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Good Morning Crypto Enthusiasts!

Glad to have you back for another edition of the UseTheBitcoin.com newsletter.

1. Cetus DEX Relaunches: Sui-based Cetus DEX has relaunched following a $220M exploit tied to a pricing flaw. With 85–99% of affected pools restored and compensation plans in place.

2. Coinbase Cuts Account Freezes: Coinbase has significantly reduced unnecessary account freezes after upgrading its machine learning systems.

3. Tether Rejects IPO: Tether CEO Paolo Ardoino rejected IPO plans despite valuation rumors hitting $515B, calling them “bearish” given the firm’s growing Bitcoin and gold reserves.

4. 💡Feature of the Day - Alex Protocol Hacked: Alex Protocol suffered an $8.3M hack due to a self-listing logic flaw, its second major breach after a Lazarus Group-linked attack in May.

   
   All this and more in today’s headlines!

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📰 News Highlights:

Cetus DEX Relaunches [Source][Source][Source]

Sui-native DEX Cetus has relaunched after a devastating $220 million exploit in May, where a pricing mechanism flaw allowed an attacker to drain major liquidity pools.

While the team quickly froze $162 million of the stolen funds, the remaining losses were covered using $7 million in reserves, a $30 million USDC loan from the Sui Foundation, and partially recovered assets.

Affected pools are now restored between 85–99%, and 15% of the CETUS token supply has been allocated for user compensation.

🎁Freebie:

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Coinbase Cuts Freezes [Source][Source][Source][Source]

Coinbase has reduced unnecessary account freezes by 82%, a major improvement credited to updates in its machine learning systems.

CEO Brian Armstrong admitted the issue had persisted far too long and became a top priority, especially following backlash from users locked out of their accounts for months.

New infrastructure investments led by Dor Levi helped increase model precision, leading to fewer false restrictions and freezes.

However, many users remain critical of Coinbase’s support team and lack of direct communication channels.

Tether Rejects IPO [Source][Source][Source]

Tether CEO Paolo Ardoino dismissed the idea of taking the company public, stating there is “no need” despite speculative valuations of up to $515 billion.

The figure, which would rank Tether among the top 20 global firms, was deemed “a bit bearish” by Ardoino due to the firm’s growing Bitcoin and gold holdings.

His statement came just days after rival stablecoin issuer Circle went public and saw its shares surge 167% on debut.

Tether’s USDT remains the third-largest cryptocurrency by market cap at $154.83 billion.

💡 Feature of the Day: 

Alex Protocol Hacked [Source][Source][Source]

Bitcoin DeFi platform Alex Protocol lost $8.3 million in a June 6 exploit, with attackers draining assets via a vulnerability in the protocol’s self-listing logic.

The stolen funds included STX, sBTC, USDC, and wrapped Bitcoin.

In response, the Alex Lab Foundation promised full reimbursement using its treasury, distributing compensation in USDC following a structured claims process beginning June 8.

😂 Crypto Meme of the Day: 

Meme of the day provided by @CryptoMemes

And that’s it for this today.

See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com