When $162M Freezes, Who's Really in Charge? 🤔💰

In a world where $200 million-plus exploits dance like shadows on the Sui network, the debate over decentralization has flared anew. The valiant Sui validators, guardians of the blockchain realm, have frozen a staggering $162 million of stolen funds, igniting a firestorm of opinions. 🔥

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Sui community passes vote to repay $162 million to Cetus exploit victims

In a momentous decision, Sui validators have given the thumbs up to a governance proposal, paving the way for the return of $162 million in frozen assets linked to the recent Cetus exploit. A key step toward user repayment, indeed! 💸

On May 22, Cetus was hit hard, losing over $220 million in digital assets, but the validators, like vigilant sentinels, managed to freeze $162 million almost immediately. Talk about a quick reflex! 🥋

In a governance vote wrapped up on May 29, a whopping 90.9% of Sui validators voted in favor of the recovery proposal, with a mere 1.5% abstaining and 7.2% choosing to sit this one out. Democracy in action, folks! 🗳️

“With this result, the impacted funds will be moved to a multisig wallet and held in trust until they can be returned to users according to the plan led by Cetus,” Sui announced in a May 29 X post. Trust, but verify, right? 🤷‍♂️

This decision follows a spirited debate within the crypto community regarding the role of validators in freezing on-chain funds. Who knew blockchain could be so dramatic? 🎭

No more ETH dumps? Ethereum Foundation turns to DeFi for cash

In a twist of fate, the Ethereum Foundation (EF) has borrowed $2 million in GHO, a decentralized stablecoin crafted by Aave. This move signals a deeper plunge into the waters of decentralized finance (DeFi). 💦

In a May 29 X post, Aave founder Stani Kulechov revealed that the foundation is not just supplying ETH to Aave but also borrowing from it. “The EF is completing the full DeFi circle,” he quipped. Circle of life, anyone? 🦁

GHO, a decentralized, overcollateralized stablecoin, is governed by Aave’s decentralized autonomous organization (DAO). Unlike its centralized cousins, GHO is free to roam, overseen by a community that decides interest rates and collateral requirements. 🏛️

This move underscores the EF’s growing engagement with the DeFi ecosystem, as it navigates toward more sophisticated treasury strategies. The foundation, however, was tight-lipped when asked for comments. 🤐

Hyperliquid trader James Wynn goes “all-in” on $1.25 billion Bitcoin long

Meet James Wynn, the Hyperliquid trader who has upped his 40x leverage long Bitcoin bet to a jaw-dropping $1.25 billion after cashing in on a $25.2 million profit from his PEPE position. Talk about living on the edge! 🎢

On May 24, Lookonchain reported that Wynn dove into an 11,588 BTC position with an average entry price of $108,243 and a liquidation level of $105,180. Risky business, anyone? 🎲

This bold move came just hours after Wynn exited his Ether (ETH) and Sui (SUI) longs at a $5.3 million loss. But fear not! He used the proceeds to double down on Bitcoin (BTC), increasing his position to 11,070 BTC. A true gambler at heart! 🎰

Wynn kicked off his Bitcoin long position with $830 million on May 21, trimming $400 million in profits the same day. By May 22, he ramped it back up to $1.1 billion, riding high as BTC crossed $110,000 and raked in $39 million on paper. He later sold 540 BTC for $60 million, securing a $1.5 million profit. What a rollercoaster! 🎢

Decentralized AI could be “bigger than Bitcoin” — DNA Fund CEO Chris Miglino

In a world where blockchain’s pioneers are now diving headfirst into decentralized AI, ecosystems like Bittensor (TAO) are emerging as the new growth engines. These platforms are flipping traditional venture capital models on their heads, allowing the best ideas to attract community support without institutional gatekeepers. 🚪

That was one of the key takeaways from CryptoMoon’s chat with Chris Miglino, the co-founder and CEO of DNA Fund, a digital asset investment firm he runs with fellow entrepreneurs Brock Peirce and Scott Walker. A trio of titans! 💪

DNA Fund manages five distinct funds across various strategies, including a high-yield fund, an algorithmic trading fund, an AI compute fund, a liquid token fund, and a venture fund. Talk about diversification! 🌈

Miglino, who hosted CryptoMoon at a DNA House event during the Consensus conference in Toronto, was particularly jazzed about the firm’s AI compute fund. “The biggest thing we’re working on is our AI compute fund, where we’ve entrenched ourselves in the TAO ecosystem,” he said, referring to Bittensor, a decentralized, open-source machine learning network. Sounds fancy! 🤖

Decentralizing telecom benefits small businesses and telcos — Web3 exec

According to Frank Mong, the chief operating officer of Nova Labs, decentralizing telecommunication networks can financially benefit both small businesses and telecom corporations. A win-win, if you will! 🏆

In an interview with CryptoMoon at Consensus 2025 in Toronto, Mong explained that small businesses, from bars to convenience stores, can generate revenue by hosting wireless hotspots and expanding network coverage. Who knew WiFi could be so lucrative? 💵

Large telecom companies can also tap into the Helium Network’s telemetry to cut operational costs and expand coverage in dead zones. It’s like finding gold in the digital hills! ⛏️

“It costs about $300,000 for a telecom company to set up one tower; you need one per block for 5G to work effectively,” Mong noted, adding, “Instead of making phone plans more expensive, what if anyone with a useful WiFi network shares it securely, allowing big companies like AT&T to see the telemetry of that network?” A thought-provoking proposition! 💡

Decentralized physical infrastructure networks continue to showcase how blockchain technologies can provide real-world value, making existing infrastructure more resilient to outages, disruptions, and critical failures. 🌍

DeFi market overview

According to data from CryptoMoon Markets Pro and TradingView, most of the 100 largest cryptocurrencies by market capitalization ended the week in the red. Ouch! 📉

Popular memecoin Fartcoin (FARTCOIN) plummeted over 28%, becoming the week’s biggest loser in the top 100, followed closely by the Pudgy Penguins (PENGU) token, down over 23% on the weekly chart. The meme dream is fading! 🐧

Thanks for reading our summary of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights, and education regarding this dynamically advancing space. Until then, keep your wallets close and your memes closer! 😂

2025-05-30 21:28

When $162M Freezes, Who’s Really in Charge? 🤔💰