What is SUI?
Before we dive into the chaos, let’s talk about what SUI actually is.
SUI is a next-generation Layer 1 blockchain, created by Mysten Labs, a team of former Meta (Facebook) engineers. It’s built using the Move programming language (originally developed for Facebook’s Diem project), and its mission is simple: to deliver ultra-fast, low-cost, user-friendly Web3 experiences.
Why do people care about SUI?
- It offers parallel execution of transactions—meaning way faster processing than traditional blockchains.
- It’s optimized for NFTs, gaming, and consumer apps, not just DeFi.
- It’s backed by heavy hitters like a16z, Coinbase Ventures, and other top VCs.
SUI has been seen as one of the leading “Solana competitors.” But this week, it faced its first real storm.
The SUI Shakeup: $223M Gone in a Flash
This week, the SUI network made headlines—but not the kind anyone wants.
Cetus Protocol, the largest decentralized exchange (DEX) and liquidity provider on SUI, was hit with a $223 million exploit. The attacker used spoof tokens to manipulate the system, drain real assets, and tank token prices across the platform.
Here’s what happened:
- Liquidity pools were drained in minutes.
- Token prices dropped up to 90%.
- USDC lost its peg on the DEX.
- The stolen funds were bridged to Ethereum and converted into ETH.
Cetus quickly paused its smart contracts. The Sui Foundation is now investigating, and Binance’s CZ even voiced support for the ecosystem. But the damage is done.
In DeFi, speed means nothing without security.
Bitcoin’s All-Time High: No Fear in the Bulls
While SUI was dealing with a disaster, Bitcoin was breaking records.
It soared to a new all-time high, backed by massive inflows into spot ETFs. Institutions like BlackRock’s IBIT are buying thousands of BTC at a time—this isn’t retail hype, this is long-term conviction with serious capital behind it.
BTC reminded the world who’s boss.
Pizza, Pride, and Perspective
We also celebrated a legendary moment: Bitcoin Pizza Day.
Back on May 22, 2010, Laszlo Hanyecz bought two pizzas for 10,000 BTC—worth hundreds of millions today. What looked like a silly transaction at the time became the first real-world use of Bitcoin.
Every year we drop the emoji not just for the pizza…
But to honor the madness and vision it took to spend BTC before the world cared.
The Market Is Moving—Stay Sharp
Despite hacks and volatility, the market overall is pushing upward:
- Bitcoin dominance is growing
- Altcoins are holding their ground
- And yes, ETH and SOL are regaining momentum
We’re in a volatile environment, but don’t mistake that for weakness.
This is the nature of crypto: fast, unpredictable, and full of opportunity for those who keep showing up.
Final Word
This week gave us everything:
- A brutal hack that tested a rising Layer 1
- A record-breaking BTC run
- A moment to honor the OGs who believed before it was cool
- And a market that keeps proving its resilience
Crypto isn’t stable, but it’s not supposed to be.
It’s designed for the bold, the curious, and the builders.
Stay sharp. Stay humble. Stay OG.
News Highlights
1. Ripple Secures Major Partnerships in the UAE
Ripple has expanded its presence in the Middle East by onboarding Zand Bank and Mamo as new clients in the United Arab Emirates. The move signals growing institutional adoption of blockchain-powered payments in a region that is rapidly embracing fintech innovation.
2. First Regulated U.S. Investment Fund Focused on $CRO Launches
Crypto.com and Canary Capital have announced the launch of the Canary CRO Trust, the first regulated U.S. investment vehicle centered on Cronos’s native token ($CRO). Designed for accredited investors, the fund offers compliant exposure to the token, marking a significant milestone in Cronos’ institutional growth strategy.
3. Ripple and Coinbase Reportedly in Talks to Acquire Circle
Sources report that Ripple and Coinbase are considering a joint acquisition of Circle, the issuer of USDC, the second-largest stablecoin globally. The move could allow them to internalize 100% of USDC’s revenue, solidifying their position in the stablecoin market and reshaping the competitive landscape.
4. Germany’s Bitcoin Sale Costs Billions
Last year, Germany sold off its Bitcoin holdings at a price of around $57,000. Today, with Bitcoin recently hitting a new all-time high, that same stash would be worth $2.3 billion more. Critics argue that Europe’s largest economy sold too early, losing out to long-term holders.
5. Kraken Expands Regulated Derivatives Trading in Europe
Kraken has launched fully regulated crypto derivatives trading across the EU after acquiring a MiFID II-compliant license via a strategic acquisition in Cyprus. This expansion positions Kraken to compete directly with traditional financial players in the derivatives space.
6. Bloomberg Terminal Outage Disrupts Global Trading
Bloomberg experienced a major outage, leaving traders without access to live data and delaying key events such as a UK bond auction. The disruption prompted comparisons to crypto volatility and highlighted the vulnerabilities in traditional financial infrastructure.
7. Bitcoin Reaches New All-Time High of $111,000
Bitcoin has broken past $111,000, setting a new all-time high and reigniting bullish sentiment across the market. The milestone reinforces institutional interest and signals continued upward momentum in the crypto space.
8. $223M SUI Exploit Shakes DeFi Confidence
The Sui blockchain suffered a devastating exploit this week as Cetus Protocol, its largest DEX, was hacked for over $223 million. The attacker used spoof tokens to drain liquidity pools, leading to the depegging of USDC and up to 90% drops in token values. Funds are now being bridged to Ethereum, raising major concerns about security in DeFi ecosystems.
9. Bitcoin Pizza Day Celebrated Worldwide
May 22 marked the anniversary of the first known Bitcoin transaction for real-world goods—10,000 BTC for two pizzas in 2010. Now valued at over $600 million, the transaction is commemorated as a symbol of Bitcoin’s journey from novelty to global asset.
10. FIFA to Launch Layer-1 Blockchain on Avalanche
In a bold move into Web3, FIFA is launching its own Layer-1 blockchain on Avalanche. Rather than a typical sponsorship, this marks a foundational commitment to blockchain infrastructure by one of the world’s largest sports organizations. Analysts believe this could drive major mainstream adoption.
