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Summary
- Bybit crypto exchange faced a hacking incident & lost $1.5 billion.
- The world’s top cryptocurrency exchanges jumped in support of Bybit.
- Kanye West planned to launch a new Cryptocurrency with a brand new blockchain network.
- The US SEC drops Coinbase & openSea lawsuits.
ByBit Lost $1.5 Billion in a Hack Incident
Just a day ago Bybit crypto exchange faced a hack incident & lost $1.5 billion worth of Ethereum ($ETH) coin. Reportedly, the world’s top hacking group, Lazarus, was behind this hack attack. The hackers targeted Bybit’s cold storage wallet & also started laundering the stolen funds for Bitcoin ($BTC).
ZachXBT said that the Lazarus Group in the Bybit incident transferred 5,000 ETH to a new address, laundered the money through the eXch mixer, and bridged the funds to Bitcoin through Chainflip. Bybit CEO Ben expressed the hope that the cross-chain bridge project would help Bybit…
— Wu Blockchain (@WuBlockchain) February 22, 2025Support for Bybit
Following the hack incident, Bybit CEO ensured that the exchange had sufficient funds to compensate for the attack. To help Bybit exchange the majority of the big crypto investors & companies jumped in support of the Bybit exchange to help the exchange maintain liquidity on the platform. Bybit CEO thanked everyone for such a big level of support.
Bybit is overwhelmed by all the support that we got from partners and industry friends during last night critical time. Here I want to say thanks to all the friends, partners who offered or helped us in any way or form. I am truly grateful. We will need a lot more help down the…
— Ben Zhou (@benbybit) February 22, 2025Kanye West to Launch a Meme Token With Native Blockchain
Just a couple of days ago, Kanye West reportedly planned to launch a meme token, but now the latest reports have disclosed that he is planning to launch a token with a new blockchain network. In the last 24 hours, he followed Binance co-founder Changpeng Zhao (CZ) & later unfollowed him & followed Polychain founder Olaf Carlson-Wee. Some Crypto X users said that West seems to have lost his mind & probably wants to use his fanbase to create his own crypto empire.
Kanye West retweeted CZ's tweets several times this morning and briefly followed CZ's account. Currently, Kanye has unfollowed CZ and followed Polychain founder Olaf Carlson-Wee. Previously, Kanye West tweeted that the official token will be launched next week and all current…
— Wu Blockchain (@WuBlockchain) February 23, 2025Binance Co-founder to Support Test Coin
Yesterday, Binance’s former CEO CZ disclosed that for the first time, he used the DEX platform & he used the platform to insert liquidity in the Test ($TST) coin market just to check how things work in the Defi world. CZ’s action purely supports Test coin. Following this development, the trade price of the Test coin surged 50% within 24 hours.
Test coin price action. Source: CoinMarketCap (CMC)Guys, don't take👇 too seriously. Was joking. But yes, it is my first time using an AMM, liquidity pool, etc. You may be shocked. But I never had to use a DEX before. I use CEX. 🤷♂️
I wanted to put a few BNB in TST LP, as a test. I seen demos of Pancake before. It looked so… https://t.co/K4tgfyHqUg
SEC Terminates Investigation Against Opensea
Top NFTs trading platform OpenSea CEO Devin Finzer informed the Crypto community that the United States Securities and Exchange Commission (SEC) has closed its investigation into OpenSea. The crypto entrepreneur called this development a very big win for the NFT creators and builders and also said that classifying NFT collectables as securities would have been a mistake.
The SEC is closing its investigation into @opensea. This is a win for everyone who is creating and building in our space. Trying to classify NFTs as securities would have been a step backward—one that misinterprets the law and slows innovation.
Every creator, big or small,…
SEC Drop Coinbase Lawsuit
A lawsuit filed by the US SEC body against Coinbase exchange in 2023 has been dropped. The SEC staff reportedly decided to dismiss the case. Coinbase CEO Brian Armstrong said that it is a very big win for the crypto space. Armstrong also said that the Coinbase team would remain engaged in getting clarity on the Crypto regulation & ensuring no regulatory misbehave against crypto companies.
FTX Co-founder on FTX Bankruptcy
In a recent interview Sam Bankman-Fried (SBF), the former CEO of bankrupt Crypto exchange FTX, said that FTX exchange was never insolvent. He claimed that panic around the FTX exchange’s fund liquidity caused a big problem. Otherwise, the exchange was stable enough to give withdrawal to all the customers fully.
Read also: Myanmar Will Launch the First National Coin: Scam Alert?
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