The Blockchain Bulletin June 10: Cetus Relaunches After $223M Exploit

Hey folks! Welcome once again to the latest blockchain bulletin, which contains major events that took place in the past 24 hours. From regulatory breakthroughs in Washington to strategic fund deployments in Tokyo and Paris, the crypto ecosystem is maturing on all fronts—technically, financially, and politically. As always, Bitcoin stands at the philosophical center, and this week’s developer statement might just be the line in the sand that redefines the next era of decentralization.

Following a devastating $223 million exploit on May 22, Cetus Protocol is back online—this time with reinforced security and a stronger focus on community protection. Operating on Sui and Aptos chains, the decentralized exchange has introduced a full user compensation framework and a whitehat bounty program. Its transition to an open-source model signals a push toward transparency and decentralized contribution as the team rebuilds trust post-exploit.

Bitcoin Core Fires Up Debate on Network Autonomy

In a bold new statement, 31 Bitcoin Core developers have reignited global debate over the direction of the Bitcoin network and its underlying principles. Released on June 6 through the official Bitcoin Core website, the developers strongly emphasized that users must remain in full control of their software and policy decisions. They firmly rejected automatic updates, declaring that Bitcoin Core will never impose a version on users without their voluntary action. 

Regulatory Updates

In Washington, a long-awaited legislative milestone is nearing its final stage. The bipartisan GENIUS Act, aimed at introducing the United States’ first comprehensive federal stablecoin framework, could pass the Senate by Wednesday, June 11. Senate Majority Whip John Thune filed cloture today on Amendment #2307, which is a critical bipartisan substitute to the original bill S.1582. Cloture is a procedural step that limits debate and forces a final vote within 30 hours. If no delays occur, both the amendment and the underlying legislation are expected to be voted on by midweek. 

Institutional Moves

Ripple has launched a new initiative to support Web3 innovation in Japan through a partnership with Web3 Salon. Backed by JETRO and the Asia Web3 Alliance Japan, the program will fund early-stage startups building on the XRP Ledger, especially in DeFi, payments, and tokenization. Ripple is offering up to $200,000 per selected startup through its XRPL Japan and Korea Fund, part of a broader 1 billion XRP commitment to boost ecosystem growth. The funding will target local projects over the next year, with selection based on technical skills, vision, and growth potential.

The Blockchain Group, which is listed on Euronext Growth Paris, is joining forces with TOBAM to organise a €300 million capital raise to increase its Bitcoin holdings. The structure is basically an ATM model under the U.S. system, but adapted to the European markets. TOBAM is able to subscribe to everyday volumes of new shares at VWAP or at the closing price, but limited to 21% of the daily trading volume, with all requests being aggregated on a weekly basis.

Turnkey, a crypto infrastructure firm founded by former Coinbase Custody engineers, has raised $30 million in a Series B funding round. With investors including Bain Capital Crypto, Sequoia, Galaxy Ventures, and Wintermute, Turnkey now holds $50 million in total funding. The company aims to build an “open infrastructure layer” that can support the crypto industry’s evolution much like the internet’s foundational protocols did.

Related: Moscow Exchange Launches Bitcoin Futures for Select Investors

Market Overview

Avalon Labs has carried out a massive burning of over 80 million AVL tokens, which accounts for about 44% of the prevailing circulating supply. This burning helped curb inflation and so raised the value of the token. This action tore away tokens that had remained unclaimed from a prior airdrop, pushing prices up by 21% to $0.2085. In the past year, the team confirmed that over 100,000 users claimed almost $20 million worth of AVL tokens. The burning is to establish a long-term incentive alignment with the community.

On the other hand, Bitcoin powered through resistance on June 10 and saw a price increment to $109,265 with a sharp 3.59% daily gain, signaling renewed bullish strength. The trading volume also followed the surging momentum to $58.09B, and the market cap climbed to $2.17T, fueled by strong momentum that built steadily from $105K earlier. The price in a short period of time pushed above $110K before a little pullback. With 19.87M BTC in circulation, Bitcoin is closing in on its 21M cap, drawing fresh investor attention.

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