Nobitex Hack, GENIUS Stablecoin Act Passed, Tron SPAC Deal
On June 18, Iran’s largest crypto exchange suffered a massive Nobitex hack that drained and burned nearly $90–100 million in BTC, ETH, DOGE, XRP, SOL, TRX and TON. Analysts point to a political motive after stolen funds were sent to a burn address. Nobitex moved remaining assets to new cold wallets and the Central Bank of Iran imposed trading hours from 10 AM to 8 PM.
Meanwhile, the US Senate passed the GENIUS Stablecoin Act by a 68–30 vote, setting up the first stablecoin regulatory framework expected to take effect by early 2026 upon further approval. In DeFi markets, Nasdaq-listed Eyenovia raised $50 million to acquire and stake over 1 million HYPE tokens and will rebrand as Hyperion DeFi (HYPD).
Tron (TRX) confirmed a $210 million SPAC merger with SRM Entertainment, including $100 million earmarked for TRX buybacks. Japan’s Metaplanet boosted its Bitcoin holdings above 10,000 BTC. Looking ahead, the Bank of Korea will meet on won-pegged stablecoins next week, and Nigeria’s new SEC stablecoin marketing rules take effect June 30, requiring VASPs and influencers to obtain approval.
Bullish
The Nobitex hack removes a large amount of BTC and other tokens from circulation, supporting short-term price stability for those assets. The GENIUS Stablecoin Act adds regulatory clarity, which tends to boost institutional confidence in stablecoins and broader crypto markets. Positive developments like Metaplanet’s large Bitcoin purchase and Tron’s SPAC merger signal strong demand and capital inflows. In the long term, clearer rules and major corporate deals could underpin a bullish trend for BTC, TRX and related tokens.