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The report includes state-by-state breakdowns of Meta’s economic impact.
The X account of the Ethereum layer 2 network ZKsync and its developer Matter Labs were compromised early on May 13, with hackers falsely claiming the network was being probed by US authorities, among other scam messages.
A ZKsync-related X account posted on May 13, confirming the accounts for ZKsync and Matter Labs were compromised, warning users not to interact after the accounts shared links to a fake airdrop in an apparent phishing scam.
The hacked ZKsync and Matter Labs then both posted a fake statement claiming ZKsync was under investigation by the US Securities and Exchange Commission and that the Treasury Department could impose sanctions on the platform.
Matter Labs communications head Lynnette Nolan confirmed to Cointelegraph that the now-deleted X post “is not legit” and both accounts are now “fully back in the control of the team.”
“Shoutout to the zksync hackers. Instead of dropping a token and stealing a few bucks they decided to scare the living shit out of onchain degens,” crypto startup g8keep co-founder Harrison Leggio, who goes by “Pop Punk,” posted to X.
The fake statement was seemingly aimed at crashing the price of the platform’s self-titled token, ZKsync (ZK), which has fallen around 2% in the last hour amid the X account breach, according to CoinGecko.
The SEC has investigated crypto companies in the past, and many of these firms have chosen to publicly disclose when they’ve been investigated by the regulator.
The SEC has stopped many of its probes under the Trump administration, with Crypto.com, Immutable, OpenSea and RobinHood Crypto, among others, confirming the agency had ended investigations.
ZK is down 6.4% over the last day to trade at around 7 cents, cooling from a nearly 38.5% rally it’s enjoyed over the past week.
Related: US prosecutors want 2 years for SEC X account hacker
Matter Labs’ Nolan said the firm was looking into how the X accounts were breached, and believed it was via “compromised delegated accounts,” which allow users limited access to an X account, allowing them to post on its behalf.
Two hacks in as many months
It’s the second compromise of ZKsync-controlled platforms since April.
On April 15, an attacker breached the admin account of ZKsync’s airdrop distribution contract and used a function to mint 111 million unclaimed ZK tokens, worth approximately $5 million at the time.
The hack happened amid the platform handing out 17.5% of ZK’s supply to ecosystem participants.
The attacker later returned 90% of the stolen tokens, agreeing to keep 10% as a bounty.
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Crypto bank Anchorage Digital has expanded its stablecoin offerings with the acquisition of Mountain Protocol, a stablecoin issuer that says it will begin winding down its main stablecoin, Mountain USD (USDM).
The acquisition, which is subject to customary closing conditions and regulatory approval, will integrate the Mountain Protocol team, tech stack and licensing framework into Anchorage’s existing offerings, Anchorage said in a May 12 statement.
While terms of the deal weren’t disclosed, it reflects an accelerating number of acquisitions between crypto and TradFi firms in recent months.
Explaining the acquisition, Anchorage CEO Nathan McCauley said stablecoins are becoming the backbone of the crypto economy, while anticipating that “every business” will eventually use stablecoins as part of their operations.
Mountain Protocol CEO Martin Carrica said its stablecoin experience and Anchorage’s crypto infrastructure positions the merging companies to meet the growing global demand for stablecoin services.
Anchorage is the only federally chartered digital asset bank in the US, while Mountain Protocol’s stablecoin services are regulated by the Bermuda Monetary Authority.
It comes around nine months after Anchorage introduced a stablecoin rewards program for institutions holding the PayPal USD (PYUSD) stablecoin.
Mountain Protocol’s USDM to wind down
As part of the acquisition, Mountain Protocol said it would begin an “orderly wind-down process” for USDM, which operates as a yield-bearing stablecoin.
Mountain Protocol said it ceased minting the stablecoin on May 12 but noted that USDM rewards will remain active for another 30 days. After that, the reward rate will be set to 0% APY.
The stablecoin issuer’s customers can redeem their USDM through the firm’s platform, while other USDM holders are encouraged to swap the stablecoin for other tokens on exchanges.
Related: ‘Dark stablecoins’ could emerge as regulations tighten
Mountain Protocol’s Ethereum-based USDM is not to be confused with Mehen Finance’s USDM stablecoin, which runs on the Cardano network.
Mountain Protocol’s USDM saw considerable success shortly after launching in late 2023, rising to a $155 million market cap by March 2024, according to RWA.xyz. However, its market cap has since fallen below $50 million.
RWA.xyz estimates there are around 10,820 USDM holders.
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Key Takeaways:
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Dogecoin’s 38% surge reflects strong market demand, with spot-buyer volumes taking charge since March.
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A bullish MACD crossover has traders predicting a 180% rally, with targets at $0.65 and $1.
Dogecoin’s (DOGE) price rallied in lockstep with Ethereum over the past 7 days, gaining 38% in May, which is its strongest monthly performance this year. According to CoinGecko, DOGE recorded $4.7 billion in trading volume over the past 24 hours, ranking fifth among the top cryptocurrencies (excluding stablecoins).
The memecoin’s market strength has been coupled with strong onchain insights. Data from CryptoQuant noted that DOGE’s spot taker 90-day cumulative volume delta (CVD), which measures the net difference between buying and selling volume over 90 days, has been “taker buyer dominant.” It indicates more aggressive buying than selling, a pattern last seen in November 2024, leading to DOGE’s breakout rally of 385% to $0.48 in Q4, 2024.
Similarly, the long-term holder net unrealized profit/loss (NUPL), which tracks unrealized profits or losses for DOGE holders with a lifespan of at least 155 days, recently crossed 0.5 for the first time since March 1, 2025, turning to optimistic or “belief” sentiment. A NUPL above 0.5 means most holders are in profit, signaling confidence and a reduced likelihood of selling. This optimism reinforces price stability, as holders could refrain from selling and hold out for higher gains.
The above metrics suggest strong market demand, with investors actively accumulating Dogecoin, which likely contributed to its recent gains.
Related: Bitcoin price inches closer to new all-time high as ETH, DOGE, PEPE and ATOM rally
Is DOGE set for another parabolic rally?
With a favorable market structure, anonymous technical analyst Trader Tardigrade revealed a bullish outlook involving the DOGE/BTC trading pair. The chart reflected a previous rally where DOGE surged 30,000% from $0.0024 to $0.739, suggesting a similar setup.
Historically, Dogecoin and Bitcoin share a strong correlation—around 0.67 over the past three months, per Macroaxis data—meaning BTC’s movements often dictate DOGE’s trajectory. The analyst predicts BTC’s surge could be followed by a sideways phase, triggering a massive DOGE rally for weeks.
In a separate analysis, Trader Tardigrade also noted that the immediate target for Dogecoin remains $1, after the memecoin exhibited a weekly MACD bullish crossover for the third time since 2024. As illustrated in the chart, each bullish crossover has been followed by a breakout, with prices jumping 180% between January 2024 and March 2024, and a whopping 385% between September 2024 and December 2024.
Crypto trader Javon Marks outlined a similar target for Dogecoin, forecasting an immediate target of $0.65, which will be its highest price since May 2021. Marks said,
“$DOGE (Dogecoin) now showing MAJOR STRENGTH after setting Higher Lows! $0.6533 can be coming in another nearly +180% upside and prices could even break above, bringing $1+ into play.”
Related: Bitcoin all-time high cues come as US-China deal sends DXY to 1-month high
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Update May 13, 12:33 am UTC: This article has been updated to include more information from Curve Finance.
Decentralized finance (DeFi) protocol Curve Finance has warned that a hacker has again hijacked its domain name system (DNS), sending users to a malicious website.
In the second attack on its infrastructure in a week, the “curve.fi DNS might be hijacked. Don’t interact!” the team said in a May 12 warning to X.
In a follow-up post to a user asking whether it was a hack or a hijack, the Curve Team said the website “Points to the wrong IP” when users try to visit. A DNS works like a directory that translates domain names into IP addresses.
The team also said in another update that the “Password is secure,” its two-factor authentication was set up a “long time ago,” and a question has been sent to the “registrar now.”
”While all smart contracts are safe, the domain name points to a malicious site which can drain your wallet! We are investigating and working on recovering the access. No sign of a compromise on our side,” Curve said.
Curve Finance was hit with a similar front end attack in August 2022. In a post-mortem, the consensus was that the attackers managed to clone the Curve Finance website and reroute the DNS server to the fake page.
Users who attempted to use the platform had their funds drained into a pool operated by the attackers.
Cointelegraph has contacted Curve Finance for comment.
Curve Finance potential front-end attack
Onchain security firm Blockaid also detected unusual activity from the Curve website recently, warning users to stay away and avoid interacting for now.
It could be a case of a “potential frontend attack,” according to the security firm, which is when hackers target the part of the website users interact with, such as the buttons, forms, or text on the site, to steal sensitive data.
“If you’re connected, please refrain from signing transactions and avoid interactions with the DApp until the issue is resolved. We’re working closely with affected partners. More updates soon,” Blockaid said.
Related: Crypto hackers hit DeFi for $92M in April as attacks double from March
Second attack in a week
This is the second time Curve Finance has been targeted in the last week. On May 5, a hacker took over its official X handle.
“To clarify: the incident was limited strictly to the X account. No other Curve accounts were affected. No security issues were found on our side, no user funds were impacted, and there were no victims of phishing links that the hacker posted,” the team said in a follow-up May 6 post.
Access to the Curve Finance X account was restored quickly, and the cause is still under investigation.
A slew of other high-profile X accounts have also been taken over by bad actors this year. On May 2, the Tron DAO account was hijacked; meanwhile, on April 15, a member of the UK’s Parliament, Lucy Powell, had her account taken over to promote a scam crypto token called the House of Commons Coin (HOC).
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Aave, a decentralized finance (DeFi) protocol, has reached a new record of funds onchain, according to data from DefiLlama.
In an X post, Aave said it topped $40.3 billion in total value locked (TVL) on May 12. Onchain data reveals that Aave v3, the latest version of the protocol, has approximately $40 billion in TVL.
Aave is a DeFi lending protocol that lets users borrow cryptocurrency by depositing other types of cryptocurrency as collateral. Meanwhile, lenders earn yield from borrowers.
“With these milestones, Aave is proving its dominance in the Lending Space,” DeFi analyst Jonaso said in a May 12 X post. TVL represents the total value of cryptocurrency deposited into a protocol’s smart contracts.
Related: AAVE soars 13% as buyback proposal passes among tokenholders
Breaking all-time highs
In December, Aave achieved an all-time high TVL largely because the price of Ether (ETH) rose roughly 60% from the prior month. Ether and its staking derivatives make up nearly half of Aave’s TVL, according to data from DefiLlama.
This time around, Aave’s all-time high TVL is also driven by inflows of deposits by users.
In Ether-denominated terms, Aave’s TVL rose from around 6 million ETH at the start of 2025 to nearly 10 million ETH on May 12. Measuring TVL in ETH accounts for the impact of fluctuating cryptocurrency prices.
Before US President Donald Trump prevailed in the November election, Ether traded at less than $2,500. It peaked at almost $4,000 the following month, according to data from Google Finance.
In the past month, Ether has also clocked substantial gains, rising from around $1,500 per Ether 30 days ago to roughly $2,500 as of May 12, according to data from Google Finance.
The price of Aave’s native AAVE (AAVE) token has risen approximately 25% in the past seven days, reflecting a buoyant crypto market and ongoing TVL inflows, according to data from CoinMarketCap.
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