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Taps

Cetus Reveals Recovery Plan, Taps SUI for Bridge Loan

by admin May 28, 2025

Six days after a $223 million exploit shook the Sui ecosystem, decentralized exchange Cetus has announced a recovery initiative that would override hacker-controlled wallets through a protocol-level upgrade, if the community approves it.

The vote will determine whether $162 million in frozen funds can be forcefully reclaimed from the attacker’s wallets via a protocol-level upgrade as part of Cetus’s “larger recovery plan.”

Cetus has requested a community driven vote to recover the funds frozen following last week’s hack.

In response, the Sui Foundation has released code for an onchain community vote. Sui validators can cast votes, and Sui holders can also vote directly through stake delegation.… https://t.co/pVLTItN0MH

— Sui (@SuiNetwork) May 27, 2025

“Using our cash and token treasuries, we are now in a position to fully cover the stolen assets currently off-chain,” Cetus tweeted on Tuesday. “This includes a critical loan from the Sui Foundation, making a 100% recovery for all affected users possible.”

The recovery plan follows a recent attack on Cetus that exploited flaws in DEX’s automated market maker and oracle logic, enabling hackers to drain liquidity pools across the network.

A community vote, launched at 1 p.m. PT on May 27 and open for up to seven days, will decide whether to authorize a protocol upgrade that reclaims the frozen funds without the hacker’s signature.

If approved, the assets will be moved into a 4-of-6 multisig wallet jointly controlled by Cetus, auditing firm OtterSec, and the Sui Foundation, according to a statement from Sui.

SUI holders can delegate their stake to validators who vote “yes,” “no,” or “abstain.” The Foundation’s own stake is excluded to preserve neutrality.

The upgrade will only pass if over 50% of the total stake participates and a majority votes in favor.

As of early Wednesday morning, 37.3% had voted “yes,” with zero “no” votes recorded. The remaining 62.7% of votes have not been cast.

The vote can close early if the result becomes mathematically decisive after the initial 48-hour period.

If passed, the protocol upgrade will permit aliased addresses to perform exactly two transactions, one for each hacker-controlled wallet. These transactions will transfer funds into the multisig wallet.

The Cetus exploit occurred due to a critical flaw in overflow protection, where a faulty bitwise truncation check allowed attackers to bypass safeguards and manipulate liquidity calculations, according to a post-mortem report from blockchain security firm Dedaub.

Blockchain analytics firm PeckShield confirmed last Thursday that $61.5 million of stolen funds in USDC has since been bridged to Ethereum; the rest remains frozen on Sui.

Sui (SUI) is up 6.9% in the last 24 hours, to $3.70 after falling sharply from $4.18 to $3.82 in the immediate aftermath of the Cetus exploit, CoinGecko data shows.

Edited by Sebastian Sinclair

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May 28, 2025 0 comments

Crypto Trends

Maple Finance taps Cantor for Bitcoin-backed credit

by admin May 27, 2025

Maple Finance has closed the first tranche of a Bitcoin-backed financing facility from global investment bank Cantor Fitzgerald.

The deal is part of Cantor’s $2 billion Bitcoin financing initiative, which also included a facility for FalconX. The program aims to provide institutional leverage against Bitcoin (BTC) holdings, reviving confidence in crypto lending after collapses like Celsius and BlockFi in 2022.

“This financing facility through Cantor enables Maple to accelerate its growth and expand its reach as a provider of digital asset credit,” said Sidney Powell, CEO and Co-Founder of Maple, in a note to crypto.news.

The company positions itself as a crypto-native asset manager with institutional experience, targeting rising demand for regulated crypto credit access.

It’s time to ‘unlock Bitcoin’s full potential’

Cantor, now active in several crypto-focused ventures—including a partnership with Tether and SoftBank to launch Bitcoin accumulator Twenty One Capital—views this initiative as a strategic move to scale digital asset finance.

“We are excited to unlock Bitcoin’s full potential and continue bridging the gap between traditional finance and digital assets,” said Michael Cunningham, Head of Bitcoin Financing at Cantor.

Anchorage Digital served as custodian on the Maple Finance (SYRUP) transaction, ensuring regulated settlement and storage of the Bitcoin collateral.

Crypto-backed lending markets are showing signs of recovery, with total outstanding loans rebounding to $36.5 billion by Q4 2024, up from a post-crash low but still under the 2021 peak of $64.4 billion, according to Galaxy Research.

Maple’s participation in Cantor’s facility signals renewed momentum in institutional crypto lending, driven by structured financing and renewed market confidence.

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May 27, 2025 0 comments

NFT Gaming

FIFA taps Avalanche to launch dedicated blockchain for NFT platform

by admin May 23, 2025

The Federation Internationale de Football Association (FIFA) has selected Avalanche to power its dedicated blockchain network for non-fungible tokens and digital fan engagement, the organization announced on May 22.

FIFA’s layer-1 (L1) blockchain will be powered by the Avalanche network’s scalability-focused infrastructure for the association’s five billion fans worldwide.

The move comes nearly a month after FIFA announced its initial plans to launch a new network for its blockchain-based collectibles. AvaCloud’s Ethereum Virtual Machine (EVM) compatibility will enable smoother integration with decentralized wallets and applications.

Related: Bitcoin hits new all-time high of $109K as trade war tensions ease

The move will enable FIFA to deliver “unique digital collectibles and immersive fan experiences, powered by the speed, scalability, and EVM compatibility,” according to Francesco Abbate, CEO of Modex and FIFA Collect.

“The decision was based on a rigorous analysis of key factors including performance, security, transaction fees, customizability, and scalability,” Abbate stated in a May 22 announcement shared with Cointelegraph.

Related: Bitcoin volatility lowest in 563 days, Hayes predicts $1M BTC by 2028

FIFA Collect begins migration to Avalanche

As part of the rollout, FIFA will migrate its NFT marketplace and NFT collection, FIFA Collect, to the new Avalanche-powered FIFA Blockchain.

FIFA added that “future plans and business cases are planned but not yet publicly disclosed.”

Following the migration, external Algorand-based wallets such as Pera and Defly will no longer be supported. Instead, users will be able to connect to FIFA Collect via MetaMask or other EVM wallets that support WalletConnect.

FIFA launched its NFT collection ahead of the 2023 Club World Cup in Saudi Arabia in collaboration with blockchain firm Modex.

Source: EntertheMythos

In November 2024, FIFA partnered with blockchain gaming studio Mythical Games to launch FIFA Rivals, a free-to-play soccer game for iOS and Android.

Magazine: Bitcoin $100K hopes on ice, SBF’s mysterious prison move: Hodler’s Digest, April 20 – 26

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May 23, 2025 0 comments

Crypto Trends

Sei Development Foundation taps Jamie Finn as strategic advisor

by admin May 20, 2025

Sei Development Foundation has appointed Jamie Finn, a veteran fintech entrepreneur and co-founder of Securitize as a strategic advisor.

Sei Development Foundation, a non-profit focused on the development and adoption of Sei (SEI), announced the appointment on May 20, 2025.

“Jamie brings a rare combination of institutional credibility, deep technical insight, and hands-on experience building real-world asset platforms,” commented Justin Barlow, executive director at the Sei Development Foundation.

As Sei Development Foundation’s new advisor Finn’s key areas of collaboration will include the topic of strategic growth and adoption of real-world assets on the Sei blockchain network.

Finn’s expertise and experience will be crucial for Sei RWA approach, having been a key figure across blockchain technology, digital assets and finance sectors.

His role will also include exploring potential partnerships.

In a comment about the market, Jamie Finn said:

“Sei’s performance and developer-first approach make it a compelling platform for tokenized RWA strategies that are scalable, compliant, and institutional-grade. I’m excited to support the Sei Development Foundation in building the infrastructure needed to bridge capital, grow market access, and drive sustainable adoption of tokenized assets and beyond.”

The appointment of Jamie Finn comes a day after another major development related to Sei- the launch of Sei Giga.

On May 19, the Sei Labs team revealed the release of Sei Giga whitepaper as it looks to unveil the first multi-proposer Ethereum Virtual Machine layer 1 blockchain.The Sei mainnet went live in 2023, and its rapid growth includes the processing of billions of dollars worth of transactions.

The Giga update aims at bolstering Sei performance, bumping this metric by over 50x.

Sei’s native token traded in the red at the time of writing, down 0.3% on the day. The cryptocurrency’s price has dropped by more than 16% in the past week.

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May 20, 2025 0 comments

NFT Gaming

Bitcoin Taps $106,000 Before Tumbling as Ethereum Dips

by admin May 19, 2025

In brief

Bitcoin hit $106,000 before slipping 3.8% to $102,450 in a matter of hours
Ethereum tumbled 4.3% on Monday to $2,400, prompting $264.4 million worth of liquidations
The Federal Reserve warned that Trump’s tariffs could cause inflation to rise, with Walmart also increasing its prices due to the trade war.

Leading cryptocurrency Bitcoin has had a volatile start to the week as it rose 2.5% from $103,850 to $106,500 before slumping 3.8% to $102,450 on Monday.

With Bitcoin’s major moves $178.46 million worth of positions have been liquidated over the past 24 hours, according to CoinGlass, with a fairly equal split between long and short positions.

This comes as a class action lawsuit was filed against MicroStrategy, the firm led by Michael Saylor that is bullishly acquiring Bitcoin, claiming that the firm is misleading investors—a matter of hours later the company announced the acquisition of $764.9 million worth of BTC.

Plus, an Australian judge ruled that Bitcoin is a form of money, according to the Australian Financial Review. That will potentially open the door to Bitcoin being exempt from capital gains tax.

Meanwhile, Ethereum has tumbled 4.3% on the day from $2,500 to $2,400 after what was considered a great month for the second largest cryptocurrency. As such $264.40 million worth of Ethereum positions have been liquidated, according to CoinGlass, with $205.28 million of these being longs.

This follows a month of green action for most of the crypto industry, as President Trump’s trade war appears to be coming to a close.

At the start of May, the U.S. and the UK agreed on a trade deal in what the UK Treasury minister called a “huge relief.” Then, last week, China reached an agreement with the States prompting a major roll back in tariffs between the countries.

However, inflation concerns have resurfaced following the Federal Reserve keeping its benchmark interest rate at 4.25% to 4.50%, with no sign of an immediate shift in policy—despite criticism from Trump. The Fed also warned that the risk of higher inflation and unemployment were rising due to Trump’s tariff war.

These concerns were compounded last week by Walmart announcing plans to raise prices this month, due to the impact that tariffs had on imports.

This may explain why Bitcoin has had such a surprisingly volatile week. It hit a weekly low of $101,750 on Tuesday followed by multiple peaks and troughs before hitting $106,500 high on Monday, and slumping back to $102,450 hours later.

Despite Bitcoin’s 1.4% drop on the day, according to CoinGecko, it remains just 5.8% from its all-time high of $108,786 hit in January of this year. Ethereum, by comparison, is still 50.9% from its all-time high of $4,878 achieved in 2021.

Edited by Stacy Elliott.

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May 19, 2025 0 comments