The staggering hack that resulted in the loss of $1.5 billion worth of Ethereum (ETH) from Bybit serves as a striking reminder of the precarious nature of cybersecurity in the increasingly digital financial world. The preliminary report released by Safe pinpoints the root cause of this anomaly to a compromised developer laptop, casting doubt on
Exchanges
The recent $1.4 billion security breach at Bybit is a stark reminder of the volatile and precarious nature of cryptocurrency exchanges. According to CEO Ben Zhou, approximately $1.07 billion of the stolen assets remains traceable, with $280 million already laundered by hackers. A significant portion of these missing funds—around 499,000 ETH—confirms what many skeptics have
In the captivating world of blockchain, the proposed restoration of 70 billion CRO tokens by Cronos is igniting a firestorm of dissent among the community. A shocking 87% of early voters, as reported by Mintscan, have unequivocally dismissed the plan. This overwhelming rejection highlights a fundamental rift between the ambitions of Cronos developers and the
On March 17, the CME Group announced its intention to launch futures contracts for Solana (SOL), pending regulatory clearance. This strategic move underscores the increasing demand among clients for sophisticated financial tools in the cryptocurrency market. The futures contracts will be offered in two different sizes, with a 25 SOL micro-contract option for smaller trades
In a significant move that underscores the tensions between cryptocurrency exchanges and regulatory bodies, Dunamu, the parent company of Upbit—the largest cryptocurrency exchange in South Korea—has initiated legal proceedings against the Financial Intelligence Unit (FIU). This lawsuit stems from the FIU’s suspension of certain business operations due to alleged regulatory non-compliance related to customer due
The cryptocurrency landscape has found itself increasingly under the microscope of regulatory bodies, most notably the U.S. Securities and Exchange Commission (SEC). Recently, Cameron Winklevoss, co-founder of the cryptocurrency exchange Gemini, publicly criticized the SEC’s handling of its investigations into crypto firms, following the news that the agency had dropped its inquiry into Gemini without
The cryptocurrency landscape is rife with opportunities, but it also presents significant security risks. The recent hack involving Bybit, wherein an enormous $1.4 billion was compromised, serves as a stark reminder of the vulnerabilities that plague digital asset exchanges. Unlike more common hacking scenarios that exploit an exchange’s core infrastructure, this event branched from a
In a notable turn of events within the crypto ecosystem, Bybit successfully repaid a substantial loan of 40,000 Ethereum—a sum approximately valued at $99.98 million—earlier this year. This loan, provided by rival exchange Bitget, was a vital lifeline following a significant security breach that rattled Bybit, leading to a loss of roughly $1.4 billion. The
In recent developments, cryptocurrency exchange OKX has taken significant steps toward regulatory compliance following a hefty settlement of over $500 million with U.S. authorities. This settlement was pivotal, marking a clear acknowledgment of past compliance shortcomings. OKX’s CEO, Star Xu, openly admitted to the firm’s oversights but maintained that U.S. clients constituted a minor segment
In a decisive move to bolster its sanctions regime amid ongoing geopolitical tensions, the European Union has targeted Garantex, a cryptocurrency exchange operating out of Russia, as part of its expansive 16th sanctions package. Announced on February 24, these sanctions aim to disrupt financial operations that support Russia’s military activities linked to the invasion of
