From Sui’s Cetus Protocol Hack to Pi Community Rip-off allegations, here’s a roundup of the highest crypto tales you could have missed.
Sui’s Cetus Protocol hacked for $260M
Sui’s largest decentralized change, Cetus Protocol, was hacked for $260 million, triggering a serious disaster for the SUI ecosystem. The attacker exploited the platform utilizing pretend tokens like BULLA to control liquidity swimming pools and drain actual belongings, together with 12.9 million SUI and $60 million in USDC.
The hacker later transformed a big portion of the stolen USDC into 21,938 ETH, in an try to launder the funds. In response, Cetus instantly paused its sensible contracts and launched a full investigation, whereas the SUI token value dropped roughly 15%, falling to round $3.90.
Cetus is now targeted on harm management, recovering stolen belongings, and reinforcing ecosystem safety.
U.S. Senate Advances GENIUS Act
In a historic transfer, the U.S. Senate voted 66-32 to advance the Guiding and Establishing Nationwide Innovation for U.S. Stablecoins (GENIUS) Act to the Senate flooring, marking the primary time stablecoin laws has reached this stage.
This bipartisan breakthrough got here after last-minute revisions and political stress from pro-crypto teams like Stand With Crypto, which threatened to attain the vote. Whereas the revisions attracted sufficient assist to clear the 60-vote threshold, critics argue the adjustments had been largely superficial, designed extra to supply political cowl than tackle critical considerations.
The revised GENIUS Act introduces nominal oversight for Huge Tech-issued stablecoins by means of a brand new overview committee however leaves a number of loopholes intact, resembling weak information protections and potential regulatory seize. The invoice permits personal companies to subject stablecoins, and whereas it restricts overseas issuers from working on centralized exchanges, decentralized platforms stay unaffected.
Legislative options:
- Permits personal companies to subject stablecoins
- Empowers states to constitution stablecoin issuers
- Requires reserves to be absolutely backed by U.S. {dollars} and Treasury payments
- Mandates common audits and compliance with AML normal
Tether, a serious offshore stablecoin issuer, may face tighter restrictions. The laws bars overseas stablecoins from working on U.S.-based centralized exchanges except they meet U.S. compliance necessities.
Blum Co-founder Arrested in Russia
Vladimir Smerkis, co-founder of the Telegram-based crypto undertaking Blum and former head of Binance Russia, has been arrested in Moscow on allegations of large-scale fraud, in response to Russian state media TASS. The accusations reportedly stem from his earlier ventures, The Token Fund and Tokenbox, the place buyers allegedly misplaced round $15 million.
Whereas Smerkis stays beneath investigation and no formal fees have been confirmed, the courtroom has permitted his detention. Blum has clarified that Smerkis resigned and is not concerned with the undertaking in any capability.
Cardano CEO Denies $600M ADA Misuse Allegations
Charles Hoskinson, founding father of Cardano and CEO of Enter Output International (IOG), denied allegations that he misappropriated $600 million price of ADA tokens. The controversy stems from claims that Hoskinson used a “genesis key” throughout the 2021 Allegra laborious fork to control the Cardano ledger and achieve management over 619 million ADA.
In response, Hoskinson said that the overwhelming majority of the 350 million ADA in query had already been redeemed by unique consumers over a seven-year interval, and the remaining unclaimed funds had been donated to Intersect, a Cardano-related group.
Hoskinson expressed being “deeply damage” by the neighborhood’s response and lack of belief, promising that IOG will launch an audit report back to make clear the state of affairs. He famous that the accusations lack robust proof and signaled a shift in how he engages with the neighborhood, together with probably handing over management of his social media accounts to a media workforce.
Pi Community Faces $8B Rip-off Allegations After Insider Token Dump
Pi Community is facing critical allegations of a possible $8 billion rip-off, following claims that over 12 million PI tokens had been dumped by insiders from the Pi Core Workforce.
Blockchain investigator Atlas accused the workforce of orchestrating a pump-and-dump scheme, citing a pointy value improve adopted by a dramatic 50% crash as proof. The PI token, which had surged over 100% in early Could 2025, started falling quickly after Could 14, coinciding with the alleged sell-off. This has led to widespread investor outrage and renewed considerations over the undertaking’s transparency.
This text is printed on BitPinas: Crypto News You May Have Missed This Week | May 24, 2025
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