Today's Top Crypto Headlines:

Ethereum Restructures Core Team | Tether Gold on TON | Wynn’s $100M BTC Bet and more...

King Fatrick Gil Añasco
June 04, 2025

Good Morning Crypto Enthusiasts!

Glad to have you back for another edition of the UseTheBitcoin.com newsletter.

Ethereum Restructures Core Team: The Ethereum Foundation has restructured its Protocol Research & Development team, now called “Protocol,” to focus on scaling L1, expanding blobspace, and enhancing UX.
Tether Launches Gold Token on TON: Tether launched XAUt0, a gold-backed omnichain token on the TON blockchain, using LayerZero’s OFT standard.
💡Feature of the Day - Trader Wynn’s $100M BTC Bet: Crypto trader James Wynn took another $100M leveraged Bitcoin position after being liquidated days prior. He’s already down over $590K and risks liquidation if BTC falls below $103,630.

All this and more in today’s headlines!

📰 News Highlights:

Ethereum Restructures Core Team [Source][Source][Source][Source]

The Ethereum Foundation (EF) has restructured its core development unit, rebranding the Protocol Research & Development (PR&D) team to simply "Protocol."

Announcing Protocol
— Ethereum Foundation (@ethereumfndn)
7:22 PM • Jun 2, 2025

This move aims to sharpen focus on three strategic areas: scaling Ethereum’s base layer (L1), expanding blobspace for rollups, and improving user experience.

We are at a pivotal moment in Ethereum’s history. The network, and by extension its community, has a grand ambition to deliver the world computer exporting the values of verifiability and sovereignty to the entire world.
— stokes (@ralexstokes)
7:46 PM • Jun 2, 2025

In doing so, the EF laid off unspecified staff members, emphasizing a shift toward more streamlined and responsive protocol development.

Prominent figures like Tim Beiko and Alex Stokes have been reassigned to lead different focus areas under this revamped structure.

I’m thrilled to introduce Protocol: a new structure for @ethereumfndn’s R&D teams!
Our focus: scale L1, scale blobs, and improve UX, without compromising on Ethereum's core values.
The world is ready for the world computer. It's on us to deliver it.
— timbeiko.eth (@TimBeiko)
7:24 PM • Jun 2, 2025

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Tether Gold on TON [Source][Source][Source][Source]

Tether's unified liquidity network, USDT0, has launched an omnichain version of its gold-backed stablecoin, XAUt0, using LayerZero’s Omnichain Fungible Token standard.

XAUt0 is here.
@tethergold laid the groundwork for onchain gold. Now, it accelerates.
The most trusted gold-backed asset will be available on the world’s leading blockchains via a unified, frictionless liquidity layer – starting now with @ton_blockchain.
Your XAUt, anywhere.
— USDT0 (@USDT0_to)
2:11 PM • Jun 2, 2025

This innovation allows seamless crosschain transfers without wrapping or intermediaries and is initially deployed on the TON blockchain.

Built on @LayerZero_Core’s Omnichain Fungible Token (OFT) standard, just like USDT0, XAUt0 allows users to seamlessly and securely move their gold between chains while ensuring full 1:1 backing via XAUt’s physical holdings.
The first deployment of XAUt0 will take place on
— USDT0 (@USDT0_to)
2:11 PM • Jun 2, 2025

XAUt0 competes with other gold-backed stablecoins and investment tools, providing exposure to the gold market, which has surged amid global economic uncertainties.

There are currently over 7.7 tons of physical gold backing all XAUt in circulation, with a market capitalization of $770 million.
Each XAUt token represents ownership of one troy ounce of physical gold, backed 1:1 by one fine troy ounce of London Bullion Market
— USDT0 (@USDT0_to)
2:11 PM • Jun 2, 2025

Tether claims over 7.7 tons of gold back its XAUt token, currently worth over $832 million.

💡 Feature of the Day:

Wynn’s $100M Bet [Source][Source][Source][Source]

Crypto trader James Wynn has taken a second $100 million leveraged Bitcoin position just days after his previous trade was liquidated.

They’re coming for me again.

Liq price: 103,640

Buy the fucking dip.

Don’t let these evil bastards liquidate me.
— James Wynn (@JamesWynnReal)
1:26 PM • Jun 2, 2025

His current position risks liquidation if Bitcoin dips below $103,630 and is already showing a paper loss of over $590,000.

James Wynn opened another $100M BTC long
Within seconds the shady market makers dumped the price towards his liquidation price of $104,580
Why are they so desperate to see him lose? 🤔
— Gordon (@AltcoinGordon)
9:31 AM • Jun 2, 2025

Wynn believes his positions are being targeted by market makers, claiming on X that he’s being hunted by a "market-making cabal."

James Wynn, a multimillionaire gambler, is asking for more money to support his gambling.
Surprisingly, people are actually sending him money.
We might be looking at a list of the most retarded people ever.
— dethective (@dethective)
3:00 PM • Jun 2, 2025

His public disclosure of liquidation levels has fueled online debate about market manipulation.

The more these exchanges try and fuck me, the more I’m coming for them.

Multiple of my exchange accounts have been closed overnight. FOR NOTHING.

You know why? Because I’m pro decentralisation and anti corruption.

I’m pro HyperLiquid. I’m anti
Market making manipulation.
— James Wynn (@JamesWynnReal)
4:04 PM • May 31, 2025

Supporters have started donating stablecoins to help Wynn hold his position, with some contributions reaching up to $8,000.

Bearish momentum is weakening on the 8hr, 12hr and daily candles for $BTC.

Everyone will be caught off guard. The pumps will be ferocious. When bitcoin moves it moves hard and fast.
— James Wynn (@JamesWynnReal)
10:24 AM • Jun 3, 2025

He has promised to reimburse donors if he wins and alleges that crypto exchanges have closed his accounts without explanation.

😂 Crypto Meme of the Day:

Meme of the day provided by @coinmonks

And that’s it for this today.

See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com