Bybit hacker launders $605M ETH, over 50% of stolen funds
The recent hack of Bybit, a popular cryptocurrency exchange, has caused quite a stir in the crypto community. The exchange reported that it had lost over $7 million worth of cryptocurrency in the attack, with the majority of the stolen funds being laundered through THORChain.
THORChain, a decentralized cross-chain liquidity protocol, has been at the center of controversy since the hack was first reported. It has been revealed that the attackers responsible for the Bybit hack have managed to launder over 54% of the stolen funds through the protocol, raising concerns about its security and reliability.
This incident has once again highlighted the vulnerability of the cryptocurrency industry to cyber attacks and the need for stronger security measures. With the increasing popularity and adoption of cryptocurrencies, it is crucial for exchanges and protocols to have robust security protocols in place to protect users’ funds.
The Bybit hack is just one of many recent attacks on cryptocurrency exchanges, with millions of dollars being stolen from various platforms in the past year alone. This has raised questions about the security of these exchanges and the responsibility they have in safeguarding their users’ assets.
In response to the hack, Bybit has assured its users that it is working closely with law enforcement and security experts to investigate the incident and recover the stolen funds. The exchange has also implemented additional security measures to prevent future attacks.
As for THORChain, the protocol has faced criticism for its lack of security measures and its role in facilitating the laundering of stolen funds. This incident serves as a wake-up call for the protocol to strengthen its security protocols and regain the trust of the crypto community.
In conclusion, the Bybit hack and the involvement of THORChain in laundering the stolen funds have once again highlighted the need for stronger security measures in the cryptocurrency industry. It is crucial for exchanges and protocols to prioritize the safety of their users’ funds and take necessary steps to prevent such attacks in the future.
OpenAI’s GPT-4.5 ‘won’t crush benchmarks’ but might be a better friend
OpenAI, a leading artificial intelligence research organization, has recently announced the release of a preview version of GPT-4.5, the latest iteration of its highly advanced language processing model. This new version boasts a higher EQ (emotional quotient) and is said to be even more creative than its predecessors. However, not everyone is convinced of its capabilities, with some critics arguing that the model is overpriced.
GPT-4.5 is the latest addition to OpenAI’s GPT (Generative Pre-trained Transformer) series, which has been making waves in the AI community since its inception. The model is designed to analyze and generate human-like text, making it a valuable tool for various applications such as chatbots, content creation, and language translation.
According to OpenAI, GPT-4.5 has been trained on a massive dataset of over 1 trillion words, making it one of the most advanced language models to date. This extensive training has resulted in a higher EQ, allowing the model to better understand and respond to human emotions. Additionally, GPT-4.5 is equipped with enhanced creativity, enabling it to generate more diverse and imaginative text.
Despite these impressive claims, some experts are skeptical about the model’s capabilities. They argue that GPT-4.5 is overpriced, with a hefty price tag that may not be justified by its performance. Others have raised concerns about the potential biases and ethical implications of such advanced AI models.
However, OpenAI remains confident in the potential of GPT-4.5 and its future applications. The organization has already partnered with various companies to integrate the model into their products and services, showcasing its versatility and potential impact.
As GPT-4.5 continues to evolve and improve, it will be interesting to see how it shapes the future of language processing and AI technology. With its advanced capabilities and potential for further development, this model could pave the way for even more groundbreaking advancements in the field of artificial intelligence.
Bitcoin could hit $500K before Trump leaves office — Standard Chartered
According to the head of digital assets research at Standard Chartered, Bitcoin (BTC) is set to reach new heights in 2021, with a projected price of $200,000 by the end of the year. This bold prediction has sent shockwaves through the cryptocurrency community, as many experts have been hesitant to make such bold claims.
But what makes this prediction even more intriguing is the timeline attached to it. The head of digital assets research believes that BTC will not only hit $200,000 this year, but it will also reach a staggering $500,000 before the end of President Trump’s second term. This means that we could see Bitcoin reach half a million dollars by 2024.
So, what is driving this optimistic outlook for Bitcoin? According to the head of digital assets research, it all comes down to the increasing adoption and acceptance of cryptocurrencies by mainstream institutions and investors. With major companies like Tesla and PayPal now accepting Bitcoin as a form of payment, and traditional financial institutions like Goldman Sachs and Morgan Stanley offering crypto services to their clients, the legitimacy and value of Bitcoin are only continuing to grow.
But it’s not just institutional adoption that is fueling Bitcoin’s rise. The ongoing economic uncertainty and inflation concerns have also played a significant role in driving investors towards cryptocurrencies as a hedge against traditional assets. With governments around the world printing money at unprecedented rates, many are turning to Bitcoin as a store of value and a way to protect their wealth.
Of course, as with any prediction, there are always skeptics and naysayers. But with the current momentum and growing acceptance of Bitcoin, it’s hard to deny that the future looks bright for this digital asset. Will we see BTC reach $200,000 this year and $500,000 by 2024? Only time will tell, but one thing is for sure, the world of cryptocurrency is constantly evolving and surprising us with its potential.
Bybit secured UAE in-principle approval days before $1.4B hack
Bybit, a leading cryptocurrency exchange, is making significant strides towards obtaining a full operational license in the United Arab Emirates (UAE). This move comes as the exchange continues to expand its global presence, despite facing regulatory challenges and a recent $1.4 billion crypto hack.
The UAE has been a hotbed for cryptocurrency activity in recent years, with the country’s government showing a growing interest in the industry. Bybit’s efforts to secure a full operational license in the UAE is a testament to the country’s favorable stance towards cryptocurrencies and its potential for growth in the region.
The exchange’s expansion plans have not been without obstacles, as it recently faced a major setback when it fell victim to a $1.4 billion hack. However, Bybit has shown resilience and determination in overcoming this setback, with its efforts to obtain a full operational license in the UAE being a clear indication of its commitment to providing a secure and trustworthy platform for its users.
Bybit’s expansion into the UAE is part of its larger global expansion strategy, which has seen the exchange establish a strong presence in various regions, including North America, Europe, and Asia. This global expansion has been driven by the increasing demand for cryptocurrency trading and the exchange’s commitment to providing a seamless and user-friendly trading experience.
Despite facing regulatory challenges in some regions, Bybit has remained steadfast in its mission to make cryptocurrency trading accessible and secure for users worldwide. The exchange’s efforts to obtain a full operational license in the UAE is a significant step towards achieving this goal and solidifying its position as a leading player in the global cryptocurrency market.
In conclusion, Bybit’s progress towards obtaining a full operational license in the UAE is a testament to its determination and resilience in the face of challenges. As the exchange continues to expand its global presence and improve its security measures, it is poised to become a major player in the ever-growing world of cryptocurrency trading.
Is BTC price about to fill a $78K Bitcoin futures gap?
Bitcoin, the world’s largest cryptocurrency, has been on a wild ride in recent months, with its price reaching new all-time highs and then experiencing sharp drops. As the market continues to be volatile, many investors are wondering what the future holds for Bitcoin.
One factor that could potentially impact Bitcoin’s price in the near future is the existence of unfilled CME futures gaps. These gaps occur when the price of Bitcoin moves quickly, leaving a gap in the chart that is not filled by subsequent price movements. These gaps act as magnets, pulling the price towards them and potentially creating a target for traders.
Currently, there are two unfilled CME futures gaps that are creating targets for Bitcoin’s price. The first gap is at $16,500, which was created in November 2020 when Bitcoin’s price surged to new highs. The second gap is at $11,100, which was created in September 2020 when Bitcoin’s price dropped sharply.
These gaps have been a topic of discussion among traders and analysts, with some believing that they will eventually be filled and others arguing that they may never be filled. However, regardless of whether these gaps are filled or not, they are creating clear targets for Bitcoin’s price in the near term.
In addition to the CME futures gaps, there are other factors that could impact Bitcoin’s price in the coming weeks and months. These include the ongoing COVID-19 pandemic, economic uncertainty, and the increasing adoption of Bitcoin by institutional investors.
Despite the uncertainty surrounding Bitcoin’s future, many experts remain bullish on the cryptocurrency, citing its limited supply and growing mainstream acceptance as reasons for its potential long-term success. As always, it is important for investors to do their own research and make informed decisions when it comes to investing in Bitcoin or any other cryptocurrency.
Gotbit founder extradited to US to face market manipulation, fraud charges
The world of cryptocurrency has been rocked by yet another scandal, as the founder of Gotbit, a crypto firm, has been extradited from Portugal to the US to face charges of fraud. This news comes after the FBI set a trap token to catch crypto fraudsters, and it seems that Gotbit fell right into it.
The founder, whose identity has not been revealed, was allegedly involved in a scheme to defraud investors through the use of cryptocurrency. The FBI had been investigating the firm for some time, and it seems that their efforts have finally paid off with this extradition.
The use of cryptocurrency has become increasingly popular in recent years, with many investors seeing it as a lucrative opportunity. However, with its rise in popularity, there has also been a rise in fraudulent activities within the industry. This has led to increased scrutiny from authorities, and the FBI has been at the forefront of cracking down on these illegal activities.
The trap token used by the FBI was a clever tactic to catch those involved in crypto fraud. It involved creating a fake cryptocurrency and promoting it on various platforms, including Gotbit. The founder of Gotbit fell for the trap and was subsequently arrested in Portugal, where he had been residing.
This extradition serves as a warning to others who may be involved in similar fraudulent activities. The FBI is actively working to protect investors and ensure the integrity of the cryptocurrency market. As the use of cryptocurrency continues to grow, it is important for investors to be cautious and do their due diligence before investing in any firm or project.
In conclusion, the extradition of the Gotbit founder is a significant development in the fight against crypto fraud. It sends a strong message that those who engage in illegal activities within the cryptocurrency industry will be held accountable. Let this be a reminder to all investors to be vigilant and do their research before making any investments.
Safe releases post-mortem update, CZ criticizes response
The recent $1.4 billion hack of Bybit, a popular cryptocurrency exchange, has sent shockwaves through the industry and raised concerns about cybersecurity in the crypto world. This massive breach has once again highlighted the vulnerability of digital assets and the urgent need for better security measures.
The hack, which was carried out by a group of sophisticated hackers, resulted in the theft of over $1.4 billion worth of cryptocurrency from Bybit’s hot wallet. This incident has not only caused significant financial losses for the exchange and its users, but it has also shaken the trust and confidence of the entire crypto community.
As the crypto market continues to grow and attract more investors, the risk of cyber attacks also increases. This is because digital assets are highly valuable and can be easily transferred without any physical presence or verification. Moreover, the decentralized nature of cryptocurrencies makes it difficult to trace and recover stolen funds.
In the wake of this hack, many industry experts are calling for stricter security measures to be implemented by crypto exchanges. This includes the use of multi-signature wallets, cold storage solutions, and regular security audits. It is also crucial for exchanges to have a robust incident response plan in place to minimize the impact of any potential breaches.
Furthermore, investors must also take responsibility for their own security by using strong passwords, enabling two-factor authentication, and avoiding storing large amounts of cryptocurrency on exchanges. It is also advisable to spread out investments across multiple exchanges to reduce the risk of losing all funds in case of a hack.
In conclusion, the recent Bybit hack has highlighted the urgent need for better cybersecurity in the crypto industry. It is a wake-up call for exchanges and investors alike to prioritize security measures and work towards creating a safer and more secure environment for digital assets.
Bitcoin price 'top is not in' as Wyckoff model hints at $100K retest
Could Bitcoin be on the verge of another major price rally? According to recent chart patterns, it’s a possibility that can’t be ignored.
In August 2024, Bitcoin experienced a significant surge in price, jumping from $53,400 to $74,000 in just a matter of weeks. And interestingly enough, the current market conditions are showing a striking similarity to that time period.
Looking at the charts, we can see a clear pattern emerging. In both cases, Bitcoin experienced a sharp drop in price, followed by a period of consolidation before the sudden spike. This pattern is known as a “cup and handle” formation, and it has been a reliable indicator of future price movements in the past.
But what does this mean for Bitcoin investors? Well, if history is any indication, it could mean a potential 40% price rally in the near future. Of course, nothing is guaranteed in the volatile world of cryptocurrency, but this pattern is definitely worth paying attention to.
So, why is this happening? There are a few theories floating around, but one of the most compelling is the idea that Bitcoin is becoming more mainstream and accepted as a legitimate asset. With major companies like Tesla and PayPal now accepting Bitcoin as a form of payment, it’s clear that the cryptocurrency is gaining more widespread adoption.
Additionally, the recent market dip and subsequent recovery have shown that Bitcoin is resilient and can bounce back from even the most dramatic drops. This could be a sign of growing confidence in the cryptocurrency, which could lead to more investors jumping on board and driving up the price.
Of course, only time will tell if this pattern will hold true and if Bitcoin will experience another major price rally. But for now, it’s definitely something to keep an eye on for those interested in the world of cryptocurrency. Will history repeat itself for BTC? Only time will tell.
Cipher Mining shares down 17% as 2024 losses mount
Last year, the mining company faced significant expenses that led to operating losses, causing a decline in its stock price and disappointing shareholders. Despite these challenges, the company remains determined to overcome its setbacks and continue its mission of providing valuable resources to the market.
One of the main factors contributing to the company’s expenses was the rising costs of equipment and labor. As the demand for resources increased, so did the prices of the necessary tools and workforce. This put a strain on the company’s budget and ultimately led to operating losses.
However, the company’s management team has taken proactive measures to address these challenges and improve its financial standing. They have implemented cost-cutting strategies and streamlined operations to reduce unnecessary expenses. Additionally, the company has invested in new technology and equipment to increase efficiency and productivity, ultimately reducing costs in the long run.
Despite the financial setbacks, the company has continued to prioritize its commitment to sustainability and responsible mining practices. It has implemented various initiatives to minimize its environmental impact and promote ethical and safe working conditions for its employees.
Furthermore, the company has also been exploring new opportunities for growth and diversification. It has expanded its operations to new regions and invested in research and development to discover new resources and technologies. These efforts have not only helped the company to mitigate its losses but also positioned it for future success.
In conclusion, while the mining company faced challenges and incurred expenses last year, it has taken proactive steps to overcome them and emerge stronger. With a focus on sustainability, responsible practices, and innovation, the company is determined to continue providing valuable resources to the market and delivering value to its shareholders.
Bitwise raises $70M to invest in team, onchain solutions
The world of cryptocurrency is constantly evolving, with new developments and innovations emerging every day. One of the latest exciting developments in the industry is the recent announcement by an asset management firm of a $70 million funding round. This news has sent ripples of excitement throughout the cryptocurrency community, as it signals a growing interest and investment in the digital asset space.
The funding round was led by Electric Capital, a venture capital firm that focuses on blockchain and cryptocurrency investments. Other notable investors include MIT Investment Management Company, which manages the endowment of the prestigious Massachusetts Institute of Technology, and several other prominent names in the finance and technology industries.
This significant investment is a strong indication of the growing confidence in the potential of cryptocurrency and blockchain technology. It also highlights the increasing interest from traditional financial institutions and investors in this emerging market. With the backing of such reputable and established investors, the asset management firm is well-positioned to continue its growth and success in the cryptocurrency space.
The firm has not disclosed how the funds will be used, but it is expected that a significant portion will go towards expanding their portfolio of digital assets. This could include investing in new and promising cryptocurrencies, as well as supporting the development of innovative blockchain projects.
This news comes at a time when the cryptocurrency market is experiencing a surge in popularity and value. Bitcoin, the most well-known and valuable cryptocurrency, recently reached an all-time high of over $60,000. This has sparked renewed interest and investment in the industry, with many experts predicting even further growth in the coming years.
Overall, the $70 million funding round is a significant milestone for the asset management firm and the cryptocurrency industry as a whole. It not only provides a strong vote of confidence in the potential of digital assets, but also serves as a reminder of the constantly evolving and exciting nature of the cryptocurrency world.