27 May 2025, 06:00

Former CFTC Chair Christopher Giancarlo joins crypto bank Sygnum

Christopher Giancarlo, former chairman of the US Commodity Futures Trading Commission (CFTC), has joined Sygnum in an advisory role, where he will help the crypto bank navigate global regulations amid growing institutional interest in digital assets. Giancarlo’s appointment as senior policy adviser places him alongside 11 other members of Sygnum’s Advisory Council, the company disclosed on May 27. In his role, Giancarlo will advise on regulations and strategic partnerships in both the public and private sectors. Sygnum is a Swiss banking group dedicated to providing crypto asset services. It’s often called the first digital asset bank, having recently achieved unicorn status following a $58 million funding round. Giancarlo, who headed the CFTC between 2017 and 2019, said he is joining Sygnum at a time when the global digital asset industry is nearing a turning point in institutional adoption. Christopher Giancarlo. Source: Sygnum Giancarlo has earned the moniker of “crypto dad” for his advocacy for digital assets, particularly in the United States. In 2023, he said a sweeping political shift in Washington, DC, would be necessary to enact pro-industry legislation. That shift appeared to materialize following Donald Trump’s presidential victory last November. However, shortly after the election, Giancarlo quashed rumors that he would succeed outgoing Securities and Exchange Commission Chair Gary Gensler. He also shot down reports that he was interested in a crypto-related role at the US Treasury. Source: Chris Giancarlo Related: Sygnum adds off-exchange crypto custody to Deribit with Fireblocks tech Institutional adoption of digital assets heats up A confluence of pro-crypto policies, the successful launch of Bitcoin exchange-traded funds (ETFs), and advances in tokenization and stablecoins has captured the attention of institutional investors over the past year. In the United States, Bitcoin ETFs are on track for a record-breaking month , drawing $1.5 billion in inflows over just two days. On the regulatory front, the Senate passed the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act. If enacted into law, the bill could further accelerate institutional adoption , according to DWF Labs managing partner Andrei Grachev. Meanwhile, Bitcoin’s rally to all-time highs has created a positive feedback loop where more institutions view BTC as a mature asset worthy of inclusion in modern portfolios, according to a recent report by Fidelity Digital Assets . Crypto also shows positive growth in places Sygnum is active, like Singapore and the United Arab Emirates. However, Sygnum’s CEO, Matthias Imbach, recently warned that the company’s native Switzerland may lose its competitive advantage as a crypto destination if it fails to keep innovating. Magazine: Danger signs for Bitcoin as retail abandons it to institutions: Sky Wee

27 May 2025, 05:51

Adam Back Invests $1.5M in Swedish Firm Leading Bitcoin Treasury Shift

The post Adam Back Invests $1.5M in Swedish Firm Leading Bitcoin Treasury Shift appeared first on Coinpedia Fintech News Adam Back, the cypherpunk cited in Satoshi Nakamoto’s Bitcoin whitepaper, has invested nearly $1.5 million in H100 Group , a Swedish digital health firm that just became the first public company in Sweden to adopt a Bitcoin treasury strategy . His support helped close a $2.2 million convertible loan round , with the remaining $700,000 coming from other strategic backers. Health Tech Meets Bitcoin: A Surprising Treasury Shift On May 22, H100 Group confirmed the purchase of 4.39 BTC using excess liquidity , signaling a strategic pivot amidst financial pressures. In 2024, H100 reported a 38% revenue drop and a loss of 9.77 million SEK , prompting it to explore new avenues for financial resilience . But this move isn’t just about diversifying reserves. According to CEO Sander Andersen, Bitcoin aligns with H100’s mission of individual sovereignty, decentralization, and transparency —the same principles that drive its AI-powered digital health ecosystem. “Bitcoin is not just a hedge—it’s a cultural and strategic fit,” said Andersen. A Ripple Effect Beyond Tech Inspired by MicroStrategy’s Michael Saylor, non-tech companies around the world are waking up to Bitcoin . From Latin America to Europe, BTC is making its way into diverse corporate treasuries. H100’s adoption shows the movement is expanding into sectors like healthcare , where Bitcoin’s core values deeply resonate. Currently, only 4.4% of Bitcoin’s supply is held by companies . But with figures like Adam Back stepping in, that number may rise fast. After the BTC announcement, H100’s stock jumped 37% , and another 5.33% the next day—despite still being 35% below its yearly high. What This Means for the Future Adam Back’s endorsement could signal a turning point in corporate Bitcoin adoption , especially outside the U.S. H100’s dual focus— digital healthcare and Bitcoin integration —is attracting attention from both investors and industry observers. It may well become a model for how mission-driven companies can blend technology, finance, and values into one strategy.

27 May 2025, 05:46

Trump Media prepares $3 billion fundraising to spend on crypto - report

U.S. President Donald Trump's company behind the Truth Social app—Trump Media & Technology Group ( NASDAQ:DJT)—is reportedly planning to raise up to $3 billion to invest in cryptocurrencies, The Financial Times reported on Monday, citing sources familiar with the matter. The proposed capital raise would comprise $2 billion in new equity and $1 billion through a convertible bond offering; however, the terms, timing, and size of the capital raise could still change, the report said . The company has rebuffed the Financial Times report, criticizing the media coverage but not providing a direct denial or further details. TMTG's capital round may come before a significant gathering of cryptocurrency enthusiasts and investors in Las Vegas this week, which is anticipated to feature speeches by Trump's crypto tsar David Sachs, Vice President JD Vance, and Trump's sons Donald Jr. and Eric. The initiative comes amid Trump’s pro-crypto policy agenda, including repealing previous regulatory crackdowns and advocating for a U.S. digital asset stockpile. ETFs to track the broader cryptos: ( NASDAQ: ZZZ ), ( BATS: FBTC ), ( NASDAQ: ETHA ), ( NYSEARCA: BLOK ), ( NASDAQ: BITS ). Dear readers: We recognize that politics often intersects with the financial news of the day, so we invite you to click here to join the separate political discussion More on Trump Media and Technology Group Trump Media & Technology Group: When Politics Gets A Ticker Symbol Trump Media & Technology Group: Long-Term Outlook Is Overwhelmingly Negative Trump Media & Technology: New ETFs Won't Cut It Trump Media makes Truth+ on-demand content available on Roku TV Trump Media and Technology Group reports Q1 results

27 May 2025, 05:40

Cetus Exploit: Shocking $220M Loss & Urgent Recovery Plan on Sui

BitcoinWorld Cetus Exploit: Shocking $220M Loss & Urgent Recovery Plan on Sui Hey crypto community, get ready for some critical news hitting the Sui ecosystem. Cetus, a prominent decentralized exchange (DEX) operating on Sui, has recently disclosed a major security incident. We’re talking about a significant financial blow – an estimated $220 million lost in a sophisticated exploit that occurred on May 22, 2025. This isn’t just another blip on the radar; a loss of this magnitude sends ripples through the entire DeFi space. Cetus has been quick to respond, publishing a detailed report titled “Cetus Incident Report: May 22, 2025 Attack Disclosure.” This report outlines their immediate actions and forward-looking strategy to navigate this crisis. Let’s dive into what happened and what Cetus plans to do next. What Happened During the Cetus Exploit? The core of the issue revolves around the Cetus exploit that targeted the DEX on May 22, 2025. While the full technical details of the exploit vector are still under wraps or being investigated, the outcome is clear and stark: approximately $220 million in user funds, primarily from liquidity pools, were siphoned off. For context, $220 million represents a substantial amount within the DeFi landscape, highlighting the critical vulnerabilities that can exist even in seemingly robust protocols. Decentralized exchanges like Cetus rely on complex smart contracts to manage liquidity, execute trades, and handle user funds without intermediaries. These smart contracts are the backbone of the operation, but they also represent potential attack surfaces. A single vulnerability, if discovered and exploited by malicious actors, can lead to catastrophic losses, as sadly demonstrated by this incident. The immediate aftermath of such an exploit is chaotic. Users panic, liquidity dries up, and the protocol’s reputation takes a severe hit. The Cetus team’s priority has been to assess the damage, understand the exploit mechanism, and formulate a plan to address the fallout and prevent future occurrences. Strengthening Decentralized Exchange Security After the Breach One of the absolute top priorities for Cetus moving forward, as outlined in their report, is a significant push to strengthen decentralized exchange security . Exploits like this are a harsh reminder that security in DeFi is not a one-time audit; it’s an ongoing, evolving process. Cetus has committed to implementing more rigorous security measures. What might this involve? Typically, enhancing smart contract security after a major incident includes: Comprehensive Code Audits: Engaging multiple, reputable third-party security firms to conduct deep dives into the entire codebase, looking for vulnerabilities missed in previous reviews. Formal Verification: Using mathematical methods to prove that smart contracts behave as intended under all possible conditions, reducing the risk of unexpected exploits. Bug Bounty Programs: Incentivizing ethical hackers to find and report vulnerabilities before malicious actors do. Improved Monitoring and Alerting: Implementing systems that can detect suspicious activity or unusual transactions in real-time, allowing for quicker response times. Access Control & Multi-Signature Wallets: Reviewing and tightening control over critical functions and potentially requiring multiple team members to authorize large transactions or code changes. The report emphasizes that bolstering their security framework is foundational to rebuilding trust and ensuring the long-term viability of the platform on Sui. This commitment to enhancing security is crucial not just for Cetus, but serves as a case study for other DEXs operating in the high-stakes DeFi environment. Navigating the Crypto Exploit Recovery Journey Perhaps the most pressing concern for affected users is the crypto exploit recovery plan. Losing $220 million is devastating for liquidity providers (LPs) who trusted Cetus with their assets. The Cetus team acknowledges this and has made recovery for affected LPs a central pillar of their response. According to their report, the recovery plan is multi-faceted: Working with Ecosystem Partners: Cetus is collaborating closely with other projects and entities within the Sui ecosystem and the broader crypto space. This could involve tracing funds, seeking assistance from exchanges, or leveraging collective security expertise. Restoring LP Withdrawals: A key technical challenge is safely enabling withdrawals for LPs, especially those in affected pools, while preventing further losses or manipulation. This requires careful technical work to isolate compromised funds and ensure remaining assets are secure. On-Chain Vote for Fund Recovery: Cetus has initiated an on-chain governance vote. The specifics of this vote (e.g., proposing a mechanism for distributing recovered funds, approving a recovery fund creation) are vital and require community consensus to accelerate the recovery process legally and transparently. Negotiations with the Attacker: In parallel with other efforts, Cetus is attempting to negotiate with the attacker. This often involves offering a bounty (the ‘white hat’ opportunity) in exchange for the return of funds, minus a percentage as a reward for identifying the vulnerability. Pursuing Legal Action: Alongside negotiation, legal avenues are being explored to identify and pursue the attacker. This is a complex process in the pseudonymous world of crypto but is often pursued in large-scale exploits. Pending Final Notice: The report mentions a ‘final notice’ is pending, likely related to the negotiation deadline or the next steps in the recovery or legal process. Successfully executing a crypto exploit recovery plan of this scale is incredibly challenging. It requires technical skill, legal strategy, community coordination via governance, and sometimes, a bit of luck in recovering funds or negotiating with the exploiter. The transparency and steps outlined by Cetus are a crucial starting point, though the path ahead for affected LPs will undoubtedly be long and complex. What Does This Mean for the Sui DEX Ecosystem? An exploit of this size on a major Sui DEX like Cetus naturally raises questions about the security posture of the entire ecosystem. While the vulnerability might have been specific to Cetus’s smart contracts, it underscores the inherent risks in DeFi, regardless of the underlying blockchain. For users of other protocols on Sui, this incident serves as a stark reminder to: Do Your Own Research (DYOR): Always understand the risks associated with depositing funds into any DeFi protocol. Diversify: Don’t put all your eggs in one basket. Stay Informed: Follow official channels for updates on security incidents and recovery efforts. Understand Smart Contract Risk: Be aware that even audited contracts can have vulnerabilities. The Sui community and other projects on the chain will be watching closely to see how Cetus handles the recovery and implements new security measures. A successful and transparent recovery process could help restore confidence, while missteps could further damage trust in the ecosystem. Beyond the Headlines: The Broader Impact on Crypto Security The Cetus incident is unfortunately not an isolated event in the world of decentralized finance. It highlights the continuous arms race between protocol developers and malicious actors. Ensuring robust crypto security is paramount for the growth and adoption of DeFi. This involves not only technical safeguards but also community education and vigilance. As users, understanding the risks is the first step in protecting your assets. As developers and projects, continuous auditing, testing, and rapid response plans are non-negotiable. The $220 million loss is a painful lesson, but the response from Cetus, involving technical fixes, community governance, legal action, and even negotiation, provides a template for how protocols attempt to navigate such crises. The success of their crypto exploit recovery will be a key factor in how the community perceives both Cetus and the resilience of the Sui ecosystem. Conclusion: A Difficult Path to Recovery The Cetus exploit resulting in a shocking $220 million loss is a significant setback for the Sui DEX and its users. The team’s detailed report outlines a clear, albeit challenging, path forward involving strengthening decentralized exchange security , pursuing a comprehensive crypto exploit recovery plan for LPs, and engaging in both legal action and potential negotiation with the attacker. While the road to full recovery will be arduous, the proactive steps, including the on-chain vote and collaboration with ecosystem partners, demonstrate a commitment to addressing the crisis head-on. This incident serves as a critical reminder of the inherent risks in DeFi and the absolute necessity of robust crypto security measures and vigilant community participation. To learn more about the latest crypto market trends, explore our article on key developments shaping DeFi security and recovery efforts. This post Cetus Exploit: Shocking $220M Loss & Urgent Recovery Plan on Sui first appeared on BitcoinWorld and is written by Editorial Team

27 May 2025, 05:25

Asia markets subdued as trade concerns linger; U.S. futures rise as Trump postpones EU tariffs

Trump agrees to delay EU tariffs until July 9 CHIQ: Chinese Equities Continue To Show Resilience And Attractive Valuations Nippon Steel surges in Japan after Trump allows US Steel deal to move ahead Asian indexes climb as Treasury yields ease Japan's core inflation rises to 3.5% in April

27 May 2025, 05:03

Thailand Finance Regulators to Restrict World’s First Tokenized Govt Bonds

Thailand’s Securities and Exchange Commission has clarified the rules for a new government-issued tokenized bond called the G-Token as the country plans to be the first to enable state borrowing from the public via digital assets. However, one of the first things the SEC stipulated was that the new tokenized real-world asset (RWA) cannot be used as a means of payment, and cannot be traded like other cryptocurrencies, according to a May 27 Bangkok Post report. While crypto trading remains popular in Thailand, using digital assets for payments has been outlawed by the central bank since 2022. G-Token: A World First The G-Token, announced on May 13, aims to be the world’s first government-issued digital token to raise public funds and help cover its budget deficit. The government plans to issue $150 million worth of tokens through an ICO portal on July 25, with the Finance Ministry as registrar. Details like interest rate, maturity, and collateral will be announced ahead of its launch. It will only be available to investors with digital wallets on licensed exchanges or through securities firms. “Unlike government bonds or equities, a G-Token is not a debt instrument, and therefore it falls under the Digital Asset Act, not traditional public debt laws,” said Jomkwan Kongsakul, deputy secretary-general of the SEC. Strict regulatory safeguards will apply, including anti-manipulation rules and investor protection, and transfers outside or across exchanges are prohibited, enforced by smart contracts. “We want to ensure that G-Token serves as a useful, technology-driven investment innovation, not merely a speculative tool,” said SEC secretary-general Pornanong Budsaratragoon. Thailand’s securities regulator revealed plans to launch a tokenized securities trading system for institutional investors in February. Thailand Crypto Outlook There has been a surge in new digital asset trading platforms entering the Kingdom recently, with Binance, Upbit, and KuCoin joining industry leader Bitkub. Bitkub dominates the market in Thailand with a daily volume of $44.5 million, but the most popular pair is forex with USDT/THB trading, according to Coingecko. However, accounts on these crypto exchanges are restricted to Thai citizens only, alienating the thousands of expats and foreigners who live in the country, which has ambitions of becoming a digital nomad and crypto hub. Thailand was also mulling a crypto payments pilot scheme for foreigners on the tourist island of Phuket. However, nothing had materialized six months after the announcement. The post Thailand Finance Regulators to Restrict World’s First Tokenized Govt Bonds appeared first on CryptoPotato .