Minnesota Governor signed a bill allowing banks and credit unions to offer Bitcoin custody services. The change would let state regulated institutions hold Bitcoin on behalf of customers within existing banking frameworks, expanding access to custody through traditional financial providers.

Echo Protocol said it is investigating a security incident involving its Echo cross-chain bridge on Monad, and that all cross-chain transactions will remain suspended while the probe is ongoing, according to ChainCatcher. Earlier market reports claimed the protocol had been exploited on Monad. The attacker allegedly minted 1,000 eBTC (about $76.7 million) and, using a previously tested method, deposited 45 eBTC (about $34.5 million) into Curvance. The funds were then used as collateral to borrow roughly 11.29 WBTC (about $867,700), which was bridged to Ethereum and swapped for ETH. The attacker ultimately sent 384 ETH (about $821,700) to Tornado Cash. Yu Xian, founder of SlowMist, said the loss may have stemmed from the compromise of a single Echo Protocol admin private key.

ME News cited Lookonchain data showing three hacking incidents over the past four days as of May 19 (UTC+8). THORChain was exploited on May 15 for more than $10 million. The VerusEthereum cross-chain bridge was breached on May 18 for about $11.5 million. The most recent attack hit Echo Protocol, where attackers minted 1,000 eBTC and stole 385 ETH. (Source: MLion)

A White House official said President Donald Trump will personally oversee the swearing-in of Kevin Warsh, the Federal Reserve's incoming chair, at the White House on Friday. Warsh will become the Fed's 17th chair, succeeding Jerome Powell. He is also set to be the wealthiest Fed chair on record. Holding the ceremony at the White House highlights Trump's direct involvement in the transition. The move breaks with recent practice. When Trump appointed Powell in 2018 during his first term, the swearing-in was held inside the Fed and Trump did not attend. The last new Fed chair to be sworn in at the White House was Alan Greenspan in 1987. In more recent years, ceremonies have typically taken place at the central bank. The last sitting president to attend a Fed chair swearing-in was George W. Bush, who attended Ben Bernanke's ceremony in 2006, when Bernanke was chair of the White House Council of Economic Advisers. Later that year, Warsh was sworn in as a Fed governor by then Vice President Dick Cheney in the Eisenhower Executive Office Building. Friday's event is expected to close an unusually extended leadership transition. The Fed said last week that Powell would remain acting chair until Warsh, confirmed by the Senate last week for a four-year term, is sworn in. Powell's four-year term as chair expired last weekend. Powell has said he plans to stay on the Fed's Board of Governors for some time, without specifying how long. His term as a governor runs through January 2028. Delays of several days between Senate confirmation and the swearing-in are not uncommon. Warsh previously agreed to divest certain personal investments before taking office. He takes over at a challenging moment for monetary policy. The U.S.-Israel war against Iran has intensified inflationary pressures, complicating the Fed's outlook. Critics have also raised questions about whether Warsh can maintain sufficient independence from the White House. Trump has said he expects Warsh to cut interest rates soon. At his Senate confirmation hearing, Warsh pledged to operate independently while also delivering sharp criticism of the central bank's performance in recent years. As the transition proceeds, Fed Vice Chair Philip Jefferson will represent the central bank at the G7 meeting of finance ministers and central bank governors in Paris on Monday. Source: Jin10 Data DeepS潮 TechFlow

May 19 — Francisco Blanch, Bank of America's head of commodities and derivatives research, said Brent averaging $90 a barrel for the rest of the year should already be viewed as a "best-case scenario." He estimated the global crude market is running a shortfall of 14–15 million barrels a day, roughly 14%–15% of demand. Blanch warned that if a dual blockade of the Strait of Hormuz persists, crude could climb to $120–$130 by late June to early July. Further escalation that damages oil infrastructure could trigger an even sharper spike. With the Hormuz crisis unlikely to be resolved quickly, several Wall Street firms have lifted price forecasts. Goldman Sachs has raised its year-end Brent target to about $90, while JPMorgan cautioned that a sustained maritime bottleneck lasting four weeks could create a "catastrophic" global oil shortage. RBC analyst Helima Croft also said she doubts shipping can return to normal by June. Brent is up 80% year to date and was last at $109.26 a barrel. The Strait of Hormuz carries about one-fifth of global oil flows, making any disruption especially acute for Asia-Pacific and likely to keep pushing costs higher for consumers and industry worldwide. Brown University data show that since the outbreak of the Iran war, U.S. consumers have paid more than $40 billion in additional fuel costs. (Jinshi)

Tuttle Capital Management has filed for a new exchange-traded fund that would broaden the market's well-known "Magnificent 7" trade into a 10-stock lineup by adding Advanced Micro Devices, Broadcom, and Palantir. The original Magnificent 7—Apple, Microsoft, Alphabet, Amazon, Meta, Nvidia, and Tesla—has become a market shorthand for the megacap tech group widely seen as driving much of the S&P 500's performance in recent years. Tuttle is now making the case that the theme has outgrown the original roster. According to the filing, the proposed Magnificent 10 ETF would hold all seven incumbent names alongside AMD, Broadcom (AVGO), and Palantir (PLTR). The move builds on Tuttle's prior product in the category. The firm launched the Magnificent 7 Income Blast ETF (MAGO) in December 2025, which uses a systematic options strategy to generate income while maintaining exposure to the seven stocks. The new Magnificent 10 fund is expected to employ a similar options overlay, applied to a broader basket tied to large-cap tech and AI. Tuttle's filing also lands in an increasingly crowded field. Cboe introduced its Magnificent 10 Index (MGTN) in September 2025, designed to track leading U.S. technology and growth companies positioned to benefit from AI and digital transformation. Cboe has since listed futures and options on MGTN to address rising institutional demand for concentrated tech exposure. Competition among ETFs targeting these megacap tech themes has been intensifying. Roundhill Investments already offers the MAGS ETF, which provides equal-weight exposure to the original Magnificent 7.

EchoProtocol's @EchoProtocol_ deployment on @monad was exploited, according to PeckShieldAlert. The attacker minted 1,000 eBTC valued at $76.7 million, then deposited 45 eBTC ($3.45 million) into Curvance to borrow about 11.29 WBTC ($867,700). The WBTC was subsequently bridged to Ethereum, swapped into ETH, and 384 ETH ($821,700) was sent to TornadoCash.

Meta plans to eliminate about 20% of its global workforce and reassign roughly 7,000 employees to artificial intelligence projects as part of a broad restructuring scheduled for May 20, Reuters reported.

Three major crypto incidents unfolded in just four days. On May 15, #THORChain was exploited, with losses topping $10M. On May 18, the VerusEthereum Bridge (@VerusCoin) was hacked, with about $11.5M stolen. Today, @EchoProtocol_ was exploited; the attacker minted 1,000 $eBTC (valued at $76.64M) and has already used it to steal 385 $ETH ($821K). Stay alert.