Cetus Protocol, the largest decentralized exchange on the Sui blockchain, is offering a $6 million bounty to the hacker behind a massive $223 million exploit that occurred on May 22. In a May 22 follow-up statement accompanied by an on-chain message, the Cetus team confirmed they had identified the attacker’s Ethereum wallet and offered a “whitehat settlement” to recover user funds. The hacker is being asked to return 20,920 ETH and all frozen assets on Sui ( SUI ) in exchange for keeping 2,324 Ethereum ( ETH ), worth approximately $6 million, and immunity from legal action. Cetus said this is a time-sensitive offer and that if the funds are off-ramped or mixed, the deal is off. The team is coordinating with law enforcement, cybercrime specialists, the Sui Foundation, and regulators including FinCEN and the U.S. Department of Defense. Inca Digital, a cybersecurity firm, is leading the negotiation efforts. https://twitter.com/cetusprotocol/status/1925653859143172608?s=46&t=nznXkss3debX8JIhNzHmzw The breach exploited a vulnerability in Cetus’ pricing mechanism and impacted its concentrated liquidity market maker pools. The attacker used spoof tokens, which are fake or low-value assets with manipulated metadata, to inject tiny amounts of liquidity into trading pools. You might also like: Alleged Coinbase hacker trolls ZachXBT with on-chain message after swapping $42.5m BTC Because of the distortion of those pools’ internal accounting, the hacker was able to take out substantial quantities of valuable tokens, such as SUI and USD Coin ( USDC ), at incorrect exchange rates. The attacker deceived the system into believing the pools were balanced by carefully timing these spoof token deposits with complex flash swaps and price manipulation. As a result, they were able to drain substantial real assets without supplying equivalent value. Cetus had reportedly passed recent security audits prior to the hack. However, by exploiting internal pricing logic and economic assumptions rather than simple code errors, the attacker’s method evaded typical vulnerability scans. After initially draining $11 million from an SUI/USDC pool, the attacker quickly intensified the attack. They bridged more than $60 million in stolen funds to Ethereum and bought over 21,900 ETH. They currently have millions of SUI, ETH, and stablecoins in their wallets. The Sui ecosystem was severely damaged by the exploit. Smaller tokens like AXOL, HIPPO, and SQUIRT lost almost all of their value, while the SUI token dropped as much as 15%. CETUS, the token of Cetus, fell 20–33%. Trading volumes surged as users scrambled to withdraw funds. Cetus has paused smart contracts following the hack the hack and is attempting to secure its platform. The incident raises questions about the security of DeFi protocols on newer chains like Sui and Aptos ( APT ). Although these ecosystems offer innovation, analysts warn that vulnerabilities in complex DeFi logic remain a persistent risk. Read more: The Coinbase hack that shadowed its S&P rise — and the investigators who saw it coming
XRP is trading at $2.45, gaining 2% over the past 24 hours as momentum builds around the arrival of two fully backed stablecoins on the XRP Ledger. The launches are expected to inject fresh liquidity into the network and expand the stablecoin use cases across the XRPL ecosystem. On May 22, Ripple announced that Schuman Financial, based in Paris, had launched its euro-denominated stablecoin, EURØP, directly on XRPL. The asset complies with the Markets in Crypto-Assets Regulation and is issued by a licensed electronic money institution under oversight from France’s ACPR, a unit of the central bank. EURØP is fully backed by reserves held in major institutions like Societe Generale and is subject to regular audits by KPMG. Martin Bruncko, the CEO of Schuman, referred to the launch as “the next wave of financial innovation happening on-chain” and praised XRPL’s robust infrastructure, which has already handled more than 3.3 billion transactions across 200 independent validators. The stablecoin supports several real-world use cases, such as tokenized assets, B2B, and international business payments. You might also like: Volatility Shares launches first XRP futures ETF on Nasdaq On the same day, Brazil’s Braza Group introduced its dollar-pegged stablecoin, USDB, to the XRP ( XRP ) Ledger. USDB is backed by U.S. and Brazilian government bonds and is regularly audited. It is aimed at both institutional clients and retail users, particularly for remittances and commercial transactions via Braza’s mobile app. With more than $1 billion passing through its interbank systems every day, Braza has over 15 years of experience in the Brazilian financial sector. By the end of 2025, the company hopes to hold a 30% market share in Brazil’s USD stablecoin market. According to CEO Marcelo Sacomori, stablecoins will eventually surpass traditional foreign exchange markets, and he thinks XRPL will be a platform for this transition. Together, EURØP and USDB are set to position XRPL as a competitive platform for regulated digital settlements. The new liquidity inflows open up real-world applications in Europe and Latin America, aligning with the broader trend of compliance-focused blockchain adoption. On the technical side, XRP is consolidating at $2.47, just below resistance. With the relative strength index neutral at 59, there is still an opportunity for more upside before the market becomes overbought. Momentum indicators are mixed, although there is a slight short-term bearish bias. XRP price analysis. Credit: crypto.news However, XRP’s upward-sloping 10- and 20-day simple and exponential moving averages continue to support it, indicating that the bullish trend is still in place. The next upward target for XRP could be around $2.80 if buyers manage to push it above the $2.58 resistance zone. A retest of the psychological $3.00 level might then follow. Failure to clear resistance could result in a pullback toward support around $2.30 or even $2.16, where the 50-day moving averages converge. Read more: Ripple CEO snubbed by Lummis: XRP FUD Fuels crypto drama
The post XRP Flashes Bullish Signal After 200 Days, Price Targets $3.33 appeared first on Coinpedia Fintech News The XRP price has flashed a powerful bullish signal after 200 days, and this could be the start of the much-awaited bullish rally. With fresh momentum building, analysts are eyeing a surge toward $3.33 in the short term, with even higher targets going further. Analyst Targets $3.33 Short Term Analyst Dark Defender , in his latest analysis, has observed that XRP has flashed a rare Golden Cross signal on the weekly RSI. This could launch XRP toward $3.33 soon, with a higher target set at $5.85. These targets are part of a bigger bullish trend that is expected to unfold soon. As Bitcoin continues to make new all-time highs, Investor Paul Barron believes that the rising wave could lift XRP as well, which could target $4 next. XRP Forms First Golden Cross vs. Bitcoin in 4 Years XRP recently formed a golden cross against Bitcoin on the weekly chart for the first time in four years. This happens when the 50-week moving average crosses above the 200-week moving average, which hints at a possible bull run against XRP after staying flat for four years. XRP is building pressure for a big move, followed by a sharp breakout in either direction. With RSI near 60, it has plenty of room for upside movements. On the upside, its targets include $2.68, $2.95, and $3.39, with $3.87. But if it loses support at $2.30, then it could slide back to $2.26 or $2.10, losing its long-term support zone. Bullish Technical Indicators with Some Mixed Signals XRP’s technical indicators show mixed signals but are mostly positive. MACD shows some selling pressure while the RSI is neutral at 58. Major moving averages from 10-200 periods show strong buy momentum and an overall bullish trend. It is currently trading at $2.47, up over 2% in the past day. Recent reports from Messari point that XRP is showing strong growth, with its market cap up 2% this quarter, while BTC, ETH, and SOL dropped 22%. Year-over-year, XRP’s market cap climbed by 252%. Network activity is booming too, as daily active addresses jumped 142% and new addresses rose 210% compared to last year.
New York City unleashes crypto ambitions as Mayor champions tokenization, fintech jobs, and blockchain-powered city services in bold new vision. Mayor Eric Adams Unveils NYC’s Digital Asset Future at First Crypto Summit At the first New York City Crypto Summit held on May 20, Mayor Eric Adams delivered forceful remarks highlighting the city’s ambition to
Asian economies need to stay agile and avoid tit-for-tat tariff retaliation, a deputy managing director of the Monetary Authority of Singapore said on Friday. At the meeting, Robinson, who is also a MAS chief economist, said retaliatory tariffs shift supply negatively. Reuters reported that he warned they would worsen the growth-inflation trade-off and complicate monetary policy. “They should continue to heed the old advice to avoid throwing rocks into their own harbours[8], and intensify regional trade integration initiatives including in digital and services trade and investment.” he said. Robinson said protectionism and import taxes hurt resource allocation and lower consumer welfare as households face higher prices and fewer choices. “Both the targeted and the tariff-imposing economies suffer,” he noted. Singapore, which has a free-trade pact with the United States and runs a trade deficit, has been hit with a 10% baseline tariff by Washington. Other Southeast Asian states face threats of higher tariffs, delayed until July, with a 10% interim rate in place. Singapore’s economic slowdown raises technical recession risk The report said that on Thursday, Singapore’s economy shrank by 0.6% on a seasonally adjusted basis in the first quarter of 2025. That raised the risk of a technical recession and stoked worries about job losses and slower hiring. Even with 3.9% year-on-year growth, officials warned of downside risks from global trade tensions, especially after the US imposed a 10% baseline tariff. Beh Swan Gin, Permanent Secretary at the Ministry of Trade and Industry, said two consecutive quarters of contraction are likely. But he added that this may not mean a full-year recession. The ministry kept its growth forecast for 2025 at 0.0% to 2.0%, saying recent easing of trade tensions was mildly positive; however, global demand remains uncertain. The MAS eased policy settings at its review sessions in January and April this year. After the GDP figures were released on Thursday, Robinson said he believes the current monetary policy stance is appropriate. KEY Difference Wire helps crypto brands break through and dominate headlines fast
Some of the largest US banks, including JPMorgan Chase, Bank of America, Citigroup and Wells Fargo, are exploring a potential partnership to issue a shared stablecoin. The Wall Street Journal reported Thursday that the initiative, if it proceeds, would mark a major step by traditional financial institutions into the digital currency space, where crypto-native firms have so far led the charge. The consortium talks reportedly involve entities such as Early Warning Services, the firm behind Zelle, and the Clearing House, which operates a real-time payment system that many major banks use. While discussions are still conceptual, the report said banks are weighing the potential demand for a consortium-backed stablecoin, alongside looming regulatory developments. Exclusive: Major U.S. banks are exploring a joint stablecoin to compete with the crypto industry https://t.co/PaPmSdEOjh — The Wall Street Journal (@WSJ) May 23, 2025 Lawmakers Move Closer to Defining Ground Rules for US Digital Payment Tokens Market The renewed interest comes as US lawmakers make headway on a long-awaited regulatory framework. This week, the Senate advanced the GENIUS Act , a bipartisan bill that lays out oversight rules for both banks and nonbanks issuing stablecoins. The act introduces reserve requirements , transparency standards, and places issuers under the Bank Secrecy Act, aiming to promote safer adoption while maintaining the US dollar’s global role. The bill’s progress is seen as a green light for institutions that had previously been hesitant after regulators clamped down on crypto activity in 2022. Bank executives now view stablecoins as a legitimate tool to modernize cross-border transfers, reduce transaction times, and compete with digital offerings from tech giants and crypto startups. Banks Weigh Stablecoin Entry as Pressure Mounts From Policy Shifts and Rivals Stablecoins, typically pegged one-to-one with fiat currencies and backed by liquid reserves, are already central to crypto trading and settlements. For banks, issuing their own version could allow them to retain control over payments infrastructure as digital dollars become more common. One model under discussion could allow broader access, letting banks beyond the consortium use the stablecoin. Meanwhile, some smaller regional banks have floated the idea of a separate stablecoin initiative, though such an effort would likely face scalability and regulatory hurdles. The timing is crucial. With President Trump’s administration openly supportive of digital finance and his family’s firm launching its own stablecoin earlier this year, banks are under pressure to act. A clear legal framework could reshape the landscape, favoring compliant issuers and prompting a wave of innovation from legacy institutions. The post JPMorgan, BofA, Citi, Wells Fargo Eye Joint Stablecoin Venture: Report appeared first on Cryptonews .
XRP price started a consolidation phase above the $2.40 zone. The price is now rising and might aim for an upside break above $2.50. XRP price started a decent increase above the $2.40 zone. The price is now trading above $2.420 and the 100-hourly Simple Moving Average. There was a break above a key rising channel with resistance at $2.450 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair might start another increase if it clears the $2.480 resistance. XRP Price Eyes More Gains XRP price remained supported above the $0.2320 level and started a fresh increase, following Bitcoin and Ethereum. There was a move above the $0.2350 and $0.2365 resistance levels. The price even surpassed the $0.240 resistance. There was a break above a key rising channel with resistance at $2.450 on the hourly chart of the XRP/USD pair. The bulls pushed the price toward the $0.250 level. A high was formed at $0.2479 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $2.3360 swing low to the $2.4796 high. The price is now trading above $2.40 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.480 level. The first major resistance is near the $2.50 level. The next resistance is $2.550. A clear move above the $2.550 resistance might send the price toward the $2.650 resistance. Any more gains might send the price toward the $2.720 resistance or even $2.750 in the near term. The next major hurdle for the bulls might be $2.80. Are Dips Limited? If XRP fails to clear the $2.50 resistance zone, it could start another decline. Initial support on the downside is near the $2.450 level. The next major support is near the $2.40 level and the 50% Fib retracement level of the upward move from the $2.3360 swing low to the $2.4796 high. If there is a downside break and a close below the $2.40 level, the price might continue to decline toward the $2.350 support. The next major support sits near the $2.3250 zone. Technical Indicators Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level. Major Support Levels – $2.450 and $2.420. Major Resistance Levels – $2.480 and $2.50.
In a significant ruling, a Boston federal court has sentenced Trung Nguyen, a 30-year-old from Massachusetts, to six years behind bars for running an unregulated cash-to-bitcoin exchange. Judge Richard Stearns
Cardano is gaining bullish momentum, eyeing a potential breakout towards $1 after a notable rebound from a critical support level. Cardano price prediction turns bullish as ADA jumps 13% after
On May 23rd, COINOTAG reported on a notable gathering at Trump’s Washington golf club featuring a carefully curated dinner menu. Attendees enjoyed an array of gourmet options, including an organic