Sui vote on $162M Cetus funds ignites decentralization debate in DeFi
A $200 million exploit on the Cetus decentralized exchange on the Sui network has sparked discussions on decentralization after Sui validators froze $162 million of the stolen funds. Critics argue this action indicates centralization, while others commend the swift response. A governance vote on May 29 approved the return of the frozen assets to victims, with 90.9% in favor. The Ethereum Foundation borrowed $2 million in GHO, a decentralized stablecoin, indicating increased involvement in decentralized finance (DeFi). Trader James Wynn has significantly increased his Bitcoin long position to $1.25 billion after closing a profitable PEPE position. Chris Miglino, CEO of DNA Fund, highlighted the potential of decentralized AI platforms like Bittensor as transformative for venture capital. Frank Mong from Nova Labs discussed how decentralized telecom networks can benefit small businesses and large telecom companies by reducing costs and expanding coverage. Most top cryptocurrencies experienced declines, with Fartcoin dropping over 28% as the largest loser.
