Crypto Chaos and Opportunity: Hacks, ETFs, and AI Tokens Dominate

Happy Friday, TM Family!

Welcome to the Token Metrics Research | Daily newsletter, where we cover key market movements, regulatory updates, and early alpha for our readers and investors. 

Let's dive in! 

On June 18, 2025, Nobitex, Iran's largest cryptocurrency exchange, suffered a significant cyberattack orchestrated by the pro-Israel hacking group Predatory Sparrow (also known as Gonjeshke Darande). The attackers stole over $90M in crypto assets across multiple blockchains, including Bitcoin, Ethereum, Dogecoin, Ripple, Solana, Tron, and Ton. Rather than profiting, the hackers "burned" the funds by transferring them to vanity addresses, rendering them inaccessible. The group also leaked Nobitex's source code, raising concerns about further vulnerabilities.

Nobitex confirmed the breach, stating that their technical team detected unauthorized access on June 18 and suspended operations. The exchange is investigating but has not verified the amount stolen or announced compensation plans. One source suggests Nobitex plans to resume operations within five days.

This hack underscores the vulnerability of centralized exchanges to politically motivated cyberattacks, particularly in regions with geopolitical tensions. For investors, it highlights the risks of storing funds on exchanges, reinforcing the importance of self-custody.

Eight major financial firms, VanEck, 21Shares, Canary Capital, Bitwise, Grayscale, Franklin Templeton, Fidelity, and CoinShares, have filed applications with the U.S. Securities and Exchange Commission (SEC) to launch Solana-based Exchange-Traded Funds (ETFs). These filings signal strong institutional interest in Solana, the sixth-largest cryptocurrency by market cap, and could pave the way for broader adoption.

The SEC has requested updated S-1 forms from issuers, with comments expected within 30 days. Bloomberg Intelligence estimates a 90% chance of approval by October 2025. The SEC appears open to including staking features, which could enhance ETF returns. VanEck partners with Kiln, 21Shares with Coinbase, and Bitwise with Marinade for staking services.

The potential approval of Solana ETFs could bring significant capital into the Solana ecosystem, offering a regulated investment vehicle for both institutional and retail investors. Staking features could make these ETFs particularly attractive, though regulatory uncertainty remains a hurdle. Investors should monitor SEC updates closely, as approval could drive SOL price appreciation.

Visa, a global leader in payment processing, is expanding its stablecoin initiatives in Central and Eastern Europe, the Middle East, and Africa (CEMEA) through a partnership with Yellow Card, an African cryptocurrency exchange. This move aims to leverage stablecoins for cross-border payments and financial operations in regions with limited banking infrastructure. 

The collaboration focuses on exploring cross-border payment options, streamlining treasury operations, and enhancing liquidity management using stablecoins. In 2023, Visa settled over $225M in transactions using Circle's USDC. Last month, it invested in BVNK, a stablecoin-based payments firm.

Visa's push into stablecoins could accelerate their adoption in emerging markets, offering a stable and efficient alternative to traditional financial systems. For investors, this signals growing mainstream acceptance of stablecoins, potentially boosting demand for assets like USDC. The partnership with Yellow Card also highlights opportunities in Africa's burgeoning crypto market.

The CreatorBid token (BID) has experienced a remarkable price surge, rising from $0.04 in late May to $0.1 as of June 20, 2025, driven by anticipation for the V2 launchpad. CreatorBid is a platform that empowers users to create, scale, and monetize AI agents, positioning itself as a leader in the AI-driven creator economy.

The V2 launchpad is expected to introduce enhanced features for launching AI agents, including sniper-proof bonding curve launches and multi-chain support. It aims to compete with platforms like Virtuals Genesis Launchpad.

CreatorBid enables users to deploy AI agents for content creation and audience engagement, using Agent Keys for community membership. The platform operates on the Base blockchain and recently expanded to BNB Chain. 

The V2 launchpad could solidify CreatorBid's position in the AI creator economy, attracting developers and investors. The token's price surge reflects strong market confidence, but investors should be cautious of volatility as the launch approaches. The platform's multi-chain expansion and partnerships, such as with Binance Wallet, enhance its growth potential.

That's all for today, people. Happy weekend.

Your Friends at Token Metrics