By Frank Martin (MoneyAmped.com)
Several crypto-related developments have occurred in the past seven days. This article highlights the hottest topics during that timeframe.
The Bybit Hack
On Friday, one of the largest crypto exchanges by trading volume, Bybit, was targeted, with the hackers stealing 400,000 ETH worth over $1.4 billion. Popular onchain sleuth ZachXBT was the first person to report the incident on X. Hours later, Bybit’s boss, Ben Zhou, confirmed the attack and explained how the hackers executed it.
He said that attackers targeted Bybit’s multi-sig wallet by initiating a fake transaction with a malicious source code intended to alter the wallet’s smart contract logic to siphon money.
It is worth highlighting that the exchange was able to process all ETH withdrawal requests hours after the attack. On Sunday evening, Zhou announced that Bybit had managed to cover the ETH deficit by purchasing Ethereum and obtaining loans from various whales and institutions.
SEC Drops Charges Against Coinbase
After over a year of accusing Coinbase of operating without registering with the agency, the US Securities and Exchange Commission (SEC) dropped its charges against the American crypto exchange last Friday.
The move comes as the SEC witnesses changes in its leadership following the departure of its former Chair, Gary Gensler, whose regime was marked by several enforcement actions against crypto companies.
Coinbase CEO Brian Armstrong welcomed SEC’s decision, calling it a ‘big win’ for crypto believers in the United States.
Ross Ulbricht Urges Trump to Release Roger Ver
Silk Road founder Ross Ulbricht, who received a presidential pardon last month after staying in prison for nearly a decade, has urged Donald Trump to extend grace to Roger Ver, popularly known as the ‘Bitcoin Jesus.’
Currently held by law enforcement, Ver could spend several years in jail if found guilty of evading taxes. But why is Ulbricht advocating for his release? He says Ver was there for him while in prison, so he feels obligated to return the favor.
Nigeria Files an $81 Billion Lawsuit Against Binance
On Wednesday, the Nigerian tax agency Federal Inland Revenue Service (FIRS) filed a lawsuit against the largest crypto exchange, Binance, accusing the company of failing to pay taxes and allegedly causing the country’s fiat currency to crash.
A report from Reuters indicated that Binance was accused of not paying taxes since 2022. Furthermore, Nigeria claims that its fiat currency has declined in value due to Binance’s presence in the country. To settle the charges, Binance will have to pay $81 billion if the court rules in favor of FIRS.
Woman Gets a 10-Year Jail Term for Defrauding Bybit
A former WeChain employee who handled Bybit’s payroll will spend ten years in jail after the court found her guilty of falsely amending the crypto exchange’s payroll, defrauding it of over $5 million.
Interestingly, the woman is serving a six-week jail term after she used some of the ill-gotten money despite a court’s order barring her from doing so. According to the court’s filings, her 10-year jail term will start on March 10th after completing her current sentence.
Report: Pig Butchering Scams Caused Losses Worth $5.5 Billion in 2024
A report from blockchain security company Cyvers shows that crypto investors lost over $5.5 billion in 2024 through pig butchering, a phishing scheme where bad actors trick their victims into sending crypto to fraudulent addresses.
Cyvers says most of the pig butchering incidents happened on the Ethereum blockchain, accounting for 190,000 of the 201,000 identified cases.
Winners and Losers
Bitcoin touched $99,162 on Friday, while Ethereum rose to $2,832 on the same day. However, the two coins have dropped to $95,821 and $2,642, respectively, at press time. Regarding the top gainers over the past seven days, Story (IP) leads the way with a 160% surge. Sonic and Maker are up 55% and 44%, respectively. Meanwhile, the top three losers are Official Trump, down 22.97%; Jupiter, which has dropped 22.41%; and Raydium, which has dipped 19%.
