Phantom will end support for the Sui network on Sept. 24, 2026, removing the ability to view, send, swap or interact with Sui assets through its wallet interface.

The transition comes less than 20 months after Phantom introduced native Sui support in January 2025. Phantom has not publicly explained why it is withdrawing the integration.

Users will not lose their assets when support ends, according to Phantom’s official notice. SUI and other tokens remain recorded on the Sui blockchain and controlled by the corresponding recovery phrase or private key.

Phantom will remove every Sui wallet function

After Sept. 24, Phantom will stop displaying Sui balances and remove Sui from its supported network list. Users will also lose access to Sui transactions, swaps and decentralized applications through Phantom.

Connections previously established between Phantom and Sui applications will stop working. Users who move to another compatible wallet must reconnect those applications through the replacement wallet.

The withdrawal reverses an expansion announced in early 2025, when Phantom added native access to Sui assets and applications. Sui was the first blockchain based on the Move programming language supported by Phantom.

At launch, the integration allowed users to manage SUI and other network tokens, perform swaps and connect with applications including Suilend, Bluefin, Navi and Aftermath.

Phantom has not reported a security breach or network failure connected with the withdrawal. Its support notice describes the decision as a product transition and does not provide a technical or commercial reason.

Sui users have two migration options

Users who want to remain inside Phantom can swap their Sui assets into tokens on supported networks before the deadline. Available alternatives include SOL, ETH and USDC.

Phantom has temporarily waived its own fee for cross chain swaps from native SUI into wrapped SUI on Solana. The waiver remains effective through Sept. 24. Network and exchange fees will still apply.

Wrapped SUI is not native SUI. It is a Solana based token representing SUI transferred through cross chain infrastructure. Holders should verify the receiving network and token contract before approving a transaction.

Users who want to retain native Sui assets can import their Phantom recovery phrase into a compatible wallet. Phantom recommends Slush, the wallet associated with the Sui ecosystem.

The same Sui address and assets should appear after the wallet is restored with the correct credentials. Users with additional recovery phrases or separately imported private keys must transfer each set individually.

Migration can take place before or after Sept. 24 because there is no deadline for accessing the underlying assets. However, completing the process early allows users to confirm their balances and wallet access before Phantom removes the network interface.

Migration scams present the immediate security risk

Phantom warned that it will never contact users first, request a recovery phrase or offer to move assets on their behalf. Anyone providing unsolicited migration assistance should be treated as a potential scammer.

The warning is relevant because wallet transitions often create opportunities for phishing campaigns. Scammers can imitate support accounts, distribute fake wallet applications or direct users to websites that capture recovery phrases.

As previously reported, attackers used fraudulent update prompts to steal Phantom recovery phrases. The prompts were designed to resemble legitimate wallet messages and gave attackers full control when users entered their credentials.

Users should obtain the replacement wallet through its official website and confirm the domain independently. Recovery phrases should never be entered into websites, support chats or forms sent through social media.

Importing a recovery phrase into another application grants that software access to the same wallet. Users should therefore verify the application carefully and store the phrase offline after completing the process.

What happens on Sept. 24

Phantom will remove Sui balances, transaction tools and application connections when the transition takes effect. The change will not transfer, delete or convert assets automatically.

Users who take no action can restore access later by importing the correct credentials into a compatible Sui wallet. Phantom has not announced any plan to resume support after the transition.

The main deadline applies to in-app functionality and Phantom’s swap fee waiver, not asset ownership. Holders who want to swap inside Phantom or verify their migration should complete those steps before Sept. 24.

Tether CEO Paolo Ardoino said on Aug. 23 that several developing economies increasingly rely on USDT for domestic commerce, international trade and dollar denominated savings.

“The economies of several developing countries rely heavily on USDT, both for domestic and foreign trade,” Ardoino wrote in a post. He said Tether’s financial inclusion mission was becoming more important.

Ardoino cited Venezuela, Argentina, Bolivia and Turkey as markets where people use the stablecoin in response to inflation, currency depreciation, limited access to dollars and restrictions within conventional financial systems.

His statement describes Tether’s view of adoption. No single public dataset measures how dependent entire national economies are on USDT. Independent blockchain research, central bank data and exchange activity nevertheless support the broader conclusion that dollar stablecoins have gained traction in those markets.

Currency instability is supporting USDT adoption

USDT is designed to track the U.S. dollar, allowing users to obtain digital dollar exposure without holding a U.S. bank account. It can move between compatible wallets and exchanges at any time, although conversion options, costs and regulations vary by country.

The product can appeal to users whose local currencies are losing purchasing power. It also provides an alternative when physical dollars are scarce or cross border bank transfers are expensive and slow.

Turkey continued to face elevated inflation despite progress under its disinflation program. Consumer inflation fell from 49.4% in September 2024 to 30.9% in December 2025, according to an International Monetary Fund review. The IMF projected inflation of 23% at the end of 2026.

Argentina has also continued addressing inflation and foreign exchange pressures. The IMF reported that monthly inflation reached 3.4% in March 2026 following currency depreciation and weaker demand for pesos.

Stablecoin demand extends beyond those two markets. Chainalysis ranked Turkey 14th, Venezuela 18th and Argentina 20th in its 2025 Global Crypto Adoption Index. When adjusted for population, Venezuela ranked ninth worldwide.

Venezuela and Bolivia show commercial use cases

In Venezuela, local businesses reportedly use USDT for retail payments and some import and export settlements. The stablecoin operates alongside bolivars, physical dollars and other digital assets within what local observers describe as a hybrid currency economy.

Chainalysis estimated that Venezuela received $44.6 billion in cryptocurrency value between July 2022 and June 2025. The figure covers all tracked crypto assets and does not represent USDT alone.

Bolivia provides a clearer official signal. The Central Bank of Bolivia publishes a reference USDT exchange rate based on weighted peer to peer activity on Binance. Its published data show how the stablecoin trades at a premium to the country’s official dollar rate.

The bank’s January financial stability report also identified foreign currency restrictions, higher inflation and low international reserves as continuing risks.

As previously reported, Bolivia moved toward recognizing USDT within its national payment system. Local banks already provide some USDT services, while businesses have used crypto for international payments and fuel related transactions.

The government has not completed a national framework making USDT equivalent to legal tender. Any description of formal payment status therefore remains forward looking.

Regional data support the broader trend

Chainalysis measured nearly $1.5 trillion in Latin American crypto activity between July 2022 and June 2025. Argentina accounted for an estimated $93.9 billion, Venezuela $44.6 billion and Bolivia $14.8 billion.

Centralized exchanges processed 64% of regional activity, showing that users generally obtain digital assets through conventional trading platforms rather than decentralized protocols.

In related coverage, dollar stablecoins accounted for 40% of purchases by Bitso users during 2025, compared with 18% for Bitcoin. The exchange operates across several Latin American markets, so those figures should not be treated as Argentina only data.

Tether says its products served more than 570 million people by March 2026. That is a company supplied estimate rather than a count of fully identified individual users because one person can control several blockchain addresses.

The company’s reported USDT supply reached a record $188 billion during 2026, reinforcing its position as the largest dollar stablecoin.

Users still face issuer, regulatory, wallet and network risks. USDT represents a claim supported by Tether’s reserves, not a bank deposit, and availability can change when governments or exchanges introduce new stablecoin rules.

Term Finance’s decentralized lending protocol suffered an estimated $8.5 million loss after an attacker allegedly exploited governance control over its strategy vaults, according to multiple blockchain security monitoring firms. The incident highlights a recurring risk in DeFi: even when a lending protocol’s core markets continue to operate, weaknesses around vault governance and upgrade paths can still lead to large, fast-moving drains.

PeckShield said the attacker drained approximately 2,843 ETH (worth about $6.87 million at the time) and 1.68 million USDC, which was converted into roughly 1.68 million DAI. CertiK reported a similar total, placing the combined losses at around $8.5 million. Term’s vault product held about $12.45 million before the exploit, according to DefiLlama data.

Key takeaways

• Security firms attribute the drain to governance control over Term Finance’s strategy vaults rather than a break of the core protocol markets.
• About 68% of vault assets were reportedly lost, with the attacker converting USDC into DAI after taking funds.
• Term Labs says it has shut down the affected vaults and revoked their DAO governance roles to stop further deposits.
• Yearn V3 infrastructure was involved, but Yearn says the attack used a custom governance wrapper, limiting how much the finding applies to standard Yearn setups.

Loss estimates and what was taken

According to PeckShield, the attacker executed withdrawals that totaled 2,843 ETH and 1.68 million USDC, later swapping the stablecoin into about 1.68 million DAI. CertiK’s assessment aligned with PeckShield’s, suggesting the total loss across the drained assets reached roughly $8.5 million.

These figures matter because they contextualize the scale relative to what was actually exposed. Before the exploit, Term’s vault product reportedly held about $12.45 million (DefiLlama). The security firms’ estimates imply the attacker removed around 68% of that value—during a period in which the vaults included nearly all of Term’s approximately $8.8 million in Ethereum deposits, based on the same DefiLlama data.

Term Labs shuts vaults and changes governance

In a post on X, Term Labs said it had taken emergency steps to limit further damage. The company stated it had irreversibly shut down all Term Meta Vaults and revoked their DAO governance roles, which it said would permanently prevent additional deposits while leaving withdrawals open.

Term Labs also indicated that, based on its investigation so far, the underlying Term protocol and its direct borrowing and lending markets were not affected. Even so, it said it was still verifying the full scope of what was impacted.

Cointelegraph reported it could not reach Term Labs for further comment. The company does not appear to list a public press contact, and its X direct messages were closed at the time of reporting.

How governance may have been compromised

Defimon, an on-chain monitoring service, suggested the attacker likely took control in a governance-related maneuver rather than via a direct exploit of the vault strategies themselves. Defimon claimed the attacker acquired a majority of a sparsely held governance token “cheaply” and then passed proposals that enabled it to seize control of Term’s vaults.

Crucially, Defimon’s statement did not specify the precise mechanism by which the attacker obtained voting control, nor did it clarify which governance functions were used. Term has also not publicly confirmed the path to voting control in the reports summarized by PeckShield, CertiK, or Defimon.

The vault contracts reportedly use Yearn V3 infrastructure, which raised questions about whether a weakness in Yearn itself could have been responsible. Yearn responded that the attack involved a custom governance wrapper and said the vector does not apply to standard Yearn vault setups.

For investors and users, this distinction is significant. It suggests the failure mode may be less about the underlying Yearn components and more about the protocol-specific governance layer built on top of them. That’s a useful takeaway for other teams auditing their own vault governance: even established infrastructure can be rendered vulnerable if the wrapper logic or permissioning is poorly defended.

An incident that echoes earlier governance risk

This exploit arrives against a backdrop of prior Term-related security issues. The incident follows an April 2025 oracle error that reportedly triggered unintended liquidations totaling about 918 ETH. In that earlier event, Term said it recovered about 556 ETH, reducing the final loss to about 362 ETH, and reimbursed affected users, as described in its postmortem at term.finance.

After the oracle incident, Term pledged third-party validation for critical updates and greater governance transparency. The latest reported attack again centers on governance—this time not on oracles, but on the decision-making controls around vault access and management—suggesting that governance hardening remains a core area for DeFi risk management.

Term said it was coordinating with external security teams on asset recovery and remediation, and it stated it would “explore paths to address” any remaining shortfall. While the exact recovery outcome was not detailed in the reports summarized here, the company’s approach indicates it views the event as partially reversible or at least seeks to minimize lasting damage where possible.

Yearn’s clarification also offers a broader lesson for the sector: protocols borrowing widely used components still need to scrutinize the surrounding governance and upgrade wrappers. Standard integrations may be safe, but custom permissioning layers can introduce new attack surfaces—especially when governance token distribution is thin or proposals can be approved by an unexpectedly small voting bloc.

Readers should watch whether Term provides a more complete explanation of how voting control was obtained, whether any portion of the drained assets can be recovered, and what governance safeguards are added or modified before vault functionality is restored in any form.

Upbit will add a South Korean won trading market for Lighter’s LIT token at 1:00 pm KST on Aug. 24, according to an official exchange announcement.

The LIT/KRW listing will allow Upbit customers to purchase the token directly with won. LIT was already available through Upbit’s Bitcoin market, which provided the reference price used to establish the new market’s opening restrictions.

Upbit listed LIT’s previous BTC market closing price as 0.00004500 BTC, equivalent to approximately 4,803 won. The figure is a reference for initial order controls and does not guarantee the token’s opening price in the won market.