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BlockBeats News, June 6th. Despite Terraform Labs founder Do Kwon being sentenced to 15 years in prison for causing the $40 billion Terra crash, the abandoned original chain Terra Luna Classic (LUNC) has not disappeared. A group of community members are still actively maintaining the network and are hopeful to achieve one of the greatest revivals in the history of the cryptocurrency industry. Reports indicate that a community core member, known as "Vegas," lost about $50,000 during the Terra crash. Since then, Vegas has been actively participating in validator node operation, proposal governance, and developer coordination. He stated that despite long-term internal power struggles and fraud accusations, and even being maliciously reported to the authorities, he still believes LUNC has the potential to return to the top ten of the cryptocurrency industry. After the Terra crash in 2022, Terraform Labs launched a new chain, Terra, through a hard fork, while the original chain was preserved and renamed as Terra Luna Classic. Subsequently, the community organization Terra Rebels took over the maintenance work and introduced a series of proposals, including a 1.2% burn tax, in hopes of revitalizing the ecosystem. However, due to fund allocation and governance disputes, Terra Rebels eventually disbanded, and multiple developers left one after another. Nevertheless, the community continues to advance projects such as lending protocols, games, and meme coins, and attempts to restore the stablecoin peg mechanism. Data shows that LUNC has risen by 17.3% in the past year, but has dropped by 28.7% since 2022, with a total decline of 99.99% from its all-time high of $119. Some community members expressed that the shared trauma of the crash has formed a "family"-like bond among them, and price is no longer the sole focus. "What if we could achieve one of the greatest comebacks in crypto history? This is like a last-ditch Hail Mary pass," one community member said.

BlockBeats News, June 6th. As the semiconductor sector experienced a sharp pullback, the Cboe Volatility Index (VIX), known as Wall Street's "fear gauge," surged nearly 40% in a single day, marking the largest gain since March this year. The VanEck Semiconductor ETF (SMH) fell by nearly 10% intraday, ending a strong rally of about 80% over the previous two months. Data shows that the S&P 500 index options saw a record 7.8 million contracts traded on Friday, a 16% increase from the previous high in April. Meanwhile, the 10-year Treasury yield rose after strong nonfarm payroll data, leading to a significant increase in demand for put options on long-term Treasury ETFs (TLT) as well as investment-grade and high-yield bond ETFs. Brent Kochuba, the founder of the options analysis platform SpotGamma, stated that the recent abnormally high premium of single-stock options compared to index options is readjusting, indicating a need for the overheated chip stocks to cool down. Danny Kirsch, the head of options at Piper Sandler, pointed out that a substantial amount of leveraged ETF funds are concentrated in the semiconductor sector. Coupled with funding for tech giants like Meta and Alphabet and concentrated large IPO issuance, the market correction pressure has been further intensified. Impacted by the decline in risk appetite, Bitcoin briefly dropped below $60,000 before stabilizing, while Strategy's stock fell by nearly 7% on the day, with the trading volume of put options exceeding that of call options by two-fold. The Nasdaq index recorded its worst single-day performance since April 2025.

BlockBeats News, June 6th, Tether announced that it has appointed a new independent director to the board of Bitcoin reserve company Twenty One Capital (XXI) to fill the previous vacancy in the audit committee. The company stated that this appointment complies with the independence requirements of the U.S. SEC Securities Exchange Act Rule 10A-3 and NYSE listing rules. This vacancy arose after Tether's acquisition of XXI shares held by Softbank Group on May 20th. Following the termination of the governance agreement between the two parties, Softbank's appointed director resigned, one of whom was a member of the audit committee. According to reports, Twenty One Capital currently holds over 43,500 Bitcoins and is positioned as a vertically integrated Bitcoin company with business operations covering Bitcoin mining, asset reserves, capital markets, and financial services. Tether CEO Paolo Ardoino stated that XXI is in the process of building one of the most significant Bitcoin enterprises globally. Therefore, the company's priority is to ensure that the board has an independent oversight mechanism in compliance with SEC and NYSE requirements to match its robust balance sheet.