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Cetus and the Sui Foundation are facing criticism after validators froze a large portion of the $223 million that was stolen during the Cetus hack on May 22, raising centralization concerns. Cetus and the Sui Foundation announced that validators had frozen a majority of the stolen assets. According to the Cetus team, $163 million of the $223 million was frozen by validators and ecosystem partners on the same day as the incident. However, the move to freeze the funds was criticized, with several Web3 community members saying it “undermines the principles of decentralization.” “Sui validators are actively censoring transactions across the blockchain,” wrote one user on X, echoing similar posts by community members. SUI validators are actively censoring transactions across the blockchain. This completely undermines the principles of decentralization and transforms the network into nothing more than a centralized, permissioned database. — Dave (@ItsDave_A...

The blockchain industry is facing a massive power imbalance — just like the traditional finance industry. Blockchain technology was introduced in 2008 as a decentralized, secure, transparent system for managing digital transactions. Its primary aim was to provide a solution to major problems with traditional transactional systems, including trust, security, decentralization and efficiency. Blockchain has since expanded beyond finance and has been used in supply chain management, healthcare, games, digital media and social media, among others.  However, the blockchain industry is still facing significant challenges — such as a lack of diversity, wealth control by a few holders, hash rate problems and a loss of the promise of decentralization. Hash rate and why it’s a problem The cryptocurrency on everyone’s mind — and in the digital wallets of more than 400 million people around the world — is Bitcoin (BTC). Bitcoin’s hash rate is the computing power required to validate transactions ...

In the last 24 hours, several crypto businesses have stepped up with a promise to help Turkey after the nation suffered two ruinous earth quake s. These alongside numerous aftershocks have claimed over 1500 lives across Turkey and Syria. Parts of both regions have crumbled following the disaster meaning, not all the victims have been discovered yet. On Monday, February 6, Turkey’s Kahramanmaras Province took a hit from a devastating 7.8 magnitude earth quake . A few hours later, it was followed by another strong quake of 7.5 magnitude at noon. The tremors spread to neighboring countries and beyond, leading to widespread destruction and fear. Top Crypto Exchanges Offer Aid News of the earth quake prompted several governments and other entities to pledge their support. The crypto industry and its key players have also provided assurances of a helping hand amidst the trouble. Companies contributing to the relief effort include outfits like Huobi Global, Binance, Bitfinex, ...