A $200 million-plus exploit focusing on Cetus, a decentralized trade on the Sui community, has reignited debate over decentralization in blockchain protocols after Sui validators collectively froze $162 million of the stolen funds.
Some decentralization advocates referred to as foul, criticizing Sui validators’ skill to pause fund transfers on the blockchain as an indication of centralization. Different buyers applauded the fast response and coordination in opposition to the attackers.
Business watchers at the moment are ready for Cetus to provoke its restoration roadmap after the Sui governance vote for returning the frozen $162 million was handed on Might 29.
Sui group passes vote to repay $162 million to Cetus exploit victims
Sui validators accepted a governance proposal to return $162 million in frozen belongings linked to a current exploit of the decentralized trade Cetus, marking a key step towards full consumer compensation.
Cetus was exploited for over $220 million value of digital belongings on Might 22, however validators managed to freeze $162 million of the funds shortly after the incident.
In a governance vote concluded on Might 29, Sui validators handed the restoration proposal with 90.9% voting in favor, 1.5% abstaining and seven.2% not taking part, based on the community’s official governance web page.
“With this consequence, the impacted funds might be moved to a multisig pockets and held in belief till they are often returned to customers based on the plan led by Cetus,” Sui mentioned in a Might 29 X put up.
The choice follows debate inside the crypto group over the function of validators in freezing onchain funds.
Proceed studying
No extra ETH dumps? Ethereum Basis turns to DeFi for money
The Ethereum Basis (EF) has borrowed $2 million in GHO, a decentralized stablecoin developed by Aave, in a transfer signaling deeper engagement with decentralized finance (DeFi) methods.
In a Might 29 X put up, Aave founder Stani Kulechov mentioned the muse borrowed $2 million in GHO tokens. “The EF shouldn’t be solely supplying ETH to Aave, but additionally borrowing from Aave,” Kulechov wrote, describing the event as “the complete DeFi circle.”
GHO is a decentralized, overcollateralized stablecoin native to the Aave Protocol. In contrast to centralized stablecoins, GHO is ruled by Aave’s decentralized autonomous group (DAO), which oversees rates of interest, collateral necessities and facilitator choice.
The transfer highlights the EF’s rising engagement with the DeFi ecosystem, transferring towards extra refined treasury methods.
The inspiration didn’t instantly reply to a request for remark.
Proceed studying
Hyperliquid dealer James Wynn goes “all-in” on $1.25 billion Bitcoin lengthy
Effectively-known Hyperliquid dealer James Wynn has elevated his 40x leverage lengthy Bitcoin guess to $1.25 billion after closing his PEPE place for a $25.2 million revenue.
On Might 24, Lookonchain reported that Wynn entered an 11,588 BTC place with a mean entry value of $108,243 and a liquidation degree of $105,180.
The transfer got here hours after Wynn exited his Ether (ETH) and Sui (SUI) longs at a $5.3 million loss. On the time, he used the proceedings to double down on Bitcoin (BTC), growing his place to 11,070 BTC.
Wynn started his Bitcoin lengthy place with $830 million on Might 21, trimming $400 million in earnings the identical day. By Might 22, he ramped the place again as much as $1.1 billion, holding excessive leverage as BTC crossed $110,000 and gained $39 million on paper. He later bought 540 BTC for $60 million, securing a $1.5 million revenue.
Proceed studying
Decentralized AI might be “greater than Bitcoin” — DNA Fund CEO Chris Miglino
A few of blockchain’s earliest adopters at the moment are deeply “entrenching” themselves in decentralized AI, with ecosystems like Bittensor (TAO) rising as development engines. These platforms are reshaping conventional enterprise capital fashions, enabling one of the best concepts to organically appeal to group assist, staking and liquidity with out the necessity for institutional gatekeepers.
That was one of many key takeaways from Cointelegraph’s interview with Chris Miglino, the co-founder and CEO of DNA Fund, a digital asset funding agency he runs alongside fellow serial entrepreneurs Brock Peirce and Scott Walker.
DNA Fund manages, amongst different issues, 5 distinct funds throughout a variety of methods, corresponding to a high-yield fund, an algorithmic buying and selling fund, an AI compute fund, a liquid token fund and a enterprise fund — serving each firm and investor capital.
Miglino, who hosted Cointelegraph at a DNA Home occasion through the Consensus convention in Toronto, Canada, was notably excited concerning the agency’s AI compute fund.
“The most important factor that we’re engaged on in the entire ecosystem is our AI compute fund, the place we’ve been entrenched into the TAO ecosystem,” mentioned Miglino, referring to Bittensor, a decentralized, open-source machine studying community.
Proceed studying
Decentralizing telecom advantages small companies and telcos — Web3 exec
Decentralizing telecommunication networks financially advantages small companies and telecom companies alike, based on Frank Mong, the chief working officer of Nova Labs, the founding crew behind the Helium wi-fi decentralized bodily infrastructure (DePIN) community.
In an interview with Cointelegraph at Consensus 2025 in Toronto, Mong mentioned that small companies together with bars, eating places, comfort shops and different native operators can generate income by internet hosting wi-fi hotspots and increasing community protection.
Giant telecommunication firms and repair suppliers may also faucet into the Helium Community’s telemetry to cut back operational prices and increase community protection in lifeless zones.
“It prices about $300,000 for a telecom firm to face up one tower; you want one per block for 5G to work successfully,” Mong informed Cointelegraph, including:
“As an alternative of doing that and making telephone plans costlier, what if anybody with a helpful WiFi community shares that WiFi and permits, not simply anybody to make use of it securely, however permits massive firms like AT&T to see the telemetry of that community.”
Decentralized bodily infrastructure networks proceed to be examples of how blockchain applied sciences can present real-world worth and make current infrastructure extra resilient to outages, disruptions, censorship and significant failure.
Proceed studying
DeFi market overview
In accordance with information from Cointelegraph Markets Professional and TradingView, many of the 100 largest cryptocurrencies by market capitalization ended the week within the purple.
Common memecoin Fartcoin (FARTCOIN) fell over 28% because the week’s greatest loser within the high 100, adopted by the Pudgy Penguins (PENGU) token, down over 23% on the weekly chart.
Thanks for studying our abstract of this week’s most impactful DeFi developments. Be part of us subsequent Friday for extra tales, insights and training concerning this dynamically advancing house.
