Good Morning Crypto Enthusiasts!

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

1. Sui Votes on $162M Recovery Plan: Sui validators are voting on whether to return $162 million in frozen assets from a recent $220M Cetus DEX exploit.

2. US Government May Buy Bitcoin: White House crypto czar David Sacks announced that under Trump’s executive order, the U.S. could acquire more Bitcoin using unallocated federal funds—without raising taxes or debt.

3. Crypto Kidnap Suspect Arrested: A third suspect, William Duplessie, has surrendered in the brutal kidnapping of Italian crypto investor Michael Teofrasto, who was tortured in a Manhattan townhouse.

4. 💡Feature of the Day - Trump Supports BITCOIN Act: President Trump has endorsed the BITCOIN Act, a new bill allowing the U.S. government to purchase up to 1 million BTC over five years using existing funds.

   
   All this and more in today’s headlines!

📰 News Highlights:

Sui Votes on Recovery [Source][Source][Source]

Sui validators are voting on a $162 million recovery plan to return stolen funds from a recent Cetus exploit.

Cetus, a decentralized exchange on Sui, was hacked for over $220 million on May 22 but managed to freeze $162 million shortly after.

A governance vote, ending June 3, will determine whether the frozen funds are recovered, placed in a multisig trust, and returned to affected users.

The recovery plan also involves support from the Sui Foundation and the Cetus treasury, with a potential emergency loan in play.

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US May Buy Bitcoin [Source][Source]

David Sacks, White House AI and crypto czar, revealed that the US government could purchase more Bitcoin under Trump’s executive order if done in a “budget-neutral” way.

Speaking at Bitcoin 2025, Sacks explained that funding would need to come from existing resources, not new taxes or added debt.

The executive order allows the government to hold and expand its crypto reserves, especially Bitcoin seized from crimes like those involving Silk Road or Bitfinex hacks.

Crypto Kidnap Arrest [Source][Source]

A third suspect, William Duplessie, surrendered to police in connection with the kidnapping and torture of Italian crypto investor Michael Teofrasto in NYC.

The victim was held for weeks in a SoHo luxury townhouse, where he was physically assaulted and electrocuted in attempts to force access to his crypto wallets.

He eventually escaped and alerted authorities, leading to arrests.

The incident is part of a disturbing trend targeting crypto holders, often involving violent “wrench attacks.”

💡 Feature of the Day: 

Trump Backs BTC Bill [Source][Source][Source]

President Donald Trump supports the BITCOIN Act, a bill that would authorize the US government to acquire up to 1 million Bitcoin over five years using existing federal funds.

Senator Cynthia Lummis revealed Trump’s backing at the Bitcoin 2025 conference, stating that the administration is also prioritizing legislation on stablecoins and digital market structure.

😂 Crypto Meme of the Day: 

Meme of the day provided by @Gate_io

And that’s it for this today.

See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com