From the Thailand banning international crypto exchanges to Elon Musk’s exit in the U.S. D.O.G.E Service, here is a roundup of the top crypto stories you may have missed.
Thailand Bans Five Crypto Exchange Giants for Unlicensed Operations
The Securities and Exchange Commission (SEC) of Thailand announced the five international centralized exchanges (CEXs) will be banned for unauthorized offering of services in the country.
Starting on June 28, 2025, Bybit, 1000X, CoinEx, OKX and XT will be blocked from Thailand’s internet ecosystem. The local access of these CEXs will be blocked by the Ministry of Digital Economy and Society, the agency responsible for promoting and developing the country’s digital economy, society, and security.
In April 2024, Thailand’s SEC expressed its interest in banning unregistered CEXs operating in the country to combat technology-related crimes.
“This is to protect investors and stop the use of unauthorized digital asset trading platforms as a money laundering channel.”
Securities and Exchange Commission of Thailand, in a translated statement
Quantum Breakthrough Puts Bitcoin Security at Risk: Study
A study by Google Quantum AI researcher Craig Gidney revealed that the quantum resources needed to break RSA encryption may be 20 times lower than previously estimated. RSA is a public-key cryptosystem that enables secure data transmission.
While the Bitcoin network itself does not use RSA, it relies on elliptic curve cryptography, which is also vulnerable to quantum attacks through Shor’s algorithm, according to the researcher.
Gidney’s new estimate suggests that a 2048-bit RSA key could be cracked in under a week using fewer than one million noisy qubits—far fewer than the 20 million previously thought necessary.
This research significantly shortens the timeline for when quantum computing could pose a threat to encryption systems used in crypto wallets and infrastructure. Although no quantum computer today has enough qubits to execute such an attack, the rapid pace of research is raising alarms.
TON Surge as Ex-Visa Exec Joins Foundation
Toncoin, the native token with ticker $TON of The Open Network (TON), the blockchain that supports web3 applications on Telegram, surged nearly 16% on May 28, 2025, after former Visa executive Nikola Plecas was named Vice President of Payments at the TON Foundation.
His appointment, aimed at enhancing TON’s payment infrastructure, sparked renewed investor confidence and significantly increased trading activity.
According to a report, the rally featured intense buying momentum, with $TON skyrocketing from $3.18 to $3.29 in just two minutes, supported by volume spikes of over 2.1 million in a single minute.
Technical analysis highlighted strong support at $2.97 and new resistance at $3.27, along with a clear ascending channel. While some late profit-taking occurred, the sharp breakout and sustained volume suggest continued bullish momentum for $TON .
Investors Exit GameStop After $500M Bitcoin Bet
GameStop’s $500 million purchase of $BTC triggered a sharp sell-off from investors, with the company’s stock falling 10% immediately after the announcement and dropping 23% overall.
The pivot to crypto, aimed at reviving profits amid declining video game sales, was met with skepticism as investors questioned the shift away from GameStop’s core business.
Despite raising $1.5 billion to fund the $BTC buy, many fear the strategy mirrors a risky playbook that could backfire. Experts warn that $BTC’s volatility may expose GameStop to further financial instability, compounding its challenges from falling revenue and widespread store closures.
Coinbase Poised to Acquire Circle for Full USDC Control
In an article, former Coinbase employee Ryan Yi explained why the crypto exchange giant should acquire $USDC issuer Circle to gain full control of the stablecoin’s ecosystem.
Yi argued that despite Coinbase driving much of $USDC’s growth, structural limitations prevent it from capturing the full revenue potential.
Currently, the crypto exchange earns 100% of interest on custodial $USDC but only half of off-platform revenue, while Circle disproportionately benefits from the latter.
Moreover, as $USDC becomes a key revenue driver, making up about 15% of Coinbase’s Q1 2025 revenue, Yi contends that ownership of the protocol layer, including smart contracts, multichain infrastructure, and bridging tools like Cross-Chain Transfer Protocol (CCTP), is crucial for Coinbase’s strategic future and regulatory influence. CCTP is a permissionless on-chain utility that facilitates $USDC transfers between blockchains via native burning and minting.
Acquiring Circle would resolve long-term frictions over revenue attribution, governance, and product alignment, according to Yi, who estimates the issuer’s valuation could range from $10 billion to $20 billion, based on its expected IPO and $USDC’s revenue impact.
Realms of Alurya Shuts Down
Realms of Alurya, a fantasy action RPG that recently announced a migration to the Ronin Network, shut down and entered maintenance mode due to lack of funding. The team said all updates and events are paused until further notice.
It is developed by Synergy Games, originally known as Synergy Land. Inspired by Diablo and Path of Exile, it featured fast-paced combat, loot-filled dungeons, and a player-driven economy. Set across elemental zones—earth, water, fire, and ice—players can explore procedurally generated dungeons, craft gear, manage private islands, breed magical pets, and trade NFT-based in-game assets.
Standard Chartered Predicts Solana at $275 by 2025, $500 by 2029
Standard Chartered forecasted that Solana’s native token, $SOL, could hit $275 by the end of 2025 and reach $500 by 2029, citing its strength in high-volume, low-fee use cases like financial and consumer apps.
However, the global bank warned that achieving scale in these sectors could take time. Despite its position as a key player in meme coin trading, Solana now trades cheap relative to its application revenue, with meme coin activity already past its peak.
The bank also expects the Solana ecosystem to underperform its competitor, Ethereum, over the next two to three years, projecting the $ETH/$SOL ratio to rise from 14 to 17 by 2027 before dropping again.
Elon Musk Exits Trump Administration Over Budget Dispute
Billionaire Elon Musk announced his departure from the administration of U.S. President Donald Trump, ending his term as a special government employee overseeing the U.S. Department of Government Efficiency (DOGE) Service.
His exit follows growing disagreements over Trump’s massive spending bill, which Musk criticized for increasing the federal deficit and undercutting his team’s cost-cutting efforts.
Musk expressed frustration with the challenges of reforming the federal bureaucracy, calling it “much worse than I realized.” Despite his initial hopes, he found efforts to reduce government size to be an uphill battle, ultimately prompting his decision to step away.
This article is published on BitPinas: Crypto News You May Have Missed | May 31, 2025
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