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31 May 2025, 16:07
Developers Promise Refunds After Massive Hack Attack on Altcoin, But It’s Still Not Enough: Prices Continue to Fall
Cryptocurrency protocol Cetus has taken an important step towards the return of user funds following the massive cyberattack that occurred on May 22, 2025. Following community approval via on-chain voting, approximately $160 million in frozen funds associated with the attack were transferred to a multisig wallet jointly managed by CETUS, the Sui Foundation, and security firm OtterSec. Despite this statement from the developers, the CETUS token price lost over 4% today. “Following the on-chain vote, the previously frozen funds were securely transferred to a multisig wallet that is jointly managed by Cetus, the Sui Foundation, and OtterSec,” Cetus said in a statement on X (formerly Twitter). Related News: SEC's Crypto Task Force Chair Hester Peirce Delivers Definitive Take on TRUMP and All Memecoins The funds in question will be stored in this wallet until they are returned to users. Cetus officials reported that with this development, the next stage of the recovery process has been moved on and their teams are working at full capacity to implement the roadmap in question. The plan includes updating smart contracts, restoring liquidity, and reopening the platform. To keep the community informed, Cetus also announced plans to host a Twitter Space event with the Sui community on June 2, 2025. The event will cover details of the attack, progress in the recovery process, and questions from the community. The exact time of the event will be announced in the coming days. What Happened? Cetus Protocol was hit with a major security breach on May 22. Attackers exploited a vulnerability in an open-source library for smart contracts and manipulated prices in liquidity pools, removing approximately $223 million worth of SUI and other tokens from the system. Although Cetus immediately paused its smart contract after the attack was discovered, the attackers had already taken a large amount of funds. *This is not investment advice. Continue Reading: Developers Promise Refunds After Massive Hack Attack on Altcoin, But It’s Still Not Enough: Prices Continue to Fall
31 May 2025, 14:40
IMF presses Pakistan for clarifications over bold Bitcoin pivot
The International Monetary Fund (IMF) has criticized Pakistan’s decision to allocate 2,000 megawatts (MW) of electricity for cryptocurrency mining and artificial intelligence data centers, with the body expressing concerns over the move. Pakistan and the IMF remain in talks amid sensitive budget discussions. The IMF’s reservation comes days after the country unveiled its first government-led Bitcoin reserve during the Bitcoin 2025 conference in Las Vegas. The move signals a shift in the country’s priority towards digital finance. At the event, the crypto adviser to Prime Minister Shehbaz Sharif, Bilal bin Saqib mentioned that the country had launched a Bitcoin wallet and has committed significant energy resources to support the digital asset industry. “Our youth are online and on-chain. Pakistan, with over 40 million crypto wallets and an average age of 23 years, is now being recognized for its future rather than its past,” Bilal bin Saqib said at the event. IMF raises concerns over Pakistan’s latest move During the launch, Saqib mentioned that the development is expected to open doors to several entities, including autonomous miners, technology firms, and blockchain companies to invest in Pakistan. However, the IMF frowned at the announcement, with the body seeking clarification from the Finance Minister over the legality of the move and the electricity allocation, even in the face of constant energy shortages and fiscal constraints. According to sources inside the Finance Ministry, the decision was taken without consulting the IMF and has raised questions over the legal status of digital assets in Pakistan. The government has yet to respond to the IMF’s concerns about electricity tariffs and resource distribution. The IMF representative also declined to comment when asked to. However, the source said that the body has mentioned that all policy steps under the Extended Fund Facility (EFF) must be carried out in consultation with it. “There is a fear of further tough talks from the IMF on this initiative,” an official involved in the negotiations said. “The economic team is already facing stiff questions, and this move has only added to the complexities of the ongoing talks.” The IMF delegation, currently locked in virtual talks with Pakistani officials, is expected to hold a private session to discuss the government’s plan to provide electricity for Bitcoin mining and artificial intelligence data centers. Formation of new digital asset authority underway The new policy decision is part of a bigger government strategy to include digital assets in the country’s economy. An important aspect of this plan is the creation of the Pakistan Digital Asset Authority (PDAA), as approved by the Finance Ministry. The body will be tasked with regulating crypto exchanges, wallets, stablecoins, and decentralized finance (DeFi) platforms. It will also be in charge of the tokenization of national assets and debt, aligning the country’s crypto policies with international standards set by the Financial Action Task Force (FATF). During the event, Bilal bin Saqib also urged global investors to join Pakistan’s digital shift, urging them to come and invest in the country’s growing ecosystem. “The PDAA is a critical step in protecting global investors and formalizing Pakistan’s role in the digital economy,” Bilal bin Saqib noted. The event was attended by prominent figures, including United States Vice President JD Vance and Eric and Donald Trump Jr., the sons of United States President Donald Trump. Pakistan began to shift its previous stance on digital assets earlier this year with the proposal of a “National Crypto Council” in February 2025. The body was tasked with drawing up a comprehensive regulatory framework for digital assets and attracting foreign investments into the country’s crypto ecosystem. Among the early proposals of the council was the use of surplus energy for Bitcoin mining and artificial intelligence data center operations. KEY Difference Wire : the secret tool crypto projects use to get guaranteed media coverage
31 May 2025, 14:20
Texas Bitcoin reserve bill heads for governor's desk for approval
Texas Strategic Bitcoin Reserve (SBR) Bill SB21 has scaled the legislative hurdle after the state Senate adopted the Conference Committee report. The support was overwhelming, with a majority of 24 – 7 voting to adopt the report. With this move, the bill has finally scaled the legislative process and is heading to the Governor’s desk for evaluation. According to Bitcoin Laws , adopting the Conference Committee report meant that the Senate agreed with all the changes to the bill. The House initially approved the report on May 30, with 110 members for it and only 25 against it. This approval finalizes the long legislative process for SB21, which was further extended due to amendments to the bill. With the House and Senate having different versions, the two chambers formed the Conference Committee to agree on these amendments. Some of the amendments that the Conference Committee kept include the House amendment, which increased the market cap for eligible reserve assets to at least $500 billion market cap for the last 24 months. However, it removed the provision that allows the comptroller to stake reserve assets. If passed, the bill would allow the Texas Comptroller of Public Accounts, the state’s chief financial officer, to create a crypto reserve using part of the state investment funds. It also establishes a five-member advisory committee that will set the investment policies and requires the comptroller to publish financial status reports every two years. Texas to join New Hampshire as states with Bitcoin reserves Many believe Governor Greg Abbot will pass the bill, allowing Texas to join New Hampshire and Arizona as US states with an SBR law. Abbot has shown public support for the bill by sharing an article praising the legislative efforts on X. The bill also benefits Texas by making it the crypto capital of the US. The state is already the biggest for Bitcoin mining in the US, with the state responsible for most of the US Bitcoin mining hash rate. Thus, creating an SBR will only boost its crypto credentials. The state has the second-biggest economy in the US, with a gross domestic product (GDP) of $2.7 trillion, only behind California and ahead of New York. According to data from the Bureau of Economic Analysis , its economy is growing faster than that of the US. While Texas could become the third state with an SBR law, it is set to be the second state to commit part of its portfolio to invest in crypto assets to hedge against inflation. New Hampshire already has the honor of being the first state to have an SBR law that enables the state treasurer to invest in crypto assets. However, the Arizona SBR law does not allow the investment of state funds into crypto assets. Instead, the enacted crypto reserve bill HB 2749 only permits the creation of a crypto reserve to be funded using unclaimed crypto assets, airdrops, and staking rewards. The Arizona SBR law represents a compromise after the state governor, Katie Hobbs, vetoed two other SBR bills requiring the state to invest, noting that the “current volatility in cryptocurrency markets does not make a prudent fit for general fund dollars.” 30 State SBR bills currently under consideration in the US Meanwhile, more states still have SBR bills in the works, with the majority in the committee stage showing massive interest in Bitcoin reserves. States such as North Carolina, Alabama, Montana, Georgia, and Iowa have their SBR bills in different stages. However, it is not just SBRs that are gaining interest. Pro-crypto legislative efforts have generally increased, with Michigan recently introducing four new bills related to Bitcoin and other crypto assets. One of the bills could allow investment of some of state retirement funds into cryptocurrencies. There is another bill to ban the introduction of central bank digital currencies (CBDCs), while proposed legislation seeks to allow Bitcoin mining projects on abandoned oil and gas wells, with tax deductions for the mining programs. The state has a total of seven pro-Bitcoin bills under consideration and recently declared May 13, 2025, as Digital Awareness Day through House Resolution 100. The resolution stated that the designation will encourage activities and programs that enable a better understanding of digital assets and their impacts. Cryptopolitan Academy: Coming Soon - A New Way to Earn Passive Income with DeFi in 2025. Learn More
31 May 2025, 12:50
Mutuum Finance (MUTM) emerges as major contender for DeFi throne
Since Solana (SOL) crossed the $100 mark in 2024, interest in SOL has seen a dramatic increase. However, in 2025, SOL has many investors disappointed as the price has stagnated around the $170 mark. With investors looking to make massive gains, they have turned to Mutuum Finance (MUTM) , which makes crypto observers describe the next “king of DeFi.” Looking at the ongoing presale, this sentiment is justified. So far, over $9.4 million worth of presale tokens have been sold. The presale is currently in phase 5, with each token selling for $0.03. In the previous phase, the token price was $0.025 and has since increased by 20%. The current phase of the presale represents the last chance to make a guaranteed 100% ROI based on the listing price of $0.06. In the upcoming phase 6, the token price will increase by 16,67% to $0.035, while the guaranteed ROI will dip to 71.43%. So far, over 11,300 unique buyers have taken part in the presale, and over 9% of the phase 5 presale tokens have been sold. The Mutuum Finance (MUTM) fundamentals At the core of Mutuum Finance (MUTM) is its decentralized non-custodial liquidity protocol that allows users to interact as liquidators, borrowers, or lenders. Lenders supply the liquidity, which borrowers can access via overcollateralized loans. Meanwhile, liquidators help to maintain the overall health of the ecosystem, which is governed by the stability factor. The role of lenders Lenders’ primary role is to supply liquidity either through P2P or P2C. The peer-to-contract (P2C) is the primary means by which lenders and borrowers interact. Funds contributed by lenders can be accessed using collateral in the same contract, without the need for individual loan matching. Once lenders deposit funds in a pool, they receive an annualized percentage interest yield on their assets. The pool’s utilization rate determines the rate; as more borrowers access the pool, it causes the yield to rise, which encourages more lenders to deposit their assets. Lenders can also use the P2P to earn interest. In these pools, which are governed in separate smart contracts, lenders and borrowers engage in discussions about their terms. They can agree on the interest rate, the loan period, and many other factors. The mode is reserved for highly volatile assets with low liquidity, like the FLOKI meme coin. It is kept separate from the P2C pools to ensure that the high volatility of assets in this mode does not stabilize the overall protocol. The role of borrowers Borrowers provide collateral that is needed for loans in the ecosystem. The interest rate that borrowers pay is governed by supply and demand dynamics. Borrowers have the option to choose between stable or variable rates. With stable rates, they have a better understanding of their repayments. Once they repay a loan, the borrowed tokens return to the pool, and accrued interest flows into the revenue mechanism. Borrowers can also use collateral to mint stablecoins on Mutuum Finance (MUTM). The stablecoin’s value will algorithmically be maintained at the value of the USD. The stablecoin will open up earning opportunities for its holders through arbitration to maintain this value. The role of liquidators Liquidators are another role within Mutuum Finance (MUTM) where participants can make a stable income. The entire ecosystem is maintained through a stability factor, which monitors the current collateralization of a loan against its value. If the collateral’s value falls below a certain threshold, the position is liquidated. Liquidators in the protocol can then purchase the debt at a discount and make a small profit in the process. At the same time, their actions help to keep bad debt out of the ecosystem. Incentives to stake on Mutuum Finance From the above, all participants stand to benefit from the Mutuum Finance (MUTM) ecosystem. There are also numerous incentives in the ecosystem, including a profit-sharing mechanism. In the mechanism, profits from the protocol will be used to buy MUTM tokens on the open market, which will be redistributed to stakers as rewards for maintaining the protocol’s security. With a robust lending protocol, coupled with a robust profit-sharing mechanism, Mutuum Finance is well-positioned to claim the DeFi throne. Recently, it passed a Certik security audit, which has boosted trust in the project and is poised to accelerate the pace of the ongoing presale. At the current price of $0.03 per token, this could be your best opportunity to join this DeFi project. For more information about Mutuum Finance (MUTM), visit the links below: Website: https://www.mutuum.com/ Linktree: https://linktr.ee/mutuumfinance The post Mutuum Finance (MUTM) emerges as major contender for DeFi throne appeared first on Invezz
31 May 2025, 12:47
Can Pakistan’s Bitcoin Mining Move Impact BTC Price? Experts Doubt It
The post Can Pakistan’s Bitcoin Mining Move Impact BTC Price? Experts Doubt It appeared first on Coinpedia Fintech News Story Highlights Pakistan plans to allocate 2,000 MW for Bitcoin mining and create a national Bitcoin reserve amid political and economic instability. IMF raises concerns over the project’s viability and energy use, questioning its feasibility amid Pakistan’s high energy costs and weak grid. This week Pakistan’s recent announcement to allocate 2,000 megawatts of electricity for Bitcoin mining was a remarkable move. Later this week they also said that Pakistan has plans to establish a government-led Bitcoin Strategic Reserve , this update joined amid ongoing political tensions, financial distress, and border issues. While a normal impression might be optimistic, compared with countries like El Salvador, but it’s not very optimistic. While this initiative signals a potential policy shift in the country, but its direct and immediate impact on the Bitcoin price is anticipated to be very minimal, largely due to a confluence of significant domestic challenges and international scrutiny. Adding to the challenges, the IMF has questioned Pakistan and raised red flags about the move. Keep reading to know more. Economic Viability and Infrastructure Concerns The ambitious mining plan of Pakistan faces tremendous economic viability issues, and power generation is less of an issue than its per kWh charges. The country has commercial electricity rates which are hovering somewhere around $0.20- $0.22/kWh, and are considerably higher than those in competitive mining hubs like Iran, Kuwait and other countries. Moreover, an electrical engineer based in Pakistan highlighted that even with a proposed subsidized tariff of $0.09/kWh, the cost remains barely competitive for large-scale operations compared to other countries in the global Bitcoin mining. The pricing was a major issue, but beyond pricing, the nation’s power infrastructure presents further obstacles. As Pakistan’s grid suffers from inconsistent service, distribution and transmission losses. These are major risks for energy-intensive mining facilities. IMF Scrutiny and Regulatory Roadblocks Adding to these internal challenges, the International Monetary Fund (IMF) has added red flags and asked several questions, as they said this announcement was done without IMF consultation. They voiced serious concerns regarding Pakistan’s plan like the rationale behind allocating such a substantial amount of electricity, especially given the country’s ongoing chronic energy shortages and declining countries fiscal conditions. Moreover, this external oversight clearly indicates the complexities involved in moving from a conceptual plan to a fully operational one. This creates an uncertain situation for Pakistan’s dreams related to Bitcoin crypto’s. .article-inside-link { margin-left: 0 !important; border: 1px solid #0052CC4D; border-left: 0; border-right: 0; padding: 10px 0; text-align: left; } .entry ul.article-inside-link li { font-size: 14px; line-height: 21px; font-weight: 600; list-style-type: none; margin-bottom: 0; display: inline-block; } .entry ul.article-inside-link li:last-child { display: none; } Also Read : Pakistan Appoints Special Assistant for Blockchain and Crypto in PM’s Cabinet , Limited Short-to-Medium Term Impact on Bitcoin Price While the move was strategic or chaotic still remains a question. But, if in case it does establish a Bitcoin mining facility in Pakistan. It wouldn’t send the BTC price to hit mars or jupiter, from one financially weakend country’s action. Its effort could incrementally contribute to the network’s security and global demand for Bitcoin in the long run, but no major outcome seems likely in the future. Moreover, the current viability challenges and the critical intervention from the foreign organization clearly hints that its direct influence on global Bitcoin price will likely remain limited in the short to medium term, only if they successfully set up their plan in motion. However, the long-run outlook totally depends on the broader market forces, global adoption trends, and major regulatory developments. 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31 May 2025, 11:21
Pakistan Sets 2,000 Megawatts for Bitcoin Mining Amid IMF Scrutiny and Regulatory Advances
Pakistan is making significant strides in the cryptocurrency sector, as reported by Cointelegraph on May 31st. The government intends to allocate 2,000 megawatts of electricity specifically for Bitcoin mining and