3 reasons why Ethereum can outperform its rivals after crashing to 17-month lows
Ether (ETH) fell 13% between March 8 and March 11 as investors moved to short-term fixed-income and cash positions, seeking safety amid a global tariff war and rising fears of an economic downturn. ETH price needs 29% gains to reclaim $2.5KMarket concerns escalated after the United States responded to Canada’s electricity surcharge with retaliatory measures.S&P 500 futures (left, magenta) vs. Ether/USD (blue). Source: TradingView/CointelegraphTypically, traders tend to overreact, increasing the likelihood that Ether will rebound faster than other assets once market sentiment improves. While some argue that risk assets are driven by inflation and economic growth data, others believe gains depend on stimulus measures and monetary expansion.Regardless of the catalyst for the next bull run, Ether price must climb 29% from its current $1,940 level to reclaim $2,500. This move will likely require increased demand from leveraged buyers, whose activity is now at its lowest point in five months.ETH 2-month futures annualized premium. Source: Laevitas.ch/CointelegraphTraders want higher prices to compensate for longer settlement periods, making a 5% to 10% annualized premium (basis rate) expected in neutral markets. When rates fall below this range—such as the current 4.5%—it signals weak bullish conviction.Excessive optimism played a role in Ether’s recent correction, as $235 million in leveraged long positions were liquidated between March 10 and March 11.The panic selling drove ETH to a low of $1,744, its lowest level since October 2023. However, several indicators suggest a potential recovery, as ETH derivatives and onchain metrics show resilience.Ethereum L2 network growsEther is trading 60% below its $4,868 all-time high from November 2021. This decline is largely due to increased competition in the smart contract sector and waning demand for applications such as non-fungible tokens (NFTs), gaming, collectibles, metaverse projects, social networks, and Web3 infrastructure.However, this perspective overlooks a key factor. In late 2021, the average transaction fee exceeded $50, while activity on Ethereum’s layer-2 ecosystem was 97% lower than it is today. For context, a token swap on Ethereum’s base layer cost $1.70 on March 11 despite the number of daily average operations per second growing, highlighting notable progress in network efficiency.Ethereum layer-2 daily average operations per second. Source: L2beatEven if bots generate 80% of layer-2 transactions, the remaining 20% of activity on Base, Arbitrum, Optimism, ZKsync, and Blast is still roughly three times higher than Ethereum’s base layer. However, critics have a valid argument: despite the surge in network activity, validators are earning significantly less compared to late 2021.Ethereum regains DEX top-spot, TVL grows Ethereum has reinforced its position as the second-most popular option for institutional investors in traditional finance, supported by $8.9 billion in spot exchange-traded funds (ETFs). Meanwhile, competitors such as Solana still await regulatory approval for similar ETF products. Even if they gain approval, they cannot match the first-mover advantage of the Grayscale Ethereum Trust, which began public trading on over-the-counter markets in June 2019.Moreover, Ethereum smart contract deposits, measured by total value locked (TVL), reached their highest level since July 2022 in ETH terms on March 11, marking a 10% increase over the past two weeks.Related: The strategic crypto reserve will fuel ecosystem growthEthereum network TVL, ETH. Source: DefiLlamaAt 24 million ETH, Ethereum’s TVL has been driven by the growth of liquid staking, lending, yield farming, and real-world asset tokenization. The network recently reclaimed its leading position in decentralized exchange volumes, reaching $20.5 billion over seven days and surpassing Solana’s $13.9 billion, according to DefiLlama data.This provided a bullish outlook for ETH’s price, driven by layer-2 transactions nearing all-time highs, reclaiming of the top spot in DEX volume, and rising TVL deposits. Ultimately, Ether’s trend reversal remains highly dependent on macroeconomic improvements, but once stabilized, ETH is well-positioned to regain $2,500 as a key support level in the coming weeks.This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Lazarus Group sends 400 ETH to Tornado Cash, deploys new malware
North Korean-affiliated hacking collective the Lazarus Group has been moving crypto assets using mixers following a string of high-profile hacks. On March 13, blockchain security firm CertiK alerted its X followers that it had detected a deposit of 400 ETH (ETH) worth around $750,000 to the Tornado Cash mixing service. “The fund traces to the Lazarus group’s activity on the Bitcoin network,” it noted. The North Korean hacking group was responsible for the massive Bybit exchange hack that resulted in the theft of $1.4 billion worth of crypto assets on Feb. 21. It has also been linked to the $29 million Phemex exchange hack in January and has been laundering assets ever since. Lazarus Group crypto asset movements. Source: Certik Lazarus has also been linked to some of the most notorious crypto hacking incidents, including the $600 million Ronin network hack in 2022.North Korean hackers stole over $1.3 billion worth of crypto assets in 47 incidents in 2024, more than doubling thefts in 2023, according to Chainalysis data.New Lazarus malware detectedAccording to researchers at cybersecurity firm Socket, Lazarus Group has deployed six new malicious packages to infiltrate developer environments, steal credentials, extract cryptocurrency data and install backdoors. It has targeted the Node Package Manager (NPM) ecosystem, which is a large collection of JavaScript packages and libraries.Researchers discovered malware called “BeaverTail” embedded in packages that mimic legitimate libraries using typosquatting tactics or methods used to deceive developers. “Across these packages, Lazarus uses names that closely mimic legitimate and widely trusted libraries,” they added. Related: Inside the Lazarus Group money laundering strategyThe malware also targets cryptocurrency wallets, specifically Solana and Exodus wallets, the added. Code snippet showing Solana wallet attacks. Source: SocketThe attack targets files in Google Chrome, Brave and Firefox browsers, as well as keychain data on macOS, specifically targeting developers who might unknowingly install the malicious packages.The researchers noted that attributing this attack definitively to Lazarus remains challenging; however, “the tactics, techniques, and procedures observed in this npm attack closely align with Lazarus’s known operations.” Magazine: Mystery celeb memecoin scam factory, HK firm dumps Bitcoin: Asia Express
Crypto founders report deluge of North Korean fake Zoom hacking attempts
At least three crypto founders have reported foiling an attempt from alleged North Korean hackers to steal sensitive data through fake Zoom calls over the past few days. Nick Bax, a member of the white hat hacker group the Security Alliance, said in a March 11 X post the method used by North Korean scammers had seen millions of dollars stolen from suspecting victims. Generally, the scammers will contact a target with a meeting offer or partnership, but once the call starts, they send a message feigning audio issues while a stock video of a bored venture capitalist is on the screen; they then send a link to a new call, according to Bax. Having audio issues on your Zoom call? That’s not a VC, it’s North Korean hackers. Fortunately, this founder realized what was going on.The call starts with a few “VCs” on the call. They send messages in the chat saying they can’t hear your audio, or suggesting there’s an… pic.twitter.com/ZnW8Mtof4F— Nick Bax.eth (@bax1337) March 11, 2025“It’s a fake link and instructs the target to install a patch to fix their audio/video,” Bax said. “They exploit human psychology, you think you’re meeting with important VCs and rush to fix the audio, causing you to be less careful than you usually are. Once you install the patch, you’re rekt.” The post prompted several crypto founders to detail their experiences with the scam.Giulio Xiloyannis, co-founder of the blockchain gaming Mon Protocol, said scammers tried to dupe him and the head of marketing with a meeting about a partnership opportunity. However, he was alerted to the ruse when, at the last minute, he was prompted to use a Zoom link that “pretends to not be able to read your audio to make you install malware.”“The moment I saw a Gumicryptos partner speaking and a Superstate one I realized something was off,” he said. Source: Giulio XiloyannisDavid Zhang, co-founder of US venture-backed stablecoin Stably, was also targeted. He said the scammers used his Google Meet link but then made up an excuse about an internal meeting, asking him to join that meeting instead.“The site acted like a normal Zoom call. I took the call on my tablet though, so not sure what the behavior would’ve been on desktop,” Zhang said. “It probably tried to determine the OS before prompting the user to do something, but it just wasn’t built for mobile Oses.” Source: David ZhangMelbin Thomas, founder of Devdock AI, a decentralized AI platform for Web3 projects, said he was also hit with the scam and was unsure if his tech was still at risk. “The same thing happened to me. But I didn’t give my password while the installation was happening,” he said. “Disconnected my laptop and I reset to factory settings. But transferred my files to a hard drive. I have not connected the hard drive back to my laptop. Is it still infected?” Related: Fake Zoom malware steals crypto while it’s ‘stuck’ loading, user warnsThis comes after the US, Japan and South Korea on Jan. 14 issued a joint warning against the growing threat presented by cryptocurrency hackers associated with North Korean hackers. Groups such as the Lazarus Group are prime suspects in some of the biggest cyber thefts in Web3, including the Bybit $1.4 billion hack and the $600 million Ronin network hack.The Lazarus Group has been moving crypto assets using mixers following a string of high-profile hacks, according to blockchain security firm CertiK, which detected a deposit of 400 Ether (ETH) worth around $750,000 to the Tornado Cash mixing service. Magazine: Lazarus Group’s favorite exploit revealed — Crypto hacks analysis
US CPI comes in lower than expected — Are rate cuts coming?
The latest US core Consumer Price Index (CPI) print, a measure of inflation, came in lower than expected at 3.1%, beating expectations of 3.2%, with a corresponding 0.1% drop in headline inflation figures.According to Matt Mena, crypto research strategist at 21Shares, the cooling inflation data adds to the likelihood that the Federal Reserve will cut interest rates this year, injecting much-needed liquidity into the markets and sending risk-on asset prices higher. Mena added:“Rate cut expectations have surged in response — markets now price a 31.4% chance of a cut in May, up over 3x from last month, while expectations for three cuts by year-end have jumped over 5x to 32.5%, and four cuts have skyrocketed from just 1% to 21%.”Despite the better-than-expected inflation numbers, the price of Bitcoin (BTC) declined from over $84,000 at the daily open to now sit around $83,000 as traders grapple with US President Donald Trump’s trade war and macroeconomic uncertainty.A majority of market participants believe the Federal Reserve will cut interest rates by June 2025. Source: CME GroupRelated: Bitcoin’s ‘Trump trade’ is over — Traders shift hope to Fed rate cuts, expanding global liquidityIs President Trump crashing markets to force rate cuts?Federal Reserve Chairman Jerome Powell said on several occasions that the central bank is not rushing to cut interest rates — a view echoed by Federal Reserve Governor Christopher Waller.During a Feb. 17 speech at the University of New South Wales in Syndey, Australia, Waller said the bank should pause interest rate cuts until inflation comes down.These comments were met with concern from market analysts, who say that a lack of rate cuts might trigger a bear market and send asset prices plummeting.On March 10, market analyst and investor Anthony Pompliano speculated that President Trump was intentionally crashing financial markets to force the Federal Reserve to lower interest rates.The US government has approximately $9.2 trillion in debt that will mature in 2025 unless refinanced. Source: The Kobeissi LetterAccording to The Kobeissi Letter, the US government needs to refinance roughly $9.2 trillion in debt before it reaches maturity in 2025.Failure to refinance this debt at lower interest rates will drive up the national debt, which is currently over $36 trillion, and cause the interest payments on the debt to balloon.Due to these reasons, President Trump has made interest rate cuts a top priority for his administration — even at the short-term expense of asset markets and business.Magazine Elon Musk’s plan to run government on blockchain faces uphill battle
Axie Infinity’s new Web3 game, LVMH sued over NFT patent: Nifty Newsletter
Welcome to this week’s Nifty Newsletter, where we bring you the latest updates and developments in the world of non-fungible tokens (NFTs). From new game releases to legal battles, here’s what’s been happening in the NFT space.
First up, blockchain gaming project Axie Infinity has released a trailer for its highly anticipated Web3 game, Atia’s Legacy. The game is set in the Axie universe and promises to provide true asset ownership to its players. This news comes at a time when the outlook for NFTs is turning positive, with the US Securities and Exchange Commission dropping investigations into major NFT projects and a Trump-owned company registering trademarks for an NFT marketplace.
In other news, luxury fashion giant LVMH has been sued for patent infringement by smartwatch face design firm Watch Skins. The company claims that LVMH’s watch brand TAG Heuer has unlawfully used its patented NFT display technology in a smartwatch and is seeking compensation and a court order to prevent further use of the technology.
Meanwhile, NFT trading volume has seen a significant decline of 63% since December 2024. This drop in trading volume has been attributed to the connection between NFT values and crypto prices. Despite this, there have been some positive regulatory developments and interest in the US, indicating that the NFT market may see a comeback in the near future.
Thank you for reading this week’s Nifty Newsletter. We hope you found it informative and insightful. Be sure to check back next Wednesday for more updates and insights into the ever-evolving world of NFTs. And don’t forget to subscribe to our newsletter for the latest news and developments in the NFT space. See you next week!
Memecoins—from internet jokes to crypto’s cultural engine
Opinion by: Sasha Ivanov, founder of Waves and Units.NetworkNot long ago, the idea that an internet joke could become a multibillion-dollar asset class seemed laughable. Today, memecoins are not just mainstream. They are reshaping entire market cycles. The US now has an official memecoin associated with the president. What started as a niche community experiment has become a financial force too big to ignore.This isn’t simply speculation. In November 2024, memecoins accounted for 65% of the total trading volume on the decentralized exchange Raydium, an all-time high. Once dismissed as internet gimmicks, these assets have become crypto’s cultural engine. This phenomenon has been causing a slight identity crisis for believers and skeptics, who need to rethink their positions. Whether viewed as the next retail-driven market movement or an unsustainable mania, one thing is clear: Memecoins are no longer a joke.Memecoins are more than speculationAt their core, memecoins thrive on community belief. Traditional financial assets derive value from utility, institutional adoption or revenue models. Memecoins, by contrast, are driven by social engagement, virality and the power of collective momentum.That makes them one of the most effective onboarding tools for retail investors in crypto. Memecoins strip away the complexity of blockchain technology, making digital assets approachable, familiar and culturally relevant. For many, they are the first step into Web3, opening the door to decentralized trading, governance and finance.What makes them accessible, however, also makes them volatile. The same market mechanics that send memecoins soaring to billion-dollar valuations overnight can just as easily cause them to collapse within days. While one trader might turn $66 into a $3 million profit, thousands of others end up holding worthless tokens when the hype fades.The volatility problem no one can ignoreThe numbers tell the story. When Elon Musk changed his X username and profile picture, a memecoin linked to him skyrocketed to a $380 million market cap. Once Musk reversed the changes, the coin plunged to $100 million before plummeting even further.Recent: ‘Memecoins are archetypes of the collective unconscious’ This is not an exception. This is the memecoin market in action. It is unpredictable, profit-driven and fueled by speculation. While some traders thrive in this environment, most do not. The skeptics argue that memecoins are little more than a casino with a blockchain — a game where few win and most lose.Dismissing memecoins outright ignores a larger reality. Memecoins aren’t going away, regardless of the skepticism. They are shaping market trends. The real question is: Can memecoins transition from hype-driven speculation to a structured financial asset with governance and longevity?Governance is the key to long-term survivalIf memecoins are to evolve beyond short-term trading cycles, governance must take center stage. Decentralized autonomous organizations (DAOs) offer a model that allows holders to shape token supply, enforce transparency and influence project direction to give memecoins a real shot at sustainability.This structure prevents centralized control by developers and whales, reducing the risk of insider manipulation, exit scams and pump-and-dump schemes. It also ensures that memecoins can integrate treasury management, staking incentives and token supply models that promote long-term viability rather than short-lived speculation.A prime example is Floki Inu (FLOKI), a memecoin that successfully built a functional ecosystem beyond meme-driven trading. Rather than relying on short-term speculation, Floki Inu integrated non-fungible token (NFT) gaming, payments and educational initiatives, proving that memecoins can evolve into structured, community-driven assets.Memecoins don’t need to abandon their cultural origins, but to survive beyond the current hype cycle, they must adopt governance mechanisms that promote economic sustainability.Memecoins are at a crossroadsMemecoins have divided the crypto space into two extreme camps. On one side, memecoin maximalists insist that this bull market will be dominated by memecoins, arguing that belief and virality alone are enough to sustain them. On the other, skeptics dismiss them entirely, viewing them as pump-and-dump schemes that will eventually implode.Both perspectives miss the bigger picture. Memecoins have proven their ability to drive market activity, but ignoring their risks is just as reckless as dismissing them outright. The real challenge is not whether memecoins should exist. They already do. The question is how to structure them to ensure security for investors, stability for the market and long-term credibility for the industry.Builders, regulators and communities must collaborate to balance decentralization and responsible governance. Ignoring memecoins as a passing trend would be shortsighted. Failing to address their risks could be even worse — potentially leading to a catastrophic collapse that damages public trust in crypto as a whole.Memecoins are here to stay. The real test is whether they will remain a speculative rollercoaster or mature into a legitimate digital economy sector. The answer lies not just with traders but with the builders, developers and policymakers shaping blockchain’s future.Opinion by: Sasha Ivanov, founder of Waves and Units.Network.This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Bank of Russia proposes to allow crypto purchases for select investors
The Russian central bank is taking steps towards legalizing cryptocurrency trading for select investors in the country. In a recent announcement, the Bank of Russia proposed a new experimental regime that would allow a limited group of investors to buy and sell cryptocurrencies like Bitcoin (BTC).
This move comes after the bank received instructions from the President of Russia to regulate investments in cryptocurrencies. The proposal suggests that investors with at least $1.1 million in securities and deposits would be eligible to participate in the experimental regime. However, the bank also plans to introduce penalties for any crypto transactions that fall outside of this regime.
It’s important to note that while the Bank of Russia is considering allowing crypto trading for wealthy investors, the ban on using cryptocurrencies for payments in the country remains in place. This ban was put into effect earlier this year as part of Russia’s first crypto law, “On Digital Financial Assets.”
The central bank reiterated its stance on cryptocurrency as a means of payment, stating that it still does not consider it as such. As a result, the proposal also includes a ban on settlements between residents for transactions involving cryptocurrency outside of the experimental legal regime. The bank also plans to establish penalties for those who violate this ban.
It’s worth noting that this is a developing story, and more information will be added as it becomes available. The Bank of Russia’s proposal is still subject to government discussion and approval before it can be implemented.
In the meantime, the Russian government remains firm on its stance against using cryptocurrencies for payments. This move is in line with the country’s efforts to regulate and control the use of digital assets within its borders. As the situation continues to evolve, it’s important to stay updated on any further developments.
Securitize to bring BUIDL tokenized fund to DeFi with RedStone price feeds
Real-world asset (RWA) tokenization company Securitize has selected RedStone as the primary oracle provider for its tokenized products, which include BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) and the Apollo Diversified Credit Securitize Fund (ACRED).According to a March 12 announcement, RedStone will deliver price feeds for current and future tokenized products offered by Securitize. As a DeFi-focused oracle provider, RedStone will purportedly expand the use cases of BUIDL and ACRED into money market exchanges and collateralized DeFi platforms, Securitize said.RedStone provides crosschain data feeds for decentralized finance protocols on Ethereum, Avalanche and Polygon. According to DefiLlama data, it has amassed $4.3 billion in total value secured across all clients. RedStone’s total value secured as of March 11. Source: DefiLlamaIn July, RedStone raised $15 million in a Series A funding round led by Arrington Capital, with additional participation from Spartan, IOSG Ventures, HTX Ventures and others. Securitize selected RedStone as its oracle provider because of its “modular design,” which means it “can scale to thousands of chains and support new implementations in a matter of days,” RedStone chief operating officer Marcin Kazmierczak told Cointelegraph in a written statement. By using the RedStone oracle price feeds, Securitize’s funds “can now be utilized across DeFi protocols such as Morpho, Compound or Spark,” he said. Related: BlackRock CEO wants SEC to ‘rapidly approve’ tokenization of bonds, stocks: What it means for cryptoInstitutional interest in tokenized assets on the riseSecuritize co-founder and CEO Carlos Domingo told Cointelegraph that demand for tokenized funds is growing across a “diverse range of investors and users” spanning traditional finance and crypto-native firms.“Institutional investors, private equity firms, and credit managers are turning to tokenization to enhance efficiency, reduce operational friction, and improve liquidity for private markets,” he said.On the crypto-native side, companies “see tokenized RWAs as a secure and efficient way to manage treasury reserves while benefiting from stable yields,” said Domingo.So far, the tokenization of private credit and US Treasury bonds have seen the largest uptake, according to industry data. The total market for onchain RWAs is approaching $18 billion, having grown by 16.8% over the past 30 days, according to RWA.xyz. At $12.1 billion, private credit accounts for 68% of the tokenized RWA market. Source: RWA.xyzSeparate data from Security Token Market showed that more than $50 billion worth of assets were tokenized by the end of 2024, with the majority coming from real estate. The tokenization market has attracted significant players in recent years, with the likes of Ondo Finance, Tradable and Brickken entering the fray. Related: Trump-era policies may fuel tokenized real-world assets surge
Luxury fashion giant LVMH sued over NFT patent tech for watches
A company selling smartwatch face designs through non-fungible tokens has sued LVMH, accusing the luxury fashion conglomerate of patent infringement.In a March 10 complaint filed to a Texas federal court, Watch Skins Corporation alleged that LVMH misappropriated its “pioneering NFT display technology.”Watch Skins claimed it developed a unique system that allows users to display verified NFT artworks on smartwatches and holds multiple patents related to the technology.It claimed that a smartwatch from the LVMH-owned watch brand TAG Heuer and other products from the conglomerate’s brands unlawfully used NFT display technology that was based on three patents that Watch Skins owned.The TAG Heuer Connected Calibre E4 (pictured) was one of the watches Watch Skins claimed infringed on its patent. Source: TAG HeuerLVMH is a multinational holding company that owns dozens of well-known luxury goods brands, including Louis Vuitton, Givenchy, TAG Heuer, Tiffany, Christian Dior, Hennessy and the champagne brand Moët & Chandon.Watch Skins said its first patent covers a system that verifies NFT ownership before allowing it to be displayed on a watch face, the second one covers a system where an NFT must be verified through a blockchain wallet before being displayed on a smartwatch, and the third focuses on the retrieval and display of customized watch faces based on NFT ownership.It claimed TAG Heuer encouraged customers to infringe on the patents by providing instructions on how to use its NFT display features.“The watch allows the NFT to be displayed if owned by the user’s crypto wallet [and] connects to a user’s crypto wallet to guarantee authenticity of works displayed,” the complaint explained. Related: NFTs just had their worst performing year since 2020: DappRadarWatch Skins requested a jury trial and compensation for lost profits and royalties due to infringement and a court order preventing LVMH from further use of the patented technology.The company announced the launch of the world’s first blockchain NFT watch face marketplace at the Consumer Electronics Show in Las Vegas in 2020. The mobile app gives consumers “the ability to purchase authentic, licensed smartwatch faces from their favorite brands,” Watch Skins stated at the time.Cointelegraph has contacted LVMH for comment.Magazine: Mystery celeb memecoin scam factory, HK firm dumps Bitcoin: Asia Express
EU watchdogs scrutinizing OKX over $100M in Bybit laundered funds: Report
European Union regulators are reportedly looking into a service offered by crypto exchange OKX that may have played a role in the laundering of $100 million in funds from the Bybit hack, according to Bloomberg.A March 11 Bloomberg report citing people familiar with the matter claims that national watchdogs from the EU’s member states discussed the issue during a March 6 meeting hosted by the European Securities and Markets Authority’s Digital Finance Standing Committee. The issue appears to be OKX’s decentralized finance platform and wallet service.On Jan. 27, OKX announced that it had secured a full Markets in Crypto-Assets (MiCA) license to operate across all EU member states under a unified regulatory framework. The question for EU regulators is whether two OKX services fall under the MiCA framework and, if so, whether the exchange could be penalized.According to Bybit CEO Ben Zhou, nearly $100 million, or 40,233 Ether (ETH), from the $1.5 billion hack had been laundered through OKX’s Web3 proxy, with a portion of the funds now untraceable.OKX’s wallet service has reached 53 million addresses and is able to connect to 100 blockchains. Fully decentralized platforms may be exempt from MiCA regulation, but according to the Bloomberg report, regulators from at least Austria and Croatia said OKX’s Web3 service should fall under EU rules.Related: Bybit hacker launders 100% of stolen $1.4B crypto in 10 daysOKX denies EU investigationIn a statement posted to X, OKX refuted the claim there were any ongoing investigations by the EU, adding that “Bybit’s statements are spreading misinformation” and defending its Web3 wallet services.Source: OKXHaider Rafique, OKX Global’s chief marketing officer, added his own take: “We spoke to Bloomberg today and provided our statement refuting some of the alleged claims. It is preposterous to suggest that WE as a company would be involved in laundering stolen funds.”The theft of $1.5 billion in ETH and ETH-related tokens from Bybit is the largest crypto hack to date. Crypto investigators have said that the Lazarus Group, a North Korean hacking ring, was responsible for the attack. According to Zhou, who declared war on the Lazarus Group after the hack, 3% of the stolen funds have been frozen, while 20% have gone dark.Magazine: Lazarus Group’s favorite exploit revealed — Crypto hacks analysis