News

Bybit hacker launders 100% of stolen $1.4B crypto in 10 days

In a shocking turn of events, the Bybit hacker has managed to launder a staggering $1.04 billion in stolen funds in just 10 days. This brazen act has sent shockwaves through the cryptocurrency community, raising concerns about the security and integrity of digital assets.

The hacker, who remains unidentified, targeted the popular cryptocurrency exchange Bybit and made off with over a billion dollars worth of digital currencies. This has been one of the largest cryptocurrency hacks in recent years, highlighting the vulnerability of the digital asset space.

Despite the hacker’s success in laundering such a massive amount of stolen funds, security firms are not giving up hope. They believe that through blockchain tracing, some of the assets may still be recoverable. Blockchain tracing is a process that involves tracking and analyzing transactions on the blockchain to identify the movement of funds.

While it may seem like a daunting task, experts in the field of blockchain forensics are confident that they can trace the stolen funds and potentially recover them. This would not only be a major win for the affected users but also send a strong message to hackers that their actions will not go unpunished.

The Bybit hack serves as a stark reminder of the importance of security in the cryptocurrency world. As the industry continues to grow and gain mainstream adoption, it is crucial for exchanges and users to prioritize security measures to protect their assets.

In the wake of this incident, Bybit has assured its users that it is taking steps to enhance its security protocols and prevent such attacks in the future. However, it is ultimately up to individuals to take responsibility for their own security by using strong passwords, enabling two-factor authentication, and being cautious of suspicious emails or links.

As the investigation into the Bybit hack continues, the cryptocurrency community is holding its breath, hoping for a positive outcome and a lesson learned for all involved.

FTX and Alameda wallets unstake $431M in SOL

FTX and Alameda unstaked 3 million Solana tokens worth $431 million, marking their largest SOL unlock since November 2023.

Israel releases preliminary CBDC design for digital Shekel

The Bank of Israel has recently announced its plans to launch a digital version of its national currency, the shekel. This move is in response to the growing popularity and adoption of cryptocurrencies and digital payments worldwide. The central bank has released a preliminary design for the digital shekel, providing insights into its ecosystem, technical framework, and regulatory considerations.

The digital shekel will be a central bank digital currency (CBDC) that will exist alongside physical cash and traditional bank deposits. It will be a secure and efficient way for individuals and businesses to make transactions, without the need for intermediaries such as banks or payment processors. This will not only reduce transaction costs but also increase financial inclusion, especially for those who do not have access to traditional banking services.

The digital shekel will be based on blockchain technology, ensuring transparency and immutability of transactions. It will also have a two-tiered system, with the central bank issuing the currency and authorized financial institutions acting as intermediaries for distribution and redemption. This will ensure that the digital shekel remains under the control of the central bank and is not subject to the volatility and speculation often associated with cryptocurrencies.

The Bank of Israel has also taken into consideration the regulatory aspects of the digital shekel. It will be subject to the same laws and regulations as physical cash, including anti-money laundering and counter-terrorism financing measures. The central bank will also have the ability to monitor and track transactions, ensuring compliance and preventing illicit activities.

The introduction of the digital shekel is a significant step towards a more modern and efficient financial system in Israel. It will not only benefit the economy but also provide convenience and security for its citizens. The Bank of Israel will continue to work on the development and implementation of the digital shekel, with a pilot program expected to be launched in the near future.

IMF deal to ban public sector ‘Bitcoin accumulation’ in El Salvador

The International Monetary Fund (IMF) has recently made new demands as part of its $1.4 billion agreement with El Salvador. These demands are aimed at limiting the purchase of Bitcoin (BTC) by the country’s public sector.

This development comes after El Salvador made history by becoming the first country to adopt Bitcoin as legal tender. The move was met with both excitement and skepticism, with many questioning the practicality and potential consequences of such a decision.

The IMF’s latest requests include measures to prevent the public sector from using Bitcoin as a form of payment or investment. This is in line with the organization’s concerns about the potential risks and volatility associated with cryptocurrencies.

While the IMF has acknowledged the potential benefits of Bitcoin, such as financial inclusion and lower transaction costs, it has also highlighted the need for proper regulation and risk management. The organization has expressed concerns about the lack of transparency and potential for illicit activities in the crypto market.

El Salvador’s President, Nayib Bukele, has responded to the IMF’s demands by stating that the country will not be swayed from its decision to adopt Bitcoin. He has also assured that the government will continue to work towards implementing proper regulations and safeguards to address the IMF’s concerns.

The clash between the IMF and El Salvador highlights the ongoing debate surrounding the use of cryptocurrencies in traditional financial systems. While some see it as a disruptive force that can bring about positive change, others view it as a threat to the stability of the global economy.

As El Salvador moves forward with its plans to embrace Bitcoin, it remains to be seen how the IMF’s demands will impact the country’s economy and the future of cryptocurrencies. One thing is for sure, this is a significant moment in the history of both Bitcoin and El Salvador, and its effects will be closely watched by the rest of the world.

Bitcoin no longer 'safe haven' as $82K BTC price dive leaves gold on top

As the trade war between the United States and China continues to escalate, the global economy is feeling the impact. And while many investors have turned to Bitcoin as a safe haven asset, it seems that gold is still the go-to choice for many.

In recent weeks, the price of gold has been on the rise, surpassing the $1,500 mark for the first time in six years. This surge in value can be attributed to the ongoing trade tensions between the two economic superpowers, as well as the recent interest rate cuts by central banks around the world.

On the other hand, Bitcoin has not been immune to the effects of the trade war. In fact, its price has been closely following the stock market and even the US dollar, both of which have taken a hit due to the trade tariffs. This has led some to question whether Bitcoin truly has the potential to be a safe haven asset in times of economic turmoil.

While Bitcoin has often been touted as a digital version of gold, it seems that the traditional precious metal is still the preferred choice for investors looking to hedge against market volatility. This is likely due to the fact that gold has a long history of being a reliable store of value, while Bitcoin is still a relatively new and volatile asset.

However, this does not mean that Bitcoin should be written off completely. In fact, some experts believe that the current market conditions could actually be beneficial for the cryptocurrency in the long run. As governments continue to devalue their currencies and investors seek alternative assets, Bitcoin could see a surge in demand and value.

In the end, it is important for investors to carefully consider their options and diversify their portfolios in order to mitigate risk. While gold may currently be outshining Bitcoin, the future of both assets remains uncertain in the face of global economic uncertainty.

SBI’s crypto arm to support USDC as Japan softens stablecoin rules

SBI VC Trade, a leading cryptocurrency exchange in Japan, has announced its plans to launch USDC stablecoin transactions for selected users on March 12. This move comes after the exchange’s recent registration with the Financial Services Agency (FSA) of Japan, making it the first cryptocurrency exchange to be registered under the revised Payment Services Act.

The registration process, which began in September 2020, involved a thorough review of SBI VC Trade’s business operations, security measures, and compliance with anti-money laundering regulations. With the FSA’s approval, the exchange can now offer a wider range of services to its users, including the trading of USDC stablecoin.

USDC, or USD Coin, is a stablecoin pegged to the US dollar, providing users with a stable and secure way to store and transfer funds. It is backed by a reserve of US dollars, making it less volatile compared to other cryptocurrencies. This stability makes it an attractive option for traders and investors looking to minimize their risk exposure.

SBI VC Trade’s decision to offer USDC transactions is a strategic move to cater to the growing demand for stablecoins in the Japanese market. With the FSA’s approval, the exchange aims to provide its users with a reliable and regulated platform to trade and store their digital assets.

In addition to USDC, SBI VC Trade also plans to expand its services to include other cryptocurrencies, such as Bitcoin and Ethereum, in the near future. This move is in line with the exchange’s goal to become a one-stop-shop for all cryptocurrency trading needs in Japan.

The launch of USDC transactions on SBI VC Trade is a significant milestone for the exchange and the Japanese cryptocurrency market as a whole. It not only showcases the exchange’s commitment to compliance and security but also paves the way for the wider adoption of stablecoins in the country. As the cryptocurrency industry continues to evolve, SBI VC Trade is well-positioned to lead the way in providing innovative and regulated services to its users.

Bybit CEO: 20% of $1.4B stolen funds ‘gone dark’

In a recent development, Bybit CEO Ben Zhou has confirmed that a staggering $280 million in stolen funds has gone dark, leaving investigators scrambling to track down the remaining $1.07 billion. This news has sent shockwaves through the cryptocurrency community, raising concerns about the security and stability of digital assets.

The incident, which occurred on May 19th, involved a sophisticated attack on Bybit’s hot wallets, resulting in the theft of a significant amount of cryptocurrency. While the exact details of the attack are still being investigated, it is believed that the hackers were able to exploit a vulnerability in the exchange’s security system.

This unfortunate event serves as a stark reminder of the risks associated with the rapidly growing world of cryptocurrency. Despite the numerous benefits and potential for financial gain, the lack of regulation and oversight in this industry leaves it vulnerable to malicious actors.

As authorities work to track down the stolen funds and bring the perpetrators to justice, the affected users are left in a state of uncertainty. Many are wondering if they will ever be able to recover their lost assets, and if so, how long it will take.

In the wake of this incident, Bybit has taken steps to enhance its security measures and reassure its users. The exchange has implemented stricter security protocols and is working closely with law enforcement agencies to track down the stolen funds.

This unfortunate event serves as a reminder for all cryptocurrency users to remain vigilant and take necessary precautions to protect their assets. It is crucial to choose reputable and secure exchanges, use strong passwords, and enable two-factor authentication to minimize the risk of falling victim to such attacks.

As the investigation continues and the cryptocurrency community awaits further updates, one thing is clear – the need for stronger security measures and regulations in the world of digital assets is more pressing than ever.