Here’s what happened in crypto today
Crypto exchange Kraken is reportedly considering dropping support for Tether 
USDTUSD in Europe. More than 80% of the tokens listed on crypto exchange Binance over the past six months have fallen in value compared to their listing price. Meanwhile, Solana memecoin tool pump.fun says an ex-worker.
Kraken weighs dropping USDT in Europe: Report
United States crypto exchange Kraken is considering removing support for the USDT stablecoin in the European Union ahead of the implementation of the Markets in Crypto-Assets Regulation (MiCA).
As Bloomberg reported, Kraken is “actively reviewing” plans to comply with MiCA. Kraken’s global head of regulatory strategy, Marcus Hughes, told Bloomberg that many options are on the table, not just limiting activity related to Tether.
“We’re absolutely planning for all eventualities, including situations where it’s just not tenable to list specific tokens such as USDT," he said. "It’s something that we’re actively reviewing, and as the position becomes clearer, we can take firm decisions on that.”
Tether CEO Paolo Ardoino has criticized MiCA. In a recent interview, he said Tether doesn't plan on being regulated under the framework. “Very few banks accept this type of business in Europe. It’s already very difficult to get just one!" he said.
Over 80% recent Binance token listings are bleeding red
Looking at all the new listing of the past 6 months on Binance, crypto and macro researcher Flow noted that over 80% of tokens are down from their listing date.
From the 31 analyzed tokens, only five coins have appreciated, including the new memecoin (MEME), the Ordi token (ORDI), Solana-based Jupiter (JUP), and Jito (JTO), as well as Dogwifhat (WIF), according to pseudonymous crypto researcher Flow’s May 17 X post.
Ex-employee behind $2M pump.fun exploit, project claims
Memecoin creation tool pump.fun alleged a former employee exploited it for $1.9 million using their “privileged position” to access a “withdraw authority” and compromise the protocol’s systems.
About $1.9 million was stolen from the total $45 million held in pump.fun’s bonding curve contracts leading it to temporarily pause trading.
In a series of cryptic posts, the X user STACCoverflow claimed they were “about to change the course of history. n [sic] then rot in jail.” They added they “do not care, I am already fully doxxed.”
In an earlier X post, pump.fun said it has been collaborating with law enforcement. It did not name the former employee
The alleged exploiter used flash loans on a lending protocol Raydium to borrow Solana (SOL) then used to “buy as many coins” as possible and once they hit 100% on their respective bonding curves, the exploiter could access the bonding curve liquidity and repay the flash loans, pump.fun said.
Additional reporting by Geraint Price, Sam Bourgi and Felix Ng.