The market capitalization of the cryptocurrency industry has increased by 41.77% to $1.17 trillion at the moment. However, the value of the stablecoin market fell by $7.3 billion in 2023 as a result of redemptions of more than $7.3 billion in USDC and BUSD. TUSD has a market cap of $2.04 billion, and Tether (USDT) has a market cap of $82.95 billion. These two cryptocurrencies have managed to balance these losses with growth. The market for dollar-pegged tokens has significantly declined and is now only worth $10.77 billion. News Sorce

After an attacker took control of the Tornado Cash DAO and syphoned off money from the governance treasury, the price of TORN dropped by 40%. In an effort to fend off the bears, buyers have helped the token recover to above $4.40. The US Treasury approved Tornado Cash, an Ethereum-based cryptocurrency mixing service, in February 2023. On May 20, 2023, a hacker added a new feature to an upgrade that TORN holders had approved, giving them 1,200,000 more votes. The attacker was able to sell 10,000 votes for $25,600 by withdrawing them in TORN tokens. While the Tornado Cash team is trying to find a solution, Binance announced that it would stop accepting TORN deposits until further notice. News Sorce

The parent company of Instagram, Meta, reportedly disclosed its intention to introduce a text-based chat app to compete with Twitter. Leaked screenshots of the alleged app depict a Twitter-like user interface. Users will be able to reach a wider audience thanks to its decentralization and compatibility with other decentralized social media apps like Mastodon. This summer, Instagram plans to release a Twitter-like app. The creation of a stand-alone, decentralized social network for text update sharing has been confirmed by Meta. A Web5 decentralized web platform that aims to give applications “decentralized identity and data storage” has been announced by TBD. Facebook and Instagram NFTs were stopped by Meta. News Sorce