The White House&#8217;s push for stablecoin regulation could trigger trillions of dollars in Treasury demand &#8220;practically overnight,&#8221; Trump advisor David Sacks says. David Sacks, President Donald Trump&#8217;s top advisor on crypto and artificial intelligence, said the administration expects the U.S.…

White House crypto czar David Sacks says stablecoin clarity could trigger trillions for US debt

Cetus, a decentralized exchange (DEX) built on the Sui blockchain, has 
reportedly suffered a massive exploit that may have drained more than $200 
million worth of digital assets.
Pseudonymous Web3 researcher COMDARE3 posted on X that &#8220;users report&#8221; that 
Sui-based DEX Cetus is being exploited.&#8221; He also shared a screenshot of Cetus 
market data on DEX Screener, showing many assets losing well over half of 
their value over the last 24 hours.
Some tokens, such as Lombard Staked BTC (LBTC) or AXOLcoin (AXOL) lost the 
near totality of their value. The top 15 losers all lost in excess of three- 
quarters of their price.
_Cetus DEX-listed asset pricing data. Source: DEX Screener_
The alleged exploiter&#8217;s address contains nearly $52 million of Sui (SUI) 
tokens, $4.9 million of Haedal Staked SUI (HASUI), over $19.5 million of 
Toilet (TOILET), nearly $19.5 million of wrapped USDt (USDT) and many other 
assets. The official Cetus X profile claimed that an incident on the protocol 
was detected, and the smart contract was paused for safety.
_**Related:**__**Coinbase hacker trolls ZachXBT onchain after $42.5M THORChain 
swap**_
 _Source:__Cetus_
## Suspicious fund transfers raise alarm
However, blockchain analysts and compliance firms are raising doubts about the 
project&#8217;s transparency. A representative from AMLBot told Cointelegraph:
&gt; &#8220;Don&#8217;t be fooled by the @CetusProtocol team claiming it&#8217;s just a bug, not a 
&gt; hack, Just a bug?&#8221;
_**Related:**__**AI tool claims 97% efficacy in preventing &#8216;address poisoning&#8217; 
attacks**_
The AMLBot representative &#8212; referring to statements made by Cetus team 
members on Discord &#8212; further explained that while the Cetus team &#8220;is calling 
this incident &#8216;just a bug,&#8217; &#8212; the timing raises questions.&#8221; They added:
&gt; &#8220;We&#8217;re seeing $212 million being bridged to Ethereum at a rate of $1 million 
&gt; per minute. […] While we were talking, [they] drained another $3 million.&#8221;
Onchain data service Onchain Lens stated in an X post that &#8220;the attacker 
gained control of all SUI-denominated pools, exploiting over $200M, and has 
also started moving $USDC.&#8221;
_**Magazine:**__**DeFi &#8216;s billion-dollar secret: The insiders responsible for 
hacks**_
This is a developing story, and further information will be added as it 
becomes available.

Sui DEX Cetus suspected of being hacked: Up to $200 million lost

A crypto trader spent $3.8 million to buy Ether at a significantly higher 
price after selling the asset for almost the same amount about a month ago.
On May 22, blockchain analytics firm Lookonchain reported that a crypto wallet 
spent $3.8 million to purchase 1,425 Ether (ETH) at $2,670 per coin, 
reentering ETH after a major rally.
On April 13, the same wallet sold 2,522 ETH for $3.9 million, when the asset 
was trading at about $1,570, a decision that, in retrospect, looks poorly- 
timed.
&#8220;Think twice before selling your bags,&#8221; Lookonchain wrote, highlighting the 
potential gains if the trader just held on to their Ether instead of selling 
and repurchasing it at a higher price point.
_Whale buys ETH after selling over a month ago. Source: DeBank_
## Trader loses out on $2.6 million gain
With ETH up over 70% since the sale, the trader lost out on over 1,000 ETH, or 
roughly $2.67 million, in the process of buying back in. If the trader decided 
to hold on to their Ether, the assets would be worth about $6.7 million.
As ETH rallied, the asset surpassed the market capitalization of big companies 
like Coca-Cola and Alibaba.
At the time of writing, company data tracker 8marketcap shows that Ether&#8217;s 
$321 billion market capitalization makes it the 38th most-valuable asset in 
the world, surpassing the pharmaceutical company AbbVie and inching closer to 
the Bank of America.
Ether&#8217;s upswing is largely fueled by the successful launch of its Pectra 
upgrade. The new update introduced improvements to the network&#8217;s scalability, 
validator user experience and smart wallet functionality. These updates are 
expected to drive broader adoption of the Ethereum mainnet.
_**Related:**__**Bitcoin open interest hits record high as bulls stampede 
toward new BTC price highs**_
## ETH leads crypto investment products with $205 million weekly inflows
Along with its recent price appreciation, ETH-based investment products in the 
United States also saw renewed interest.
A May 19 report from digital asset manager CoinShares revealed that US crypto 
investment products saw $785 million in inflows last week. This development 
pushes the year-to-date (YTD) total for crypto ETPs to $7.5 billion.
ETH was the top performer among the crypto exchange-traded products (ETPs), 
attracting $205 million in inflows last week. This represents 26% of all the 
inflows within the time period. This also brings ETH&#8217;s YTD total to over $575 
million.
The CoinShares report also attributed the increased inflows to renewed 
investor optimism following the Pectra upgrade and the Ethereum Foundation&#8217;s 
appointment of Tomasz Stańczak as a co-executive director.
_**Magazine:**__**TradFi is building Ethereum L2s to tokenize trillions in 
RWAs: Inside story **_

Whale buys back ETH holdings after losing $2.6M by selling early

Kazakhstan&#8217;s National Bank will begin licensing crypto exchange services that 
allow the conversion of crypto to fiat, establishing their legal status under 
new national rules. Kazakhstan plans to bring crypto exchange operators under 
formal regulation, with the National Bank tasked…

Kazakhstan to allow crypto exchanges to deal with fiat

FIFA is turning to Avalanche for a purpose-built blockchain to power digital 
collectibles and future web3 products. The world&#8217;s football governing body 
FIFA is creating its own blockchain on Avalanche, named the FIFA Blockchain, 
as the latest move in its…

AVAX soars 10% as FIFA taps Avalanche to power its own blockchain for digital collectibles

James Wynn recently grabbed headlines with a $1.1 billion long position on 
BTCPERP via HyperLiquid. But who is the trader behind this bold move and what 
other high-stakes plays has he made? More importantly, which coin is he 
betting on…