New phone, who dis

Good morning. Solana Labs launches a phone (???), a crypto exchange halts withdrawals, and a 9-figure hack hits a blockchain bridge. All that and more today. Happy Friday!

Market Update (as of 8:06am ET):

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Top 5:

1. Solana Labs is building a web3 mobile phone. Go ahead and label me a hater on this one...The company behind the Solana blockchain is launching their own mobile phone called Saga. The device will cost around $1,000 and come with specialty crypto wallet functions along with the “Solana Mobile Stack (SMS)”, a software development kit tailored to smartphone web3 programs. The real story here is SMS, a crypto layer built on Android, that aims to "make the mobile web3 user experience seamless." The Solana Foundation has also launched a $10 million fund to encourage growth of mobile dApps.

2. CoinFLEX halts withdrawals, citing ‘uncertainty’ around unnamed counterparty. Another one. Crypto exchange CoinFLEX has suspended all withdrawals "due to extreme market conditions" and "continued uncertainty involving a counterparty". The counterparty in this situation was not named, but CoinFLEX's CEO clarified that the counterparty is not 3AC or a lending firm such as BlockFi or Celsius. Another update from the company is expected on Monday, and withdrawals are expected to resume June 30.  

3. Harmony ropes in FBI after losing $100M in exploit. The protocol announced the hack on Thursday evening after identifying an exploit in the Horizon bridge that resulted in a theft of $100 million. It's another exploit of a blockchain bridge and the third (if I have my count right) that has reached the 9-figure mark. Wormhole ($326 million) and Ronin ($625 million) being the other two exploits. The Horizon Bridge facilitated the exchange of tokens, stablecoins and NFTs, between the Ethereum, Binance Smart Chain (BSC) and Harmony blockchains.

4. Coinbase launches first crypto derivatives product aimed at retail traders. The Coinbase Derivatives Exchange is launching its first crypto derivatives product this month in an effort to bring in more retail traders to the space. The Nano Bitcoin futures (BIT) will be available trading from multiple brokers, but Coinbase will not be able to sell the product themselves until it gets regulatory approval for its own FCM (futures commission merchant) license.

5. Have a great weekend!

Updates and other stories:
- New Northern Trust unit merges crypto, TradFi teams...Read More
- Binance launches institutional platform for VIP high rollers...Read More
- Digital toy platform Cryptoys raises $23M from a16z, Dapper Labs, Mattel...Read More

Top Sharers of the Crypto Top 5:
1. Donna Y. - Nashville, TN
2. Jake Y. - Greenville, SC
3. Forrest H. - Evansville, IN

External Resources:
1. Cryptopedia from Gemini - if you see a word, acronym, or phrase in this newsletter that you don't understand, there's a good chance you can find an explanation here
2. Crypto Explainer+ - intro level courses on Bitcoin, Ethereum, decentralized finance, NFTs, and more
3. Crypto Jobs! - looking for a new job? Check out this page from Anthony Pompliano with hundreds, if not thousands of listings

Disclaimer: The information contained in this newsletter shall not be understood or construed as financial advice. I am not an attorney, accountant, or financial advisor, nor am I holding myself out to be, and the information provided is not a substitute for financial advice from a professional who is aware of the facts and circumstances of your individual situation.