Cyberpunk City narxiCYBER

🚨 U.S. banking groups have urged the SEC to scrap its cyber disclosure rule, warning it endangers national security and aids ransomware attacks. #Cybersecurity #SEC

In a surprising turn, Sweden, a pioneer in the push toward a cashless society, is reconsidering its digital payment strategy. Ethereum co-founder Vitalik Buterin recently highlighted the inherent fragility of centralized digital payment systems, suggesting that decentralized alternatives could provide a more resilient solution in times of crisis. Sweden has been at the forefront of adopting digital payment platforms, with only one in ten transactions currently conducted in cash, according to a recent report by The Guardian. However, as concerns over cyber threats and civil defense have mounted, Swedish authorities are now advocating for citizens to keep a reserve of cash—enough for a week—should a crisis arise. Buterin underscored this shift, noting, “Nordics are walking back the cashless society initiative because their centralized implementation of the concept is too fragile. Cash turns out necessary as a backup.” His remarks serve as a poignant reminder that while centralized systems may offer efficiency, they can falter in moments of instability. He further posited that Ethereum could serve as a decentralized financial fallback during such crises. “Ethereum needs to be resilient enough, and private enough, to be able to credibly play this kind of role,” he stated. While the technology for fully offline, zero-knowledge secured private transfers exists, Buterin acknowledged that practical implementation faces challenges, particularly concerning trusted hardware and double-spending enforcement. As Sweden navigates this pivotal moment, the implications for both digital currencies and traditional fiat systems remain profound, hinting at a future where coexistence might be the norm rather than a replacement.

Solana co-founder Anatoly Yakovenko has weighed in on the ongoing debate around Sui’s governance and the true meaning of blockchain decentralization. His comments come as the Sui network faces pointed questions following its intervention in the aftermath of the multi-million dollar CETUS DEX exploit. Yakovenko offered his distinct opinion on how blockchain users and developers should actually understand and measure the concept of decentralization. According to Yakovenko, a decentralization test should be objective rather than subjective. The Solana co-founder outlines standards that can determine whether a blockchain protocol is decentralized. For instance, Yakovenko stated that a blockchain solution cannot be decentralized if the minority group can unilaterally block the majority from making changes or functioning. On the contrary, the renowned blockchain expert condemned the situation where the majority can block the minority from exiting or forking its chain by withholding data or initiating an emergency upgrade on the bridge contract. Related: Sui Blockchain Fast-Tracks Whitelist Function After Messy CETUS DEX Hack Yakovenko’s opinion appeared to criticize the action by the Sui team, following their intervention by altering the protocol after the infamous CETUS DEX exploit, where a hacker stole about $233 million from their liquidity pool. Shortly after the attack, the Sui team informed users about moves to prevent further fund theft. The Sui team stated that it locked its contract and confirmed that it paused the transfer of $162 million of the compromised funds. The team also noted that they are working with the Sui Foundation and other ecosystem members to resolve the issue. The team’s action triggered an argument within the blockchain industry, with stakeholders stating taking strong positions on the appropriateness of the actions. Cyber Capital founder Justin Bons sided with those disagreeing with the Sui team’s actions, citing the dangers of decentralization in a supposedly decentralized environment. Bons thinks Sui’s validators are colluding to censor the hacker’s transactions, which amounts to centralization. On the other side of the debate, Sui Foundation’s Amogh Gupta disagrees with Bons’ opinion and those who consider the Sui team’s intervention a risky precedent. Related: What Does the CETUS Hack Mean for DeFi Security on SUI? According to Gupta, the Sui team embarked on a legitimate exercise of distributed governance. Gupta stated that the validators’ acts of reaching an agreement over a particular event should not be considered “colluding.” Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

💧 $SUI Token Starts to Recover After $223 Million Exploit on Its Biggest Decentralized Exchange Sui’s native token started to recover after its price tumbled earlier on Thursday due to a more than $200 million exploit of the layer-1 blockchain’s largest decentralized exchange, Cetus.  SUI was recently trading at $3.89, CoinGecko data shows. The token, which fell from $4.18 to $3.82 after news of the Cetus exploit erupted on Crypto Twitter, was down 3.7% over the past 24 hours.  Malicious actors have siphoned $223 million worth of digital assets from Cetus’ liquidity pools, Sui said Thursday in a social media post. The wallet connected to the attack was recently holding about $37 million in cryptocurrencies, SuiVision records show.   “The Cetus team is exploring paths to recover those funds and return them to the community, Sui said in the statement, adding Cetus has paused smart contracts to prevent further theft. “An incident report from Cetus is forthcoming.” The exploit comes as the decentralized finance sector has struggled to weather an increasing number of multi-million-dollar cyber attacks over the past few years. A Chainanalysis report shows that stolen funds in the DeFi sector totaled $2.2 billion in 2024, a 21% increase from the year prior.  More broadly, centralized trading platforms for digital assets have also suffered due to critical cyberattacks on their infrastructures. In February, crypto exchange ByBit sustained a $1.4 billion hack, marking the largest crypto heist ever by funds lost.  Although Sui’s flagship token has largely recovered since the Cetus attack, other digital assets linked to its ecosystem are still struggling to retrace their losses.  #SUI #Suinetwork

South Korea and the EU vow cooperation against North Korea’s crypto theft South Korea and the European Union (EU) agreed to strengthen cooperation in response to rising cyberthreats, including cryptocurrency theft by North Korea, during their 7th Cyber Policy Consultation,