From RedotPay joining Circle Payments Network to the BitoPro hack, here is a roundup of the top crypto stories you may have missed this week, from June 1 to 7, 2025.
RedotPay Joins Circle Payment Network
RedotPay, a global crypto payment platform, partnered with $USDT issuer Circle to integrate the latter’s Payments Network and enable instant crypto-to-fiat cross-border payments to the former’s users, starting with Brazil.
The new feature allows users to send cryptocurrency directly to Brazilian bank accounts, where it is automatically converted to Brazilian Real, claiming to eliminate the usual delays and high costs associated with traditional remittance systems.
This partnership aims to improve access to efficient and affordable international payments, especially for underbanked communities, according to the entities involved.
During its launch, RedotPay is offering a $0 fee structure to encourage adoption.
Pump.fun Token Rumors Shake Solana Market
The rumors that Pump.fun, Solana’s most popular memecoin launchpad, is planning to raise $1 billion through a token sale at a $4 billion valuation have triggered both excitement and skepticism across the crypto community.
Solana’s price slipped 3% on the news, reflecting market unease and possible memecoin fatigue among retail traders.
Critics argue the platform may be capitalizing on hype before momentum fades further, but defenders point to its impressive grassroots growth and its role in onboarding new users to Solana.
Circle Raises $1.1B in IPO
Circle Internet Group, the company behind the stablecoin $USDC, raised approximately $1.1 billion in its initial public offering by selling 34 million shares at about $31 each, Bloomberg reported.
The offering exceeded earlier expectations of $896 million and marks a significant increase from the $600 million the company initially aimed to raise.
The IPO gives Circle a potential market valuation of $6.9 billion, with a fully diluted value reaching $8.1 billion.
Musk Unveils XChat With ‘Bitcoin-Style’ Encryption
Elon Musk announced that X will soon launch XChat, a new messaging feature offering encrypted conversations, disappearing messages, file transfers, and audio and video calls.
He described it as being built in Rust with “Bitcoin style” encryption and a “whole new architecture,” sparking confusion among cryptography experts.
Developers pushed back, noting that the Bitcoin blockchain does not actually use encryption for messaging but only cryptographic tools like hashing and key generation.
Musk’s statement also drew skepticism regarding the reference to programming language Rust, as Bitcoin was originally written in C++.
ZachXBT Flags $11.5M Exploit at Taiwan’s BitoPro Exchange
On-chain investigator ZachXBT reported suspicious $11.5 million outflows from Taiwan-based crypto exchange BitoPro’s hot wallets across TRON, Ethereum, Solana, and Polygon networks, suggesting the platform was likely exploited on May 8, 2025.
The stolen funds were allegedly routed through Tornado Cash, Thorchain, and Wasabi to obfuscate their trail.
BitoPro confirmed hours later that the exchange was hacked during a wallet system upgrade, triggering emergency protocols and a third-party cybersecurity probe. The company claimed no user funds were affected but offered no explanation for the delayed disclosure.
This article is published on BitPinas: Crypto News You May Have Missed | June 7, 2025
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