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The decentralization of the Layer-1 blockchain Sui network is being questioned after its major DeFi platform, Cetus Protocol, called for an upgrade to recover stolen funds. Cetus had been hacked for over $222 million, but Sui Validators were able to freeze $162 million of the stolen funds. According to Sui Network , the validators could freeze the funds by ignoring transactions from the two addresses tied to the attack, effectively preventing the attacker from bridging out all the stolen funds. However, Cetus protocol has requested a network upgrade to regain the frozen funds. The decentralized exchange and liquidity provider called for a community vote to decide on the upgrade. The Sui Network team described the request as extraordinary, noting that Cetus desperately needs funds. Thus, it has agreed to let the vote happen on the condition that the Sui Foundation abstain from voting to remain neutral and that Cetus must publicly commit to returning all lost funds to users. Meanwhile, the Cetus team noted that it needs the recovered funds to repay users who lost assets to the hack while efforts to recover the remaining $60 million are ongoing. However, it acknowledged that it would respect the decision of the community. It wrote: “No one can make this decision unilaterally. We propose an on-chain vote involving the network’s major participants, including validators and SUI stakers, to decide. We want to recover and return the stolen funds, but we will respect whatever the community decides.” However, the upgrade’s scope is unclear. Sui Network had said it would not roll back the chain history or reverse transactions. It added that the design details and code for the vote will soon be shared. So far, most of the reactions to the possible upgrade have been negative, with many users concerned such an upgrade could make the network lose trust as a decentralized protocol. Others added that rolling back or upgrading the network to recover the loss would be wrong. They claimed that Cetus was well aware of the flaws in its smart contracts since last year, when they were exploited at a smaller scale with memecoins but failed to act. Thus, the protocol should cover the losses itself. Meanwhile, some users think the voting itself might be a charade. They noted that only 3.2% of SUI supply went to the public while half went to venture capital firms and insiders who have been staking all their tokens. Thus, they believe that these VC firms will determine the outcome of the vote, and individual stakers will not influence the final decision. Interestingly, some users have criticized validators’ efforts to freeze funds, saying it amounts to censorship and defeats true decentralization. However, the team clarified that any validator on any network can decide to ignore transactions, and if enough of them do it, the transaction fails. Despite the overwhelming opposition, several people still believe it is the best decision as it will ensure that Cetus users get their funds back. One user even recommended that founders and stakeholders with liquidity pools on Cetus decide, since they have a stake in the outcome. While debates continue over whether Sui should have the network upgrade, the network native token SUI is down 6.57% to $3.63 in the last 24 hours. Its decline is due to broader market struggles with price corrections after BTC set a new peak price of around $112,000. However, the Cetus hack also contributed to the SUI drop, with the token dropping more than 13% from $4.19 to $3.62 the day after the incident. The CETUS token is not doing any better. Due to the incident, it is down 5% today and more than 17% in the past week. It is trading at $0.1640 at press time. Your crypto news deserves attention - KEY Difference Wire puts you on 250+ top sites

The crypto market took a sharp downturn after President Donald Trump announced his plan to impose a “straight 50% tariff on the European Union” starting next month. This bold trade threat sent shockwaves across global markets—especially risk-on assets like Bitcoin and altcoins. Total market cap in USD - TradingView The total crypto market cap dropped 3% in the past 24 hours, with Bitcoin and major altcoins posting red candles. But why did crypto crash so suddenly, and is this the start of a deeper correction? In an unexpected turn, President Trump’s announcement on stalled trade negotiations with the EU came with a bold proposal—50% tariffs starting next month. The crypto community reacted instantly, interpreting the move as a potential catalyst for macroeconomic uncertainty and market volatility. Bitcoin ( BTC ), often dubbed digital gold during uncertain times, failed to act as a safe haven this time. The asset slipped 2.27% over the last 24 hours, now trading at $108,247.81, despite still being up 4.71% over the past week. Altcoins mirrored Bitcoin’s decline, with Ethereum ( ETH ), XRP, Solana ( SOL ), and Cardano ( ADA ) all dipping on the day: Even Dogecoin ( DOGE ), which has recently been riding a memecoin rally, fell sharply after gaining traction earlier this week. Adding fuel to the fire, President Trump also hosted a private dinner for top holders of his own memecoin, $TRUMP , raising eyebrows and ethics questions from some Democrats. The event, while symbolic, stirred confusion in already jittery markets, as investors questioned the merging of political influence and crypto promotion. Despite the crash, the crypto market remains in a broader bullish structure. Bitcoin is still trading above key support levels, and institutional interest remains strong. However, short-term uncertainty due to geopolitical risks—especially trade wars and regulatory speculation—could continue to weigh on prices. The coming days will be critical. If Bitcoin can hold above the $105K support zone and Ethereum defends the $2.5K level, traders may regain confidence. Otherwise, we could see further downside before the market stabilizes. The crypto market took a sharp downturn after President Donald Trump announced his plan to impose a “straight 50% tariff on the European Union” starting next month. This bold trade threat sent shockwaves across global markets—especially risk-on assets like Bitcoin and altcoins. Total market cap in USD - TradingView The total crypto market cap dropped 3% in the past 24 hours, with Bitcoin and major altcoins posting red candles. But why did crypto crash so suddenly, and is this the start of a deeper correction? In an unexpected turn, President Trump’s announcement on stalled trade negotiations with the EU came with a bold proposal—50% tariffs starting next month. The crypto community reacted instantly, interpreting the move as a potential catalyst for macroeconomic uncertainty and market volatility. Bitcoin ( BTC ), often dubbed digital gold during uncertain times, failed to act as a safe haven this time. The asset slipped 2.27% over the last 24 hours, now trading at $108,247.81, despite still being up 4.71% over the past week. Altcoins mirrored Bitcoin’s decline, with Ethereum ( ETH ), XRP, Solana ( SOL ), and Cardano ( ADA ) all dipping on the day: Even Dogecoin ( DOGE ), which has recently been riding a memecoin rally, fell sharply after gaining traction earlier this week. Adding fuel to the fire, President Trump also hosted a private dinner for top holders of his own memecoin, $TRUMP , raising eyebrows and ethics questions from some Democrats. The event, while symbolic, stirred confusion in already jittery markets, as investors questioned the merging of political influence and crypto promotion. Despite the crash, the crypto market remains in a broader bullish structure. Bitcoin is still trading above key support levels, and institutional interest remains strong. However, short-term uncertainty due to geopolitical risks—especially trade wars and regulatory speculation—could continue to weigh on prices. The coming days will be critical. If Bitcoin can hold above the $105K support zone and Ethereum defends the $2.5K level, traders may regain confidence. Otherwise, we could see further downside before the market stabilizes.

$B rubbish coin that act without any sense

Folks, I’m back with your weekly crypto round-up and trust me, you’re going to want to pay attention to this one.  This week has been a wild ride for investors and enthusiasts. Big headlines. Big consequences. We’ve seen it all – from political power plays to million-dollar scandals. All of these are powerful signals hinting at where the industry is really heading. So, if you blinked, you’ve missed a lot.  We’ll dive into what happened these past few days and why it matters for you. Let’s go!  #1 Trump’s $TRUMP Crypto Dinner Drama  Justin Sun, the crypto billionaire who once dodged the US spotlight fearing arrest, stepped back into the limelight – this time as a VIP at Donald Trump’s exclusive gala dinner. Sun, proudly holding the biggest stash of Trump’s $TRUMP memecoin, showed up amid protests shouting “shame.” Trump himself took the stage, blaming the previous administration for making life miserable for crypto insiders, calling it a “disgrace.”  Sun flashed over $1.3 million in $TRUMP holdings and a flashy “Trump Golden Tourbillion” watch. Predictably, Democrats like Senator Elizabeth Warren called it “an orgy of corruption”. Phew. #2 Sui’s $260M Crypto Heist: What Went Down? Sui’s largest decentralized exchange, Cetus Protocol, was hit with a $260 million hack that sent shockwaves through the SUI ecosystem. The attacker exploited fake tokens like BULLA to mess with liquidity pools and drain assets, including 12.9 million SUI and $60 million in USDC.  They then tried laundering the loot by swapping a big chunk of USDC for 21,938 ETH. Cetus jumped on damage control, pausing smart contracts and launching a full probe.  Meanwhile, SUI’s price took a hit, dropping about 15% to $3.90. The scramble is on to recover funds and shore up security. #3 GENIUS Act (Finally) Breaks Ground in Stablecoin Law The U.S. Senate just cleared a major hurdle by advancing the GENIUS Act with a 66-32 vote – the first stablecoin bill to make it this far. This bipartisan win came after last-minute tweaks and pressure from crypto advocates like Stand With Crypto.  The bill lets private firms issue stablecoins and demands full backing with dollars or Treasury bills. While it bars foreign stablecoins on U.S. centralized exchanges, decentralized platforms remain untouched.  Critics say the revisions are mostly cosmetic, leaving loopholes like weak data safeguards and possible regulatory capture. Big moves, but is it enough? #4 Pi Network’s $8M Scam: Pump, Dump, and Investor Fury! Pi Network is under fire with explosive $8 billion scam allegations after insiders reportedly dumped 12 million PI tokens. Blockchain sleuth Atlas points to a classic pump-and-dump move – sharp price surges followed by a brutal 50% crash post-May 14.  Despite a bullish spike fueled by an 86 million token withdrawal from OKX (hinting at strong holder confidence), the price has since slumped to $0.79. The project also battles criticism over exchange listings, token distribution, and node centralization, raising serious questions about its future. Is it the end of the road for Pi? I hope not.  #5 Blum Co-Founder Detained in Russia Big news out of Russia – Vladimir Smerkis, co-founder of the Telegram-based crypto project Blum and former head of Binance Russia, has been arrested in Moscow on large-scale fraud suspicions. The heat comes from his previous ventures, The Token Fund and Tokenbox, where investors reportedly lost around $15 million.  While the investigation is ongoing and no formal charges are out yet, Russian courts have approved his detention. Blum quickly clarified that Smerkis resigned and is no longer connected to the project, distancing themselves from the scandal. #6 Cardano CEO Fires Back at $600M Allegations Charles Hoskinson is pushing back hard against claims he misused $600 million worth of ADA tokens. The drama centers on accusations that during Cardano’s 2021 Allegra hard fork, Hoskinson used a “genesis key” to control 619 million ADA. But he says most of the 350 million ADA involved were already redeemed over seven years, with the leftovers donated to Intersect, a Cardano-affiliated org.  Feeling “deeply hurt” by the distrust, Hoskinson plans to release an audit report and might hand over his social channels to a media team to clear the air. #7 Nasdaq Welcomes First Ever XRP Futures ETF The wait is over – XRP stepped into the ETF spotlight with the launch of Volatility Shares’ XRPI ETF, trading on Nasdaq. This 1x XRP futures ETF offers a safer, measured way to access Ripple’s price action without holding the token directly. Analyst Eric Balchunas called it a “good signal” of growing demand for crypto investment vehicles.  With leveraged XRP ETFs already firing up interest and CME’s recent XRP futures rollout, XRPI marks a new phase in XRP’s journey. I’m loving this one!  #8 MSTR Holdings Surge as States Seek Bitcoin Proxy 14 US states revealed a collective $632 million stake in MicroStrategy (MSTR) during Q1 2025, marking a 42% jump from the previous quarter. California leads with $276 million, followed by Florida and North Carolina. Utah’s holdings skyrocketed 184%, while Wisconsin sold its $300 million Bitcoin ETF stake, increasing MSTR instead.  This shows states prefer indirect Bitcoin exposure through MicroStrategy’s massive 576,230 BTC stash, avoiding direct crypto ownership complexities.  #9 Who’s Buying USDC? Circle’s Next Move Circle, the powerhouse behind USDC, is stirring the pot with a $5 billion valuation price tag as it entertains acquisition talks. Ripple and Coinbase have both stepped into the ring, but Circle shot down Ripple’s XRP-heavy bid, citing concerns over liquidity and valuation mechanics.  Meanwhile, talks with Coinbase are reportedly friendlier – “If Coinbase wanted to buy them, Circle would sell in a second,” insiders say. Despite these moves, Circle’s IPO ambitions remain alive but shaky, as broader market volatility and trade policies push the company to rethink timing. Big questions loom over USDC’s future path. #10 Texas Bitcoin Reserve Bill Passed Texas just got one step closer to becoming America’s Bitcoin bull state. Senate Bill 21 – which would establish a state-run Bitcoin Reserve – passed its final House vote, clearing 101-42. All that’s left is Governor Abbott’s signature, and the signs are strong.  He even shared the proposal on X, and crypto voices like Kyle Chassé are already calling it: “It’s happening.” If Abbott signs before the June 2 deadline, Texas will follow New Hampshire as the second U.S. state with its own BTC stash. Trump’s vision is shaping up quite well.  In the Spotlight  Here’s a few quick hits you shouldn’t miss!  HSBC Goes Live with Tokenized Deposits: HSBC has officially launched its Tokenised Deposit Service in Hong Kong, enabling 24/7 fund transfers using blockchain tech. Ant International led the charge as the first client to go live. A Wall Street Stablecoin? Yep, It’s Being Discussed: Some of the biggest U.S. banks – including JPMorgan, Citi, and Wells Fargo – are reportedly discussing a joint stablecoin venture, according to WSJ. Early talks, but major implications if it lands. Crypto Meets Stocks, Powered by USDT: Bybit just launched stock trading with USDT via Metatrader 5, giving users access to Apple, Tesla, gold, forex, and crypto from one account. Multi-market action at its best. CZ Slams Trump Crypto Allegations: CZ has slammed the Wall Street Journal for linking him to Trump-backed crypto dealings, calling the report a “hit piece.” He flatly denied acting as a “fixer” or brokering any WLF meetings. Semler Bets the House on Bitcoin: Semler Scientific just dropped $50M on Bitcoin, boosting its stash to over 4,264 BTC. With losses mounting and a crypto-first strategy now official, this healthcare firm is betting big again. What’s Next for Crypto? Major shifts to expect ahead  With Texas and other U.S. states doubling down on MicroStrategy and BTC reserves, expect a growing wave of state-led crypto strategies. A formal Bitcoin reserve could become a blueprint for other red states, especially under pro-crypto leadership. The launch of the XRPI ETF on Nasdaq signals that altcoin futures ETFs are gaining traction. With CME backing XRP and Ethereum products next in line, this could bring mainstream capital to major alts fast. The GENIUS Act may have passed its Senate hurdle, but its foreign token ban and loose guardrails could trigger lawsuits, revisions, or even state-level pushback. Keep an eye on regulation updates to predict how the market might react.  Crypto never sleeps, and neither do we – catch you next week with the hottest moves and biggest surprises. Stay sharp!

Tether, the largest issuer of these digital tokens, says it will focus on markets beyond the United States as Congress further debates legislation to integrate stablecoins into the mainstream financial system. On Monday, the Senate advanced an industry-supported regulatory bill called the Genius Act. Meanwhile, the House Financial Services Committee has approved its stablecoin legislation, though the full House has not yet passed it. According to Paolo Ardoino, chief executive officer of Tether Holdings SA, they need to see how the Genius Act distinguishes between foreign and domestic issuers. He notes that their main interest will remain outside of the US.