Morning overview of the crypto market on June 22: Polymarket under suspicion, Secret Network hacked for $4.7 million, and Japanese pension fund enters crypto
The market started the day with sideways movement. Bitcoin (BTC) is trading around $63,889, with a daily low of $63,221 and a high of $64,712. Ethereum (ETH) is also flat at $1,731. In the top 10 by market cap, the best performer in the last 24 hours is Tron (+0.51%), and over the week, Solana (+3.49%). The worst performer in 24 hours is Hyperliquid (-5.97%), and over seven days, Dogecoin (-6.64%).
Top News: Polymarket Accused of Betting Manipulation
The prediction market platform Polymarket has found itself at the center of a scandal. An investigation revealed that the company paid dozens of bloggers to create content featuring fake bets and winnings on copies of its website. Of the 1,105 videos reviewed, none of the shown bets totaling approximately $1.9 million were real. In one video, a student demonstrated a "win" of $100,000 on a bet that was actually lost by over 50 users. For the shoots, Polymarket created fake websites, including some with similar domain names. Bloggers were paid $2,000–3,000 per month and asked not to disclose the collaboration. The company targeted Americans, even though Polymarket has been prohibited from working with users from the U.S. since 2022. This is the second scandal in a month: earlier, it was reported that the marketing director paid for undisclosed advertising through his personal PayPal. Polymarket has promised to audit its promotional content.
Hackers Exploit Secret Network Bridge for $4.67 Million
The hacker used a smart contract that did not verify the source of incoming transfers and created unbacked wrapped tokens — saUSDT, saUSDC, saWETH, saWBTC, and others. The attack occurred on June 10 but was only discovered a week later, after a transaction failed due to insufficient funds in a depleted account. The stolen assets were converted to ether and distributed across approximately 30 wallets, then withdrawn to exchanges. This hack is one of the largest in a series of June attacks, the number of which has exceeded 22.
Japanese Pension Fund Invests in Cryptocurrency
The National Corporate Pension Fund from Okayama, with assets of about 21.3 billion yen ($130 million), plans to allocate approximately 1% of its assets to purchase cryptocurrency in the 2026 fiscal year. The fund will invest in a passive fund managed by a major hedge fund that holds several crypto assets. The move is presented as part of a diversification strategy: currently, 80% of the fund's assets are denominated in yen, and 15% in dollars.
My Comment: The decision by the Japanese pension fund is a significant signal for institutional adoption of cryptocurrencies. Even a modest 1% of $130 million may seem insignificant, but it sets a precedent that could encourage other conservative investors to take similar steps. Amid hacks and scandals with Polymarket, the market continues to demonstrate maturity: institutions are coming despite the risks.