From Cointelegraph

May 30, 2025 2:00 PM:

A $200 million-plus exploit on Cetus, a decentralized exchange on the Sui network, sparked a debate on decentralization in blockchain protocols. Sui validators froze $162 million of the stolen funds, leading to mixed reactions from the community. Cetus is now set to implement its recovery plan after the Sui governance’s decision on May 29.

Sui validators approved a governance proposal to return $162 million in frozen assets linked to the Cetus exploit. The recovery plan aims to repay victims affected by the decentralized exchange hack. With 90.9% of validators voting in favor, the funds will be held in trust until they can be returned to users according to the plan led by Cetus.

The Ethereum Foundation borrowed $2 million in GHO, a decentralized stablecoin developed by Aave, signaling increased engagement with DeFi strategies. GHO is governed by Aave’s decentralized autonomous organization, highlighting the EF’s move towards more sophisticated treasury strategies. The foundation’s deeper involvement in DeFi remains a key development in the space.

Hyperliquid trader James Wynn boosted his Bitcoin long bet to $1.25 billion after closing a PEPE position for $25.2 million profit. Wynn entered an 11,588 BTC position, increasing it to 11,070 BTC after exiting ETH and Sui longs. The move follows Wynn’s high leverage positions and profit gains in the volatile market.

DNA Fund CEO Chris Miglino suggests that decentralized AI could surpass Bitcoin in importance. Ecosystems like Bittensor are reshaping traditional venture capital models, attracting community support without institutional gatekeepers. DNA Fund’s AI compute fund, entrenched in the TAO ecosystem, represents a significant focus for the firm’s growth within the decentralized AI space.

Decentralizing telecom networks benefits small businesses and telcos financially, according to Nova Labs COO Frank Mong. Hosting wireless hotspots can generate revenue for small businesses, while large telcos can reduce operational costs and expand coverage using the Helium Network. The move highlights the potential of decentralized physical infrastructure networks in telecom.

The DeFi market saw most of the top 100 cryptocurrencies ending the week in the red. Fartcoin and Pudgy Penguins were among the biggest losers, with Fartcoin falling over 28%. Total value locked in DeFi platforms continues to fluctuate, reflecting the dynamic nature of the space. Stay tuned for more updates on impactful DeFi developments.

Read more at Cointelegraph: Sui vote on $162M Cetus funds ignites decentralization debate in DeFi