The cryptocurrency landscape has often been riddled with exciting innovations, but the recent Bybit hack, resulting in a staggering loss of $1.5 billion in Ethereum, serves as an alarming reminder of the vulnerabilities intertwined with technological progress. Safe, the custodial firm responsible for the wallet in question, released a preliminary report that traced the breach
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In a shocking revelation from Bybit’s CEO, Ben Zhou, it has been confirmed that $1.07 billion—approximately 77% of the assets lost in a staggering $1.4 billion security breach—can still be traced. Though this initial information may provide a glimmer of hope, the underlying issues surrounding the breach highlight serious vulnerabilities within decentralized platforms and invite
In a shocking twist for the Cronos blockchain ecosystem, a contentious proposal has emerged seeking to reinstate 70 billion CRO tokens burned back in 2021. The anticipated backlash was immediate, with preliminary voting data presenting an overwhelming 87% of participants outright rejecting the plan. This response is not merely a number; it signifies a deeper
The cryptocurrency market is undergoing rapid evolution, and the upcoming launch of Solana (SOL) futures by CME Group marks a significant milestone in this journey. Announced on March 17, subject to regulatory approval, the introduction of Solana futures signals a response to growing client demand within the crypto trading space. CME Group’s move showcases its
In a noteworthy development within South Korea’s cryptocurrency landscape, Dunamu, the parent company of Upbit—one of the nation’s preeminent crypto exchanges—has taken significant legal steps against the Financial Intelligence Unit (FIU). The dispute stems from a suspension order issued by the FIU, which raised serious operational concerns for Dunamu. This legal battle illustrates the growing
In a remarkable turn of events, Cameron Winklevoss, co-founder of the cryptocurrency exchange Gemini, has openly criticized the U.S. Securities and Exchange Commission (SEC) for its protracted investigation into his company, calling for restitution for the legal expenses incurred during this lengthy ordeal. On February 26, Winklevoss revealed that the SEC had finally decided to
The recent $1.4 billion hack of Bybit, one of the cryptocurrency market’s leading exchanges, revealed severe inadequacies in existing security protocols and highlighted critical lessons for the entire digital finance ecosystem. The hack was confirmed not to have compromised Bybit’s infrastructure; rather, it exploited a vulnerability linked to a compromised developer machine associated with Safe,
The cryptocurrency exchange OKX has recently found itself in the spotlight following a monumental settlement with U.S. authorities amounting to over $500 million. This settlement highlights the increasing scrutiny and regulatory pressures faced by crypto exchanges, particularly in the United States. CEO Star Xu’s admission of past compliance failures serves as a critical reminder that
In an impactful display of inter-exchange solidarity, Bybit successfully returned a 40,000 Ethereum (ETH) loan valued at approximately $99.98 million to Bitget following a significant $1.4 billion security breach. The events surrounding this incident highlight the importance of camaraderie in the volatile cryptocurrency landscape, where exchanges face security threats that can jeopardize their stability. According
In a decisive move to strengthen its response to Russia’s ongoing aggression in Ukraine, the European Union (EU) has expanded its sanctions framework with a particular focus on cryptocurrency. The EU’s 16th sanctions package, announced on February 24, targets Garantex, a cryptocurrency exchange based in Russia. This action signifies the first instance of the EU
