Iran has indicated its agreement to suspend military hostilities, but the war is not over.

On April 22, Volo— a liquidity mining platform within the Sui ecosystem— suffered a security breach, resulting in the theft of roughly $3.5 million in assets (including WBTC, XAUm, and USDC) from three specific vaults. Following the incident, the team promptly notified the Sui Foundation and ecosystem partners, and froze all vaults to prevent further losses. The breach only impacted three vaults; the remaining vaults do not share the same attack vector, and approximately $28 million in total value locked (TVL) assets remain secure. The team will cover the losses from the incident, will not pass them on to users, and plans to release a comprehensive post-incident report and remediation plan once the investigation concludes.

April 22: President Trump tweeted that the U.S. will postpone its military strike against Iran and extend the ceasefire deadline at the request of Pakistan’s Chief of Army Staff and Prime Minister. He also asked Iran to first submit a unified negotiation plan. During this period, the U.S. military will maintain a naval blockade against Iran and stay on military alert. The ceasefire will remain in effect until Iran submits the plan and completes negotiations, “regardless of the outcome.” Iran’s state TV responded to Trump’s ceasefire extension announcement, noting that Iran has already emerged as the victor on the battlefield. Controlling the Strait of Hormuz is a valuable chip Iran gained in this war. Iran has agreed to a temporary halt to combat operations, but the war is not over. It also warned Iran must be wary of any rhetoric suggesting it must enter negotiations, or the enemy will attack. Even if the naval blockade is lifted, Iran’s participation in negotiations is conditional

April 22 — Per Bloomberg, cryptocurrency tycoon Li Lin is moving his 20-person trading team from his family office Avenir Group to Bitfire Group, a wealth management firm where he holds a 30% stake. The transfer aims to help Bitfire attract more private banking clients. Hong Kong-listed Bitfire CEO Livio Weng told reporters in an interview that Bitfire will acquire the team and its trading system from Avenir Group. Avenir has confirmed the transaction. Following the team’s addition, Bitfire has secured initial investment commitments of roughly $500 million from Avenir (Li’s family office) and the listed company. Bitfire launched its private banking arm in August 2023 and has since onboarded around 300 clients, primarily family offices, listed companies, and high-net-worth individuals (HNWIs). The firm plans to expand its Ethereum and stablecoin trading strategies later this year, with expectations that its private banking assets under management (AUM) will exceed $1 billion

April 22nd — CoinDesk reports the highly anticipated U.S. cryptocurrency industry’s *Digital Asset Market Structure Clarity Act* has little chance of advancing in April. But lobbyists tracking the bill’s progress and a congressional aide say a Senate committee is expected to hold a hearing sometime in May; the key market structure legislation still has a “survival” shot so long as it secures a full Senate vote by July. The Senate aide noted the bill could face an additional few weeks of delay to let Republican Sen. Thom Tillis wrap up discussions with the banking industry on stablecoin yields, but it hasn’t reached a point of no return. Earlier negotiations over the DeFi protection clause are largely settled. The crypto industry’s top hurdle is the banking sector’s pushback against stablecoin rewards — banking lobbyists fear the stablecoin reward model could mirror deposit yields, threatening their business models. Post-August, the Senate will enter midterm election mode, with on

**On-chain analyst Specter (@SpecterAnalyst) reports that North Korean hacker group TraderTraitor launched a money laundering operation for funds stolen from KelpDAO early this morning Beijing time—just three hours after the Arbitrum Council froze 37,000 ETH (≈$71 million).** The attacker split the remaining funds into three wallets, holding roughly 25,000 ETH (≈$57.6M), 25,700 ETH (≈$59.2M), and 25,000 ETH (≈$57.9M, respectively). The third wallet immediately began laundering, with only ~3,800 ETH (≈$8M) remaining as of now. Funds were primarily bridged to the Bitcoin network via THORChain: ~99% flowed through the protocol, pushing THORChain’s daily transaction volume to $2.11 billion—over 10x its 30-day average—and generating ~$189,000 in fees. During laundering, the funds were mixed with proceeds from the 2025 BTC Turk and 2025 Bybit hacks, with ~442 BTC (≈$33M) traced on the Bitcoin network. The entire process involved over 400 addresses.

April 22: U.S. President Donald Trump tweeted: "Iran doesn’t want the Strait of Hormuz closed. They want it open because they’d make $500 million a day from it—they’d lose that income if it were closed. They say they want to close the strait because I already imposed a total blockade on them; they’re just trying to ‘save face.’ Four days ago, someone came to me and said: Iran wants to immediately reopen the Strait of Hormuz. But if we do that, we can never reach an agreement with Iran unless we destroy the rest of their country, including its leadership!"