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<strong>Jane Street Insider-Trading Allegations in Terra Collapse (4 minute read)</strong>
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Terraform Labs' amended lawsuit against Jane Street Group alleges the firm used a private Telegram channel called "Bryce's Secret" to receive insider information from former Terraform intern Bryce Pratt, enabling Jane Street to exit a $192 million UST position and profit approximately $134 million by shorting Terra's ecosystem before the May 2022 collapse. The complaint's most pointed allegation involves an $85 million UST sale on Curve Finance executed nine minutes after Terraform pulled $150 million in liquidity from the pool, with named defendants including co-founder Robert Granieri and trader Michael Huang. A 2023 federal ruling classifying UST and Luna as securities underpins the complaint's claims under both securities law and the Commodity Exchange Act, which also cover allegations that Jane Street attempted to conceal wallet identifications and extended a job offer to Terraform's research head on May 18, 2022, during the depeg. Jane Street called the suit "desperate" and "baseless," attributing its trading activity to Terraform's own management fraud, as litigation proceeds against the backdrop of the $40 billion ecosystem wipeout.
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<strong>Hong Kong Grants 13th Crypto Exchange Licence (4 minute read)</strong>
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Hong Kong's Securities and Futures Commission (SFC) has granted NewBX Limited, the operator of crypto exchange Bixin, a virtual asset trading platform (VATP) licence. With this approval, the city has 13 officially licensed crypto trading platforms, bringing NewBX under Type 1 (dealing in securities) and Type 7 (automated trading services) permissions and aligning with Hong Kong's AML/CTF licensing framework.
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<strong>Catena, a Bank for AI Agents (5 minute read)</strong>
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Catena is a fintech building regulated financial infrastructure for AI agents that addresses the gap between autonomous software requirements and legacy payment rails that settle slowly, charge high fees, and flag non-human transaction patterns. It provides programmable accounts with operator-defined controls, letting businesses set granular spending policies and delegate authority to agents transacting across wires, ACH, and onchain stablecoin rails without sharing corporate account access. The company has filed for a National Trust Bank charter with the OCC, a path that, if approved, would make Catena a regulated fiduciary for autonomous financial operations and give enterprise clients a compliance framework for deploying agents at scale. Catena is led by Sean Neville, co-founder of Circle, alongside team members from Brex, Square, Affirm, and Airwallex.
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<strong>Polymarket Moves to List Sports Parlays (4 minute read)</strong>
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Polymarket filed a self-certification with the CFTC on May 20 to list combinatorial outcome contracts (parlays) on sports events, with products scheduled to go live no earlier than May 21, as the self-cert process requires notification rather than prior approval. Under the contract mechanics, all legs must resolve correctly for a $1.00 payout, while any single failed leg collapses the entire contract to $0.00. Separately, SEC Chairman Paul Atkins announced that staff will seek public input on prediction market ETFs, citing the tripling of ETF assets over seven years, as fund sponsors have already delayed the effectiveness of event contract ETFs pending the review. The two developments place prediction markets under simultaneous federal oversight from both the CFTC and SEC, while unresolved state gambling jurisdiction questions, Congressional scrutiny, and potential Supreme Court involvement add further regulatory uncertainty to the sector.
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<strong>How USDC Wins the Hyperliquid Deal (6 minute read)</strong>
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Coinbase acquired Native Markets, the team behind Hyperliquid's community-elected native stablecoin USDH, sunsetting the project and reinstalling USDC as the exchange's primary quote asset in exchange for routing 90% of stablecoin revenue back to Hyperliquid, roughly doubling what the exchange earned while $5.6B in bridged USDC generated ~$200M annually for Coinbase and Circle. The deal delivers USDC distribution on the largest onchain perpetuals venue, which holds 30% of total onchain perps market share, 46% of open interest, and runs at ~50% of Bybit's volume, while Hyperliquid gains improved economics and regulatory alignment. Tether is executing the same playbook: a $147.5M commitment to Drift Protocol's recovery after April's exploit installed USDT as Drift's settlement asset on Solana, where USDC previously held more than 2x USDT's stablecoin share. Despite USDC transaction volume hitting $355B in May and surpassing USDT for the first time, aggregate market share has barely moved (USDT: 67% to 67.3%, USDC: 27.6% to 28.1% year-over-year), which explains why both issuers are targeting embedded perps settlement positions rather than organic adoption.
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<strong>Inside a Crypto Drainer: How to Spot it Before it Empties Your Wallet (7 minute read)</strong>
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Modern crypto “drainers” operate as Drainer-as-a-Service (DaaS) platforms, using social engineering to trick victims into connecting and approving malicious wallet requests. These operations resemble SaaS businesses, with features like cloning, automation (“Zero Config”), multichain support, and commission-based affiliate recruitment, plus resilience after takedowns.
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<a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fwww.coindesk.com%2Fmarkets%2F2026%2F05%2F20%2Felon-musk-s-spacex-holds-18-712-bitcoin-at-fair-value-of-usd1-29-billion-ipo-filing-shows%3Futm_source=tldrcrypto/1/0100019e4fa4147b-789ccf5e-1f5e-426c-979d-76249191cff8-000000/T1HmvYTw6XlG6T8ErVHLl-8Zg9XEPE-CqgqQ-td-OOk=452">
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<strong>SpaceX Holds 18,712 BTC Worth $1.29B in Q1 (4 minute read)</strong>
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SpaceX's S-1 filing with the SEC discloses 18,712 BTC with a Q1 2026 fair value of $1.29 billion, closer to $1.45 billion at prices above $77,000. The company targets a June IPO at a $1.5 to $2 trillion valuation, which would surpass Saudi Aramco's $29.4 billion raise as the largest IPO on record and place SpaceX among the 10 most valuable public companies. SpaceX's BTC position exceeds Musk's Tesla holdings of 11,509 BTC and registers as a notable corporate treasury allocation, though MicroStrategy's 843,738 BTC remains the corporate benchmark by a factor of 45x.
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<strong>Kraken Expands Into Dubai Crypto Market: Why The UAE Move Matters (4 minute read)</strong>
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Kraken is expanding into Dubai after its parent Payward received preliminary regulatory approval from Dubai's Virtual Assets Regulatory Authority (VARA). The approval enables regulated services in Dubai, including spot trading, margin products, OTC, staking, and institutional offerings via Kraken Prime, and strengthens Kraken's broader push to operate in clearly regulated markets.
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The European Commission opened a public consultation on MiCA, running through August 31, to assess whether the framework remains fit for purpose as digital asset markets evolve and US legislation including the GENIUS Act and CLARITY Act reshapes the global regulatory baseline.
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<strong>Axis Publishes Tear Sheet: 18.2% APY, $32.5M TVL (1 minute read)</strong>
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Axis published its first public tear sheet reporting 18.2% net APY and $32.5M TVL after six weeks of private beta, running a delta-neutral strategy that captures cross-venue price discrepancies to generate returns uncorrelated with broader market movements.
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<strong>Blackrock Leads Bitcoin ETF $70M Loss (2 minute read)</strong>
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On Wednesday, bitcoin crypto ETF markets stayed under pressure as bitcoin funds extended a losing streak to four consecutive sessions.
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<strong>Planned crypto tax rollout faces growing investor backlash (3 minute read)</strong>
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Korean lawmakers' planned taxation on digital-asset gains has triggered backlash from crypto investors, who argue it could weaken Korea's digital asset market.
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