Tether CEO Dismisses IPO, Bitcoin DeFi Platform Hacked, and ETH ETF Inflows Continue

%3Cp%3EToday%20in%20crypto%2C%20Tether%E2%80%99s%20CEO%20says%20the%20stablecoin%20issuer%20has%20no%20plans%20to%20go%20public%2C%20Bitcoin%20layer-2%20Alex%20Protocol%20was%20hacked%20for%20%248.3%20million%2C%20spot%20Ether%20exchange-traded%20funds%20(ETFs)%20have%20recorded%20inflows%20for%2015%20consecutive%20days.%3C%2Fp%3E%3Ch2%3ETether%20CEO%20snubs%20IPO%2C%20says%20%24515B%20valuation%20is%20%E2%80%99a%20bit%20bearish%E2%80%99%3C%2Fh2%3E%3Cp%3ETether%20CEO%20Paolo%20Ardoino%20says%20the%20stablecoin%20issuer%20has%20no%20intention%20of%20going%20public%2C%20just%20days%20after%20rival%20Circle%20made%20its%20debut%20on%20the%20New%20York%20Stock%20Exchange%20(NYSE).%3C%2Fp%3E%3Cp%3E%E2%80%9CNo%20need%20to%20go%20public%2C%E2%80%9D%20Ardoino%20said%20on%20June%207%2C%20just%20two%20days%20after%20Circle%2C%20which%20is%20behind%20the%20stablecoin%20USDC%20(USDC)%2C%20entered%20the%20public%20market%20on%20June%205.%20Circle%E2%80%99s%20shares%20climbed%20167%25%20on%20its%20first%20trading%20session%20on%20the%20NYSE.%3C%2Fp%3E%3Cp%3EArdoino%20addressed%20valuation%20speculation%20raised%20by%20Artmesis%20CEO%20Jon%20Ma%2C%20who%20claimed%20that%20if%20Tether%2C%20which%20is%20behind%20the%20stablecoin%20USDT%20(USDT)%2C%20were%20to%20go%20public%2C%20it%20would%20rank%20as%20the%2019th%20largest%20company%20globally%20with%20a%20valuation%20of%20%24515%20billion%2C%20larger%20than%20multinational%20giants%20like%20Costco%20and%20Coca-Cola.%3C%2Fp%3E%3Cp%3EWhile%20Ardoino%20called%20the%20%24515%20billion%20valuation%20a%20%E2%80%9Cbeautiful%20number%2C%E2%80%9D%20he%20said%20it%20might%20actually%20be%20too%20low.%20%E2%80%9CMaybe%20a%20bit%20bearish%20considering%20our%20current%20(and%20increasing)%20Bitcoin%20%2B%20gold%20treasury%2C%20yet%20I’m%20very%20humbled%2C%E2%80%9D%20Ardoino%20said.%3C%2Fp%3E%3Ch2%3EBitcoin%20DeFi%20platform%20Alex%20Protocol%20loses%20%248.3%20million%20to%20exploit%3C%2Fh2%3E%3Cp%3EAlex%20Protocol%2C%20a%20Bitcoin%20decentralized%20finance%20(DeFi)%20platform%20on%20the%20Stacks%20blockchain%2C%20suffered%20an%20exploit%20on%20June%206%2C%20resulting%20in%20%248.3%20million%20in%20digital%20asset%20losses.%20%20%3C%2Fp%3E%3Cp%3EIn%20an%20X%20announcement%2C%20Alex%20Protocol%20said%20the%20breach%20was%20caused%20by%20a%20vulnerability%20in%20its%20self-listing%20verification%20logic.%20The%20attacker%20used%20the%20flaw%20to%20drain%20liquidity%20from%20several%20asset%20pools.%20%3C%2Fp%3E%3Cp%3EThe%20Bitcoin%20DeFi%20platform%20said%20the%20attackers%20siphoned%20about%208.4%20million%20Stacks%20(STX)%20tokens%2C%2021.85%20Stacks%20Bitcoin%20(sBTC)%2C%20149%2C850%20in%20USDC%20(USDC)%20and%20USDt%20(USDT)%2C%20and%202.8%20Wrapped%20Bitcoin%20(WBTC).%20The%20incident%20is%20one%20of%20the%20largest%20exploits%20in%20the%20Stacks%20ecosystem%20to%20date.%3C%2Fp%3E%3Cp%3EIn%20response%20to%20the%20incident%2C%20Alex%20Lab%20Foundation%2C%20the%20organization%20supporting%20the%20protocol%2C%20pledged%20to%20fully%20reimburse%20affected%20users%20using%20its%20treasury%20reserves.%20%3C%2Fp%3E%3Cp%3ECointelegraph%20reached%20out%20to%20Alex%20Protocol%20through%20its%20X%20account%20but%20did%20not%20receive%20a%20response%20by%20the%20time%20of%20publication.%3C%2Fp%3E%3Ch2%3ESpot%20Ether%20ETFs%2015-day%20inflow%20streak%20accumulates%20%24837.5%20million%20inflows%3C%2Fh2%3E%3Cp%3EUS-based%20spot%20Ether%20exchange-traded%20funds%20(ETFs)%20have%20just%20recorded%20a%20third%20consecutive%20trading%20week%20of%20inflows.%20If%20next%20week%20follows%20suit%2C%20the%20current%20inflow%20streak%20alone%20may%20surpass%20%241%20billion%20in%20total%20inflows.%3C%2Fp%3E%3Cp%3EOn%20June%206%2C%20spot%20Ether%20(ETH)%20ETFs%20posted%20%2425.3%20million%20inflows%20for%20the%20trading%20day%2C%20extending%20the%20streak%20to%2015%20consecutive%20inflow%20days%2C%20according%20to%20Farside%20data.%20%3C%2Fp%3E%3Cp%3EThe%20current%20inflow%20streak%20since%20May%2016%20has%20now%20brought%20in%20%24837.5%20million%2C%20roughly%2025%25%20of%20the%20total%20%243.32%20billion%20in%20net%20inflows%20since%20spot%20Ether%20ETFs%20launched%20in%20July%202024.%3C%2Fp%3E%3Cp%3EIf%20the%20pattern%20continues%20into%20the%20coming%20week%2C%20an%20additional%20%24162.5%20million%20in%20inflows%20would%20push%20the%20streak%E2%80%99s%20total%20to%20%241%20billion.%3C%2Fp%3E

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