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Sui ecosystem DeFi protocol Full Sail will gradually cease operations.
The Sui ecosystem DeFi protocol Full Sail stated that its protocol has been affected by the Switchboard oracle security incident and has decided to gradually wind down operations. Affected protocols include Virtue Money, which reported losses of approximately $455,000, with 45 users liquidated. Switchboard has issued a statement regarding the incident, but as of September 1, it has not provided the technical details requested by Full Sail, nor has it committed to compensation. Mysten Labs rejected Full Sail's request for financial support. Full Sail stated that all remaining liquidity from the protocols will be prioritized for distribution to users, with the team covering any shortfall to ensure community depositors receive priority compensation.
Sui Co-Founder Leases Factory to Mass-Produce Quantum-Safe Hardware Wallet Cards, Targeting Key Cost Below $10 Per Card
Odaily News: Kostas Chalkias, co-founder and chief cryptographer of Mysten Labs, the development company behind the Sui blockchain, stated that he has leased a dedicated factory at a secret location and plans to scale up production of quantum-safe hardware wallet cards for Sui. The project aims to keep the cost of a single quantum card key under $10, with NFC quantum signing expected to take 1 to 2 seconds. Chalkias noted that the project is being advanced in his personal time outside of work and may include funding to provide cards for users who cannot afford them. The initiative is partly driven by a recent incident involving Coldcard hardware wallets, though the vulnerability was not a quantum attack. Coldcard manufacturer Coinkite disclosed that a firmware vulnerability in Coldcard, traceable to a 2021 update, bypassed the hardware random number chip and generated keys using a predictable software process linked to device serial numbers. Attackers have been moving funds since July 30, with losses climbing to approximately 2,055 BTC, affecting over 7,700 addresses and nearing a value of $130 million. At the protocol level, Sui plans to integrate two quantum-resistant signature schemes approved by the U.S. National Institute of Standards and Technology (NIST), designed for everyday accounts and high-value Move vaults, respectively. Existing accounts can be rotated to quantum-safe keys based on their original recovery phrases, without needing to migrate to new wallets. (Bitcoin.com News)
Aftermath Finance expects to complete the refund of users’ funds within 48 to 72 hours.
According to an official disclosure by Aftermath Finance, the protocol expects to complete full compensation to users within the next 48–72 hours. The team is currently working at full capacity to return funds and expresses its gratitude for users’ patience. Earlier reports indicated that the perpetual contract protocol Aftermath Finance was exploited via a vulnerability yesterday, resulting in losses of approximately $1.14 million. The Sui Foundation, in collaboration with Mysten Labs, stated it will actively assist Aftermath Finance in recovering user funds and is committed to ensuring the continued operation of the Aftermath protocol.
Sui: Perpetual Contract Protocol Aftermath Finance Suffers Exploit; Will Assist in Recovering Funds
According to an official announcement by Sui, Aftermath Finance’s perpetual contract protocol deployed on the Sui network was exploited due to a vulnerability, and the affected protocol has been immediately suspended. The Sui Foundation, in collaboration with Mysten Labs, stated that it will actively assist Aftermath Finance in recovering user funds and is committed to ensuring the continued operation of the Aftermath protocol. Aftermath Finance will provide further updates on the fund recovery progress in the near future.
Sui ecosystem DeFi protocol Full Sail will gradually cease operations.
The Sui ecosystem DeFi protocol Full Sail stated that its protocol has been affected by the Switchboard oracle security incident and has decided to gradually wind down operations. Affected protocols include Virtue Money, which reported losses of approximately $455,000, with 45 users liquidated. Switchboard has issued a statement regarding the incident, but as of September 1, it has not provided the technical details requested by Full Sail, nor has it committed to compensation. Mysten Labs rejected Full Sail's request for financial support. Full Sail stated that all remaining liquidity from the protocols will be prioritized for distribution to users, with the team covering any shortfall to ensure community depositors receive priority compensation.
Sui Stablecoin Supply Approximately $478 Million, Zero-Fee Transfer Volume Exceeds $65 Billion
Odaily News: The stablecoin supply on the Sui network is currently approximately $478 million, about 69% lower than the peak of $1.6 billion in May 2025, and has remained near this level for several consecutive months.Mysten Labs, the company responsible for Sui's core development, introduced protocol-level adjustments in May, reducing stablecoin transfer fees to zero and eliminating the requirement to hold the native token SUI when making transfers. This feature supports seven stablecoins: USDC, USDsui, SuiUSDe, AUSD, FDUSD, USDB, and USDY.Since June 10, the Sui network has processed over $65 billion in zero-fee stablecoin transfers, with cumulative stablecoin trading volume exceeding $2.27 trillion since the beginning of 2024, and transaction count reaching 16 billion. (Bitcoin.com News)
Sui Developer Mysten Labs Co-Founder Pushes Low-Cost Quantum-Resistant Hardware Wallet
Kostas Chalkias, Co-founder and Chief Cryptographer of Mysten Labs, the developer behind the Sui blockchain, stated that they are advancing the development of quantum-resistant hardware wallet cards for the Sui ecosystem and have rented a factory to support mass production. The product targets a cost of less than $10 per key card and supports Near Field Communication signing in 1 to 2 seconds.
Sui Co-Founder Leases Factory to Mass-Produce Quantum-Safe Hardware Wallet Cards, Targeting Key Cost Below $10 Per Card
Odaily News: Kostas Chalkias, co-founder and chief cryptographer of Mysten Labs, the development company behind the Sui blockchain, stated that he has leased a dedicated factory at a secret location and plans to scale up production of quantum-safe hardware wallet cards for Sui. The project aims to keep the cost of a single quantum card key under $10, with NFC quantum signing expected to take 1 to 2 seconds. Chalkias noted that the project is being advanced in his personal time outside of work and may include funding to provide cards for users who cannot afford them. The initiative is partly driven by a recent incident involving Coldcard hardware wallets, though the vulnerability was not a quantum attack. Coldcard manufacturer Coinkite disclosed that a firmware vulnerability in Coldcard, traceable to a 2021 update, bypassed the hardware random number chip and generated keys using a predictable software process linked to device serial numbers. Attackers have been moving funds since July 30, with losses climbing to approximately 2,055 BTC, affecting over 7,700 addresses and nearing a value of $130 million. At the protocol level, Sui plans to integrate two quantum-resistant signature schemes approved by the U.S. National Institute of Standards and Technology (NIST), designed for everyday accounts and high-value Move vaults, respectively. Existing accounts can be rotated to quantum-safe keys based on their original recovery phrases, without needing to migrate to new wallets. (Bitcoin.com News)
Sui completes over $65 billion in gas-free stablecoin transfers since June 10
: Evan Cheng, co-founder of Mysten Labs, the development entity behind Sui, stated that within the next four years, the scale of digital payments carried by Sui will be comparable to the combined scale of traditional internet bank card networks and bank payment rails. Mysten Labs was founded in 2021 by engineers who previously worked on Meta's discontinued Diem blockchain and the Move programming language. Cheng positions Sui as settlement infrastructure for stablecoins, remittances, and agent-to-agent commerce between AI systems. Since June 10, when Mysten Labs removed gas fees for stablecoin transfers at the protocol level, Sui has processed over $65 billion in stablecoin transfers. Since the beginning of 2024, Sui's cumulative stablecoin transaction volume has reached $2.27 trillion. Sui's Hashi testnet went live on July 22, allowing Bitcoin to be used as collateral for decentralized finance loans on Sui without being wrapped as a synthetic token. The bridge was built by Mysten Labs and the Sui Foundation in collaboration with more than 20 participating institutions.
1.4 Trillion Dollar Bitcoin Market Mortgage Protocol Hashi Testnet Goes Live, Over 25 Institutions Participate in Testing
Sui Foundation and Mysten Labs launched the Bitcoin mortgage protocol Hashi testnet on July 22, allowing BTC to provide collateral support for on-chain lending and credit markets without being wrapped into synthetic tokens or bridged across chains. Hashi keeps Bitcoin on the Bitcoin network, with deposits secured by a 2-of-2 multi-signature mechanism that requires simultaneous signatures from Hashi's multi-party computation validators and an independent Guardian Layer. Loan terms and collateral positions are recorded on-chain, allowing lenders to view the collateral backing. Over 25 institutional partners are testing Hashi's lending and credit applications, including Bitgo, Cumberland, FalconX, Ledger, Blockdaemon, Bullish, as well as Sui ecosystem lending platforms Navi and Scallop. Wave Digital Assets has committed to advancing a three-year Bitcoin yield bond tokenization plan on Sui after the Hashi mainnet launch. Hashi has not yet announced a mainnet launch date. Sui previously unveiled the Hashi development network phase in March, positioning the protocol as a solution to improve capital efficiency for the approximately 1.4 trillion dollar Bitcoin market.
Related news
Sui ecosystem DeFi protocol Full Sail will gradually cease operations.
The Sui ecosystem DeFi protocol Full Sail stated that its protocol has been affected by the Switchboard oracle security incident and has decided to gradually wind down operations. Affected protocols include Virtue Money, which reported losses of approximately $455,000, with 45 users liquidated. Switchboard has issued a statement regarding the incident, but as of September 1, it has not provided the technical details requested by Full Sail, nor has it committed to compensation. Mysten Labs rejected Full Sail's request for financial support. Full Sail stated that all remaining liquidity from the protocols will be prioritized for distribution to users, with the team covering any shortfall to ensure community depositors receive priority compensation.
Sui Stablecoin Supply Approximately $478 Million, Zero-Fee Transfer Volume Exceeds $65 Billion
Odaily News: The stablecoin supply on the Sui network is currently approximately $478 million, about 69% lower than the peak of $1.6 billion in May 2025, and has remained near this level for several consecutive months.Mysten Labs, the company responsible for Sui's core development, introduced protocol-level adjustments in May, reducing stablecoin transfer fees to zero and eliminating the requirement to hold the native token SUI when making transfers. This feature supports seven stablecoins: USDC, USDsui, SuiUSDe, AUSD, FDUSD, USDB, and USDY.Since June 10, the Sui network has processed over $65 billion in zero-fee stablecoin transfers, with cumulative stablecoin trading volume exceeding $2.27 trillion since the beginning of 2024, and transaction count reaching 16 billion. (Bitcoin.com News)
Sui Developer Mysten Labs Co-Founder Pushes Low-Cost Quantum-Resistant Hardware Wallet
Kostas Chalkias, Co-founder and Chief Cryptographer of Mysten Labs, the developer behind the Sui blockchain, stated that they are advancing the development of quantum-resistant hardware wallet cards for the Sui ecosystem and have rented a factory to support mass production. The product targets a cost of less than $10 per key card and supports Near Field Communication signing in 1 to 2 seconds.
Sui Co-Founder Leases Factory to Mass-Produce Quantum-Safe Hardware Wallet Cards, Targeting Key Cost Below $10 Per Card
Odaily News: Kostas Chalkias, co-founder and chief cryptographer of Mysten Labs, the development company behind the Sui blockchain, stated that he has leased a dedicated factory at a secret location and plans to scale up production of quantum-safe hardware wallet cards for Sui. The project aims to keep the cost of a single quantum card key under $10, with NFC quantum signing expected to take 1 to 2 seconds. Chalkias noted that the project is being advanced in his personal time outside of work and may include funding to provide cards for users who cannot afford them. The initiative is partly driven by a recent incident involving Coldcard hardware wallets, though the vulnerability was not a quantum attack. Coldcard manufacturer Coinkite disclosed that a firmware vulnerability in Coldcard, traceable to a 2021 update, bypassed the hardware random number chip and generated keys using a predictable software process linked to device serial numbers. Attackers have been moving funds since July 30, with losses climbing to approximately 2,055 BTC, affecting over 7,700 addresses and nearing a value of $130 million. At the protocol level, Sui plans to integrate two quantum-resistant signature schemes approved by the U.S. National Institute of Standards and Technology (NIST), designed for everyday accounts and high-value Move vaults, respectively. Existing accounts can be rotated to quantum-safe keys based on their original recovery phrases, without needing to migrate to new wallets. (Bitcoin.com News)
Mysten Labs CTO Sam Blackshear to Depart and Join Anthropic for AI Safety Research
Odaily News: Mysten Labs co-founder and Chief Technology Officer Sam Blackshear has announced he will be leaving the company to join Anthropic, where he will focus on defensive security research. Mysten Labs, the creator of the Sui blockchain, was founded by Blackshear and four former Meta executives in September 2021. Blackshear stated that Mysten Labs co-founder and CEO Evan Cheng will take charge of defining the company's future technical vision. He also noted that he will continue to serve as a close advisor to the Mysten and Sui ecosystems and hopes to remain involved with the Move Foundation.
Mysten Labs Co-founder Sam Blackshear Leaves and Joins Anthropic
Sam Blackshear, co-founder of Mysten Labs and creator of the Move language, stated that he will leave Mysten Labs to join Anthropic to conduct defensive security research. He noted that this shift aligns with his long-term preference for hands-on technical work, and he hopes to focus on security research against the backdrop of changing dynamics in offensive and defensive capabilities.