Weekly Wrap: Bitcoin Hits ATH, $260M Sui Hack, U.S. Stablecoin Bill, and More

Let’s dive into The CryptoTimes’ Weekly Wrap, bringing you top stories of the week from the crypto industry. In this edition, we’ll break down Bitcoin’s rollercoaster rally to a new all-time high, the shocking Sui DeFi hack, groundbreaking regulatory news from the U.S., and an audacious $1.1 billion Bitcoin bet that has traders talking. Strap in as we explore the highs, the lows, and everything in between of the past week;

Top Stories This Week

Bitcoin Hits All-Time High 

Bitcoin soared to a record $11,970 on May 22, largely driven by institutional demand and favorable U.S. regulatory shifts. However, the rally was short-lived as Trump’s announcement of steep tariffs on EU goods and foreign-made iPhones triggered a 2.5% drop as low as $108,000 on Friday. Other cryptocurrencies, including Ether and Solana, also declined 3–4% amid broader market jitters.

Stablecoin Bill Advances Amid Political Tensions

The U.S. Senate advanced the GENIUS Act, a landmark bill to regulate stablecoins, with bipartisan support. The legislation includes provisions to restrict tech giants like Meta and Google from issuing their own stablecoins and mandates enhanced oversight for foreign issuers. 

However, Senate Democrats are pushing for anti-corruption amendments amid concerns over potential conflicts of interest involving President Trump and his family’s crypto ventures.

Sui’s Cetus Protocol Suffers $260M Hack

On May 22, Cetus Protocol, the largest decentralized exchange on the Sui blockchain, suffered a massive exploit resulting in loss of nearly $260 million. The attacker manipulated liquidity pools using spoof tokens, draining significant funds. In response, Cetus offered a $6 million white hat bounty for the return of the stolen assets. 

Sui validators managed to freeze approximately $162 million of the stolen funds, but the incident raised concerns about the network’s decentralization and security practices. The SUI token price dropped by 15% following the hack. 

Read: $260M Cetus Hack: Sui Freezing Funds Sparks Decentralization Concerns

James Wynn’s $1.1B Bitcoin Bet Shakes the Market

Crypto whale James Wynn made headlines by opening a $1.1 billion long position on Bitcoin using 40x leverage on the decentralized exchange Hyperliquid. His entry price was $108,084, with a liquidation threshold at $103,640. The position went on profit of over $20 million in unrealized profit—as per Hypurrscan data . 

Wynn predicts Bitcoin could reach $118,000 in the coming days, citing technical analysis and market momentum. His aggressive trading style has sparked debates about the risks and influence of large-scale leveraged positions in the crypto market. 

Trump’s Crypto Ties Spark Ethical Concerns

President Trump’s involvement in the crypto sector has raised ethical questions, particularly regarding the USD1 stablecoin launched by World Liberty Financial, a firm linked to his family. Democrats are advocating for amendments to the GENIUS Act to prevent public officials from profiting from their positions, citing potential conflicts of interest.

News You Might Have Missed

• Worldcoin Raises $135 Million : Worldcoin secures a massive $135 million funding round to expand its global digital identity and infrastructure. 

• Meta Buying Ripple Rumour Heats Up : Speculation surges as rumors spread that Meta may acquire Ripple to boost its blockchain and payment capabilities.

• Hyperliquid Ride Trends, HYPE Token Hits All-time High : Decentralized perpetual exchange Hyperliquid gains momentum with its native HYPE token reaching a new all-time high.

Weekly Gainers & Losers

What to expect for next week?

Looking ahead to the final week of May 2025, the crypto market is poised for significant developments. Bitcoin is expected to continue surging to new highs above $111,000, buoyed by substantial ETF inflows and growing institutional interest. 

However, upcoming token unlocks, including a significant release from Sui, may introduce volatility. Additionally, ongoing geopolitical events and potential regulatory shifts could impact market sentiment.