SpaceX Tokenized IPO Offerings Collapse, Anthropic Pulls Fable 5, SBF Appeal Fails

Crypto News Several major exchanges abruptly canceled their tokenized SpaceX pre-IPO offerings and began refunding customers after failing to secure the underlying shares. Binance Wallet, Bybit and Bitget had marketed tokenized access to one of the most anticipated listings in years, but Kraken-owned xStocks could not deliver allocations as retail demand overwhelmed supply. SpaceX raised roughly $75 billion in an offering reported as more than four times oversubscribed, opening on Nasdaq at $150 and closing at $161.11 for a valuation above $2 trillion. Retail orders reportedly exceeded $100 billion, leaving many tokenized buyers unfilled and exposing how access to scarce equity, not technology, remains the real bottleneck for tokenized stocks. Anthropic suspended access to its two most advanced models, Fable 5 and Mythos 5, after receiving a US government directive citing national security concerns over an alleged jailbreak. The order, delivered Friday evening, required the firm to cut off all foreign nationals, prompting a full shutdown for every user; the company said other models, including Opus 4.8, remain unaffected. The fallout hit the pre-IPO market quickly: the Anthropic perpetual contract on Hyperliquid, a decentralized exchange, fell about 3.7% to roughly $1,627 after trading above $1,800 days earlier. Open interest sat near $8.6 million. Anthropic disputed the directive, calling the flagged vulnerability narrow and previously known. Regulated perpetual futures are finally arriving in the United States, a product that has long dominated offshore venues but been largely off-limits to American traders. Kraken plans to launch perps on Kraken Pro within weeks, drawing on CFTC-regulated futures, exchange and clearing licenses obtained through its NinjaTrader and Bitnomial acquisitions. The exchange’s derivatives head said sophisticated proprietary and retail traders will likely move first, with asset managers and investment advisers following more slowly, echoing the adoption curve of spot Bitcoin exchange-traded funds. Perpetual futures carry no expiration, simplifying leveraged positions, and proponents argue domestic access could deepen US derivatives markets while reducing reliance on offshore platforms. Former FTX chief executive Sam Bankman-Fried lost his bid to overturn his fraud conviction and 25-year prison sentence after a three-judge panel of the Second US Circuit Court of Appeals unanimously rejected his appeal. The court described the government’s case as robust, with one judge writing that Bankman-Fried assured customers their funds were safe while treating FTX as his personal piggy bank to fund real estate, political donations and investments. The ruling lands as he separately pursues clemency, confirming he is seeking a presidential pardon from Donald Trump, who told reporters in January he had no plans to grant one. A White House spokesperson declined to comment. Pi Network’s Core Team launched a second Launchpad test token, SLICE, even as the native PI token languishes near record lows following weeks of market-wide selling. The new phase runs until Pi2Day on June 28 and aims to refine the project incubation hub after the first test token drew more than 478,000 participating Pioneers. Developers used that feedback to simplify the participation flow and update Launchpad mechanics. The team stressed that SLICE is purely a testnet asset that will never reach mainnet, existing only to teach users new token mechanics. With PI trading far from its all-time high, steady product updates have done little to ease the price pressure. Google filed a lawsuit to dismantle a China-based cybercrime network it calls the Outsider Enterprise, accusing the group of running AI-powered text scams that impersonated major brands. Pursued alongside the FBI and carriers including AT&T, T-Mobile and Verizon, the case ties the operation to 9,000 fake websites and more than one million fraudulent URLs. The network allegedly coordinated over Telegram, sold phishing kits, and sent 2.5 million messages in May, with Android users flagging 55,000 spam texts that month. The complaint underscores how generative AI lets attackers scale convincing fraud, a threat that increasingly intersects with blockchain-based theft as criminals chase digital-asset payouts. Google is also backing seven bipartisan anti-scam bills. Taken together, these developments sketch an industry caught between institutional ambition and acute fragility. Tokenized equities, regulated perpetuals and AI-model markets all push crypto closer to mainstream finance, even as scams, enforcement actions and collapsing altcoins expose its softer edges. COINOTAG’s aggregate market data frames the caution: the Fear & Greed Index sits at 13, deep in Extreme Fear, while Bitcoin dominance has climbed to 70.4% and total crypto market capitalization has slipped to about $1.83 trillion. With Bitcoin hovering near $64,000, capital is concentrating in the largest asset and retreating from risk, a classic bear market posture that leaves speculative tokens most exposed.