From the accusations of the Pi Hack to Sui’s network, here is a summary of the main cryptography stories that may have lost.
Sui Pirateado Cetus protocol for $ 260 million
The largest decentralized exchange of Sui, the CETUS protocol, was pirate For $ 260 million, which triggers an important crisis for the sui ecosystem. The attacker exploded the platform using false tokens as noise to manipulate liquidity groups and drain real assets, including 12.9 million sui and $ 60 million in USDC.
The hacker then converted a large part of the USDC stolen into 21,938 ETH, in an attempt to wash the funds. In response, Cetus immediately stopped its intelligent contracts and launched a complete investigation, while the price of Token Sui fell approximately 15%, falling to around $ 3.90.
Cetus now focuses on damage control, on the recovery of stolen assets and reinforcing ecosystem safety.
Genius Law of the United States Senate
In a historical movement, the United States Senate voted 66-32 To advance the National Innovation Law for National Innovation for the United States (Genius) to the Senate floor, marking the first time that Stablcoin’s legislation has reached this stage.
This bipartisan advance occurred after last-minute reviews and political pressure of pro-crypto groups as Stand with Crypto, which threatened to write down the vote. While reviews attracted enough support to eliminate the threshold of 60 votes, critics argue that the changes were largely superficial, more designed to provide political coverage than addressing serious concerns.
The revised genius law presents a nominal supervision for the great stablcoins issued by technology through a new review committee, but leaves several intact lagoons, such as weak data protections and potential regulatory capture. The bill allows private companies to emit Stablecoins, and although it restricts that foreign issues operate in centralized exchanges, decentralized platforms are not affected.
Legislative characteristics:
- It allows private companies to emit Stablecoins
- Empuera the states for stamping emitters
- It requires that the reserves are completely backed by US dollars and treasure invoices
- Require regular audits and compliance with AML Standard
Tether, an important stable issuer on the high seas, could face stricter restrictions. Legislation prohibits foreign stables from operating in centralized exchanges based in the US. Unless they meet the requirements of compliance with the United States.
Blum co -founder arrested in Russia
Vladimir Smerkis, co -founder of the Blum Telegram project and former Binance Russia chief, has been arrested In Moscow about large -scale fraud accusations, according to Russian state media Tassel. According to the reports, the accusations come from their previous companies, the Token and Tokenbox fund, where investors allegedly lost around $ 15 million.
Although Smerkis remains under investigation and formal charges have not been confirmed, the court has approved its arrest. Blum has clarified that Smerkis resigned and is no longer involved with the project in any capacity.
Cardano’s CEO denies the accusations of Misher use of $ 600 million
Charles Hoskinson, founder of Cardano and CEO of Input Output Global (IAG), denied Accusations that I was badly appropriated $ 600 million in tokens ADA. The controversy is derived from the statements that Hoskinson used a “genesis key” during the hard bifurcation Allegra 2021 to manipulate the main book of Cardano and obtain control of more than 619 million ADA.
In response, Hoskinson declared that the vast majority of the 350 million in Ada question had already been redeemed by original buyers for a period of seven years, and the remaining unrestranted funds were donated to Intersect, an organization related to Cardano.
Hoskinson said he was “deeply injured” for the reaction of the community and the lack of confidence, promising that IAG will publish an audit report to clarify the situation. He pointed out that the accusations lack strong evidence and pointed out a change in how it is involved with the community, including the possibly delivers the control of their social media accounts to a media team.
Pi Network faces accusations of $ 8b scams after a privileged information overturning
Pi Network is facing The serious accusations of a possible fraud of $ 8 billion, after the claims that more than 12 million tokens Pi were abandoned by experts of the Pi Core team.
Blockchain Atlas researcher accused the team of orchestrating a pump and diver scheme, citing a strong price increase followed by a dramatic 50% accident as evidence. The Token Pi, which had increased more than 100% in early May 2025, began to fall quickly after May 14, coinciding with the alleged sale of the sale. This has led to the generalized indignation of investors and renewed concerns about the transparency of the project.
This article is published in bitpins: Crypto News that may have lost this week | May 24, 2025
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