Former Safemoon CTO Thomas “Papa” Smith has pleaded guilty to fraud charges in connection to the $8 billion crypto project’s collapse. The case highlights one of DeFi’s biggest scandals. Guilty Plea Marks Major Development in Safemoon Scandal Thomas “Papa” Smith, former chief technology officer of the now-defunct Safemoon cryptocurrency project, has pleaded guilty to fraud…

Hong Kong-based stablecoin bank [Neobank] Infini experienced a major security breach on February 23 resulting in the theft of $49.5 million in USD Coin (USDC). The attack comes just days after the $1.4 billion hack of cryptocurrency exchange Bybit. Hacker Exploits Private Key to Drain Funds According to blockchain security firm PeckShield, the attacker gained…

Bybit has fully restored its Ethereum (ETH) reserves after a devastating $1.5 billion hack on February 21, according to CEO Ben Zhou.  Notably, the exchange plans to release an audited proof-of-reserve (PoR) report to confirm that client assets are once again held at a 1:1 ratio using a Merkle tree verification system. Latest Update: Bybit…

The SEC has dropped its investigation into OpenSea, opting not to pursue enforcement action against the NFT marketplace. This decision follows a similar move regarding Coinbase, signaling a shift in the agency crypto enforcement strategy. NFT Marketplace No Longer Faces SEC Scrutiny Amid Regulatory Changes The U.S. Securities and Exchange Commission (SEC) has reportedly closed…

KeyTakeaways: CZ warns crypto exchanges about multi-sig cold storage vulnerabilities after Bybit hack.   Lazarus Group’s advanced tactics target multi-sig systems across multiple exchanges.   CZ advises pausing withdrawals post-breach to limit damage and restore user trust. Changpeng Zhao (CZ), former Binance CEO, recently expressed concern over hackers' increasing ability to target multi-sig cold storage solutions on…

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…

A Brazilian citizen accused of orchestrating a $290 million cryptocurrency fraud scheme has been extradited from Switzerland to the United States, where he faces a 13-count indictment for wire fraud and conspiracy.  Douver T. Braga, 48, appeared in U.S. District Court in Seattle on February 21 and pleaded not guilty to all charges. His trial…

Coinbase CEO Brian Armstrong discusses the future of meme coins, warning about scams while urging an open-minded approach to their potential role in crypto. Coinbase CEO Brian Armstrong has shared his perspective on the growing role of meme coins in the cryptocurrency space. While acknowledging concerns over scams and speculation, Armstrong emphasized the need for…