Latest news with #SuiFoundation
Business Insider
2 days ago
- Business
- Business Insider
Meet Christian Thompson, the security expert betting big on Africa's Web3 builders
As blockchain adoption accelerates globally, new networks are under pressure to deliver on old promises: security, scalability, user experience, and meaningful real-world utility. In emerging markets like Africa, these demands are even more acute, where innovators and investors alike are looking for technology that can drive inclusion, power local economies, and connect them to the global digital ecosystem. Sui, a next-generation Layer 1 blockchain, is one of the networks aiming to fill that gap. Launched to enable what it calls mass adoption, Sui claims to make blockchain as easy to use as the web itself, while solving the security and scalability challenges that have long dogged the industry. At the center of this effort is Christian Thompson, Managing Director of the Sui Foundation. A veteran with experience spanning software entrepreneurship, law enforcement, and a high-profile stint leading blockchain security at Meta's Libra/Diem project, Thompson brings a cross-disciplinary view to what blockchain needs next. In this exclusive interview with Business Insider Africa, Thompson explains Sui's philosophy, its technical differentiators, its approach to security and user experience, and its ambitious bet on supporting developer communities across Africa. 'Throughout my career, I've always had a deep interest in how technology can be used to empower individuals while maintaining trust,' Thompson begins, reflecting on his path to Web3. 'At Meta, I led blockchain security for the Libra/Diem initiative, which opened my eyes to both the possibilities and the limitations of existing blockchain infrastructure. That experience, combined with my earlier work founding software companies and in law enforcement, shaped my belief that decentralization is a design philosophy for trust. That journey ultimately led me to the Sui Foundation, helping build infrastructure that enables real utility and mainstream adoption in a secure, scalable way.' Sui's pitch to developers and businesses is bold: to be the blockchain designed specifically for mainstream adoption. Rather than focusing narrowly on financial applications or crypto-native users, Sui's vision is to become a global coordination layer for digital assets of all kinds. 'Sui is the only blockchain built for mass adoption. It serves as the global coordination layer for intelligent assets, helping individuals and businesses securely create, own, and transact digital assets without intermediaries,' Thompson explains. 'Sui's architecture, which is based on the Move programming language, enables fast, scalable, and intuitive digital experiences. Sui is designed to deliver the performance and simplicity needed to power real-world applications, from identity to gaming and everything in between.' Competition among Layer 1 blockchains is intense, with projects racing to address known bottlenecks like high fees, slow transactions, and poor developer experience. For Thompson, Sui's differentiator is clear: its approach to security and scalability begins at the protocol level. 'Security at Sui starts at the protocol level,' he says. 'The Move language was designed to eliminate common vulnerabilities by defining digital assets as objects with clearly defined rules. This object-centric model is easier to audit and harder to exploit than traditional smart contract architectures. In addition to this unique approach, we invest heavily in formal verification and modern cryptography to enhance security.' Security alone, however, isn't enough to unlock mass adoption. Thompson points out that blockchain's notoriously bad user experience has been one of its biggest obstacles. Sui's design explicitly aims to overcome that, making blockchain interactions feel as seamless as using a modern web app. 'Accessibility is central to the Sui ecosystem,' Thompson says. 'Sui is built to make crypto feel like the Web experience most people are already used to. It is seamless, safe, and intuitive, with a variety of features created to ensure accessibility. zkLogin, for example, allows users to access blockchain apps with familiar logins like Google or Facebook, no seed phrases, and no browser extensions. Meanwhile, Sui Passkeys bring passwordless security via biometrics, and sponsored transactions mean users don't even need to hold crypto to get started.' For developers evaluating blockchain platforms, Thompson says Sui's scalability and developer experience are designed to remove many of the industry's traditional headaches. 'Sui is faster, more scalable, and more developer-friendly, thanks to the Move programming language and horizontal scalability,' he notes. 'This enables developers to build apps that scale with demand, without facing performance trade-offs. Developers can directly access and compose assets without needing smart contract intermediaries, leading to faster development, lower costs, and better user experiences.' Thompson is also no stranger to the world of regulation. Having worked closely with global regulators while at Meta, he has a sober view of the need for clear frameworks, even as the industry resists heavy-handed oversight. 'We're at an inflexion point in crypto regulation, with policymakers globally realizing that existing legacy frameworks don't fit digital assets, and a growing emphasis on purpose-built regulations,' he says. 'Sui is committed to working within these frameworks to ensure long-term success while preserving the decentralized ethos.' Beyond technology and policy, the Sui Foundation is betting on developer communities as the engine of blockchain's real-world impact. In particular, Thompson points to Sui's investments in local hubs that can support developers in emerging markets where blockchain is seen not just as a speculative asset, but as infrastructure for solving real problems. 'Developers and entrepreneurs are the backbone of blockchain adoption and we firmly believe that some of the most innovative blockchain solutions will come from local communities solving local challenges with global relevance,' he says. 'Sui provides a full stack of support to developers and builders across the world, through grant programs and technical mentorship to in-person opportunities for learning and connection. A recent example is SuiHub Lagos, a space dedicated to supporting the next generation of West African builders. It offers workshops, technical office hours, funding access, and hands-on support from international mentors. Sui launched this hub following months of community engagement in the area, including hackathons and educational outreach.' This emphasis on local empowerment shapes Sui's broader philosophy of community building. 'A thriving ecosystem begins with empowerment,' Thompson says. 'Sui works with communities around the world to offer them tools and resources to address local challenges with a global outlook. Investing in tailored, localized hubs like those in Lagos and Athens leads to real ownership and opportunities to lead. These spaces foster collaboration, mentorship, and global connectivity, linking builders to the broader Sui network. Sui's object-centric architecture and governance model are designed to support transparent, inclusive decision-making, ensuring that as the network scales, the community scales with it.' Africa, in particular, is a region where Thompson sees enormous promise for blockchain technology. 'Africa is a continent of extraordinary innovation and ambition, particularly in tech-forward regions like Nigeria,' he says. 'SuiHub Lagos is a permanent, community-led space that connects local developers to the global Sui ecosystem. This hub serves as a physical anchor for West Africa's vibrant builder community, offering hands-on engineering support, international mentorship, funding opportunities, and educational programming. We've seen firsthand how local talent is already using Sui to address critical issues, and we're committed to deepening that impact, including through a $1.3 million developer training donation from Mysten Labs co-founder and original Sui contributor, Adeniyi Abiodun. We believe that Africa will be a significant force in the future of blockchain, and SuiHub Lagos is just the beginning.' Looking ahead, Thompson is bullish about Sui's role in the next phase of the internet's future, which he believes will be powered by blockchain infrastructure that's invisible to the end user, but fundamental to how we coordinate, trade, and build online. 'Sui is building for the internet's next chapter,' he says. 'In the coming years, Sui will become the backbone of a new class of mainstream digital applications, where billions of people interact with onchain assets as naturally as they use the internet today. From decentralized identity to AI-driven systems, everything will run on a network that's fast, reliable, and invisible to the end user. To get there, we're doubling down on composability, developer experience, and global ecosystem growth. We want builders to stand on the shoulders of existing projects and extend them even further. That's why we've built tools like Move Registry and launched SuiHubs around the world to localize support, grow talent pipelines, and create a truly global developer network. We also see Sui as a core enabler of digital coordination, helping people and institutions collaborate on a massive scale without intermediaries. Whether that's tokenizing real-world assets, supporting stablecoin payments, or powering decentralized data for AI, Sui's architecture is designed to scale with demand while preserving security and trust.'
Business Insider
24-06-2025
- Business
- Business Insider
NAVI Protocol Partners with OKX to Launch xBTC Lending and Borrowing on Sui
New York, United States, June 24th, 2025, Chainwire NAVI Protocol, a leading DeFi platform on the Sui network, has entered an exclusive two-month partnership with OKX, one of the leading centralized exchanges in the industry, in collaboration with the Sui Foundation, to introduce xBTC lending and borrowing. This strategic alliance enhances the utility of xBTC, bringing innovative financial opportunities to users and reinforcing Sui's position as a hub for Bitcoin-based DeFi (BTCFi). The collaboration enables xBTC liquidity providers on NAVI to access borrow incentives for Sui and USDC, alongside liquidity provision rewards. These incentives are designed to boost xBTC asset composability, allowing users to maximize the utility of their BTC holdings through sponsored borrowing opportunities. This initiative drives higher utilization of xBTC on the Sui network, fostering deeper liquidity and enhanced user engagement. As part of the campaign, OKX will distribute SUI rewards through its OKX Earn program, while NAVI will allocate $500,000 in NAVX rewards to participants throughout the initiative. In addition, OKX is providing another $200,000 in SUI incentives for users who supply xBTC via OKX Earn and borrow assets on NAVI. These rewards aim to incentivize user participation and strengthen the ecosystem's growth. Campaign Timeline: June 24, 2025: Incentivized borrowing pools for xBTC open on NAVI Protocol. June 27, 2025: Incentivized borrows for USDC liquidity providers kick in. July 7, 2025: Incentivized borrows for SUI liquidity providers kick in. 'This partnership marks a significant milestone in establishing BTCFi as a cornerstone of the Sui network,' said NAVI co-founder Elliscope Fang. 'By collaborating with OKX and the Sui Foundation, we're empowering users with seamless access to xBTC lending and borrowing, unlocking new possibilities for liquidity and financial innovation.' This joint effort underscores NAVI's commitment to enhancing DeFi accessibility and positions Sui as a leading network for BTCFi. Users can participate in the campaign through NAVI's platform and OKX Earn, tapping into deep liquidity pools and exclusive rewards. About OKX OKX is an innovative cryptocurrency exchange with advanced financial services. As the second-largest platform by daily trading volume, it serves over 50 million users in 100+ countries, offering trading in 350+ cryptocurrencies and 500+ trading pairs. OKX provides spot, margin, futures, and options trading, alongside Web3 services like a self-custody wallet, NFT marketplace, and DeFi integration. About NAVI Protocol NAVI is the inaugural liquidity protocol native to the Sui network. It seeks to establish the cornerstone for chains based on the Move system and aspires to be the premier liquidity protocol in the Sui DeFi ecosystem. It has earned the trust of millions of users as the main lending, borrowing, and liquid-staking protocol built on Sui. NAVI delivers a secure, one-stop liquidity solution through time-tested innovations such as Automatic Leveraged Vaults, Asset Isolation Mode, and Flash Loans. Also building Astros and VOLO, the aggregator, Perp Dex and LST on Sui. Contact
Crypto Insight
09-06-2025
- Business
- Crypto Insight
Sui DEX restarts, plots open-source move after massive exploit
Cetus Protocol, a Sui-native decentralized exchange that suffered a huge $220 million exploit in May, says it is now working on going open-source following its recent relaunch. An attacker exploited a pricing mechanism flaw to drain tokens from Cetus' major liquidity pools on May 22. The protocol managed to freeze $162 million of the stolen funds shortly after. Trade volume on Cetus had been trending upward before the attack, registering over $5 billion in April and another $5 billion in May, despite shutting down after May 22. Cetus liquidity pools replenished with loan and reserves In a June 7 Medium post, a day before its relaunch, the Cetus team said it's moving toward being fully open-sourced, with a new white bounty program, to 'encourage collective technical and security contributions.' As part of the relaunch, the team says it 'worked around the clock' and patched the software vulnerability, which allowed the hack, restored pool data to the correct pricing and conducted security audits on all code fixes and contract upgrades. Affected liquidity pools were replenished using a combination of $7 million in cash reserves, a $30 million USDC loan from the Sui Foundation and some of the recovered assets from the attacker. However, not all affected pools were fully restored, with the current recovery rate between 85% and 99%, depending on how much pool was drained during the attack, according to the Cetus team. Cetus sets aside tokens for compensation plan As part of a compensation plan for affected users, 15% of the protocol's native token supply, CETUS, is being set aside, with 5% available immediately and 10% linearly unlocked every month over the next year, starting June 10. The Cetus token is down over 12% in the last 24 hours, trading at $0.11, according to CoinGecko. There are also plans to upgrade the protocol monitoring system and have additional rounds of security audits. Protocol is still chasing funds Cetus said legal action is still on the cards, with legal proceedings launched in 'multiple jurisdictions' and law enforcement agencies 'actively involved' as well. 'The attacker ignored our previous white hat offer and has begun attempting to launder assets — a futile and traceable act. We are highly confident that successful arrest and recovering the remaining assets is only a matter of time,' the team said. The day after the hack, Cetus offered a white hat bounty of up to $6 million to the exploiter if they returned the stolen 20,920 Ether, worth over $55 million, along with the $162 million in stolen funds frozen on the Sui blockchain. Source:
Yahoo
28-05-2025
- Business
- Yahoo
Sui Network Steps in to Compensate Cetus Losses in Full After $223M Exploit
Cetus Protocol, the largest decentralized exchange (DEX) on the Sui blockchain, has secured a loan from the Sui Foundation to compensate users in full following a $223 million exploit last week. These funds apply only to cover the bridged assets, and are separate from the frozen funds subject to an onchain community vote. 'Using our cash and token treasuries, we are now in a position to fully cover the stolen assets currently off-chain if the locked funds are recovered through the upcoming community vote,' Cetus said in an X post. 'This includes a critical loan from the Sui Foundation, making a 100% recovery for all affected users possible.' The recovery plan hinges partly on the outcome of a pending on-chain governance proposal, which would authorize the use of frozen funds to complete user reimbursements. 'These are extraordinary measures taken to protect the Sui community,' the Sui Foundation said in a statement, adding that a 'full recovery is possible' with the community's support. The exploit of Cetus last week involved an attacker manipulating spoof tokens, such as BULLA, to exploit flawed price curves and reserve logic, allowing them to drain SUI, USDC, and other real assets from liquidity pools without depositing equivalent value. At the time, over $162 million in stolen tokens were frozen on-chain, while the remainder were bridged out through multiple paths. The attacker's wallet (which is still active) was last seen holding over 12.9 million SUI, with additional assets likely swapped or obfuscated across networks. In response, Cetus paused its smart contracts and initiated an investigation, while its governance token, CETUS, dropped nearly 40% at the time. Trading activity across Sui's DeFi ecosystem slowed amid liquidity concerns and broader scrutiny of protocol safety. Now, with the new secured loan from the Sui Foundation, Cetus says it is in a position to begin reimbursing users immediately.
Epoch Times
26-05-2025
- Business
- Epoch Times
Hacker Steals $223 Million From Crypto Platform Cetus
Decentralized cryptocurrency exchange Cetus suffered a security breach, with a threat actor successfully stealing $223 million from the platform, the company said in a May 22 The affected funds are divided into two portions. One is stored within the Sui blockchain network on which Cetus operates, the company As such, the $162 million is now blocked from being transferred to accounts outside of the Sui network managed by the hacker. Cetus asked the Sui community to support a 'protocol upgrade' so that the $162 million in frozen funds on the Sui network can be returned to the owners, the company said in a May 24 'No one can make this decision unilaterally. We propose an on-chain vote involving the network's major participants, including validators and SUI stakers, to decide on whether this upgrade is in the best interest of the Sui community. We want to recover and return the stolen funds, but we will respect whatever the community decides,' Cetus said. The second part of the funds, worth around $60 million, has been bridged out of the ecosystem and is mainly being held in the Ethereum blockchain. Cetus said it was working 'diligently' with security and analytics providers as well as law enforcement officials from across the world to recover the $60 million in stolen funds. Related Stories 5/12/2025 5/9/2025 In a May 23 X post, the company 'We have not received any communication from the hacker. We encourage the hacker to sincerely consider our offer terms,' Cetus said. The company did not clarify what these terms are. 'If the hacker should cooperate and accept our offer as we hope, we will refrain from pursuing any further legal action or recourse, including the $5M bounty. The bounty is payable at Sui Foundation's discretion.' North Korean Crypto Hacks Cetus is one of a number of crypto platforms to be targeted by hackers. On May 15, cryptocurrency exchange Coinbase Stolen info included names, phone numbers, addresses, emails, masked bank accounts, and government ID images such as passports and driver's licenses. The hackers tried to extort $20 million from the company, which Coinbase refused to pay. Instead, Coinbase set up a $20 million reward fund for any information leading to the arrest and conviction of the hackers. The hacking was facilitated by company insiders. 'The threat actor appears to have obtained this information by paying multiple contractors or employees working in support roles outside the United States to collect information from internal Coinbase systems to which they had access,' said a company filing. Another major crypto breach took place in February, when Bybit, the second-largest crypto exchange in the world, revealed that a hack occurred when the company was conducting a routine crypto transfer. Blockchain analysts tracked the attack to the Lazarus Group, a cybercrime gang reportedly operated by the North Korean communist regime. Hackers from North Korea are a major presence in global crypto breaches. In a Dec. 19 'U.S. and international officials have assessed that Pyongyang uses the crypto it steals to finance its weapons of mass destruction and ballistic missiles programs, endangering international security,' the report said. 'In 2023, North Korea-affiliated hackers stole approximately $660.50 million across 20 incidents; in 2024, this number increased to $1.34 billion stolen across 47 incidents—a 102.88 percent increase in `value stolen. These figures represent 61 percent of the total amount stolen for the year, and 20 percent of total incidents.'
