Safe Wallet, Bybit’s security partner, upgraded its infrastructure following the Bybit Hack, which cost the exchange $1.46 billion.  Safe (Wallet), a multi-signature wallet provider, announced that it was temporarily removing the Native Ledger Integration, the exact feature that the hackers compromised.  Phased rollout within the next 24 hours The Safe{Wallet} team is working diligently…

Award-winning Sleuth ZachXBT has revealed a serious fraud problem on Coinbase, the largest crypto exchange in the United States.  The onchain Security Expert whose work has helped recover millions of lost crypto assets believes the Coinbase exchange is quickly becoming a fraud hotbed.  ZachXBT revealed that Coinbase Users lose $150 million to theft only. He…

Ben Zhou, Co-Founder and CEO of Bybit revealed that the Exchange received over 350,000 withdrawal requests since yesterday when it lost $1.46 billion to a hack.  Bybit completed an impressive 99% of the said withdrawal requests with over 2000 requests pending at the time of the report.  Ben Zhou shared the information on his X…

The Asian crypto community has rallied around the Bybit team as they navigate what is arguably the biggest hack ever in the Finance Space.  Binance and Bitget, both Asian-led Exchanges, donated a collective 50,000 ETH to Bybit in the aftermath of the hack that saw the exchange lose $1.46 billion.  Gracy Chen, CEO of Bitget,…

Paolo Ardoino, CEO of Tether, commended the Bybit management for exhibiting stellar crisis management while freezing $181,000 of loot.  The CEO of one of the largest Stablecoin Issuers in the industry hailed Bybit CEO Ben Zhou for effectively handling the crisis.  https://twitter.com/paoloardoino/status/1893256025681055852 Paolo announced later that Tether has frozen 181,000 USDT linked to the address of…

Bybit, the second-largest crypto exchange in the industry, has lost $1.46 billion to a sophisticated attack on its cold wallet.  Ben Zhou, the CEO of the Exchange, confirmed the attack on his X page, sharing details of the hack and revealing that the hack took place during a transfer from Bybit’s ETH multi-sig wallet to…

Sam Bankman Fried (SBF), the Acerated Founder of the Now-Defunct FTX Exchange, revealed that the Exchange was never bankrupt but suffered a liquidity crisis.  In an interview from Prison, SBF  stated that the exchange had sufficient assets to repay all its customers. However, the repayment process was hindered by a Market Panic resulting from a liquidity…

American Rapper Kanye West is reportedly set to launch a Memecoin a few days after revealing how prominent figures have received offers to use their brand to promote Rug pull schemes.  Coindesk announced the development, citing three sources close to the project and revealing that the ‘YZY’ token was designed to bypass brands like Shopify,…

The United States Securities and Exchange Commission, under acting chairman Mark Uyeda, launched a special unit to combat fraud in Crypto and other Areas.  The Special unit called the Cyber and Emerging Technologies Unit (CETU) is tasked to combat fraud in various areas, including Blockchain, Social media and the Dark Web.  The announcement was made…

Bitcoin ETFs experienced a second day of no inflows, losing $64.1 million in the process.  The 11 Bitcoin ETFs recorded a net outflow of $64 million from 4 ETF products, while the rest recorded no transaction.  Over the past two weeks, the Bitcoin ETF products have recorded more net Outflows than inflows reflecting the bearish…