Crypto Weekly Roundup: ByBit Hack, A Presidential Rug Pull, & More
This week’s crypto developments include Bybit suffering a record $1.4 billion hack, while Ethereum transaction fees hit their lowest levels since 2020 due to reduced on-chain activity.
Regulatory and legal troubles continue, with SafeMoon’s CTO pleading guilty to fraud, Sam Bankman-Fried alleging political bias in his prosecution, and the Argentine President denying links to a collapsed crypto token after an alleged “presidential rug pull.” Let’s find out more.
Ethereum
Reduced onchain activity has led to a sharp decline in Ethereum transaction fees, bringing costs to the lowest since 2020, and raising concerns about overall network demand.
An anonymous programmer has made headlines by burning and donating significant amounts of Ethereum in an effort to draw attention to claims of mind-control technology.
Altcoins
Brazil’s CVM has approved the world’s first XRP-based ETF, managed by Hashdex, marking a significant step in institutional crypto adoption amid growing interest in XRP investment products.
PlutoChain proposes a solution to network congestion with its hybrid Layer-2 platform that can operate parallel to Bitcoin’s main network and potentially move transactions off-chain to cut congestion.
As a hot topic in the blockchain field, cloud mining has attracted the attention of more and more investors. The JAMining platform stands out for its convenient and efficient services.
In a crypto landscape cluttered with speculative tokens, BitLemons ($BLEM) has emerged as a standout performer, demonstrating why serious investors are racing to secure their positions.
Business
SafeMoon LLC’s Chief Technology Officer, Thomas Smith, has pled guilty to securities fraud conspiracy and wire fraud conspiracy, admitting to his role in a multi-million dollar cryptocurrency fraud scheme.
Michael Saylor’s firm, Strategy (formerly MicroStrategy), is raising $2 billion through a convertible debt offering to expand its Bitcoin holdings, continuing its aggressive treasury strategy.
DefiTuna has severed ties with an investor and accused M3M3, along with Meteora’s leadership, of orchestrating a $200 million market manipulation scheme that exploited memecoin launches.
Web3
DeFi ecosystem and Web 3 payment solution CrossFi announced a major five-company partnership deal to accelerate its growth and expand its DeFi ecosystem. The partnerships, announced Thursday, include major DeFi players and venture capital firms such as Enflux, ApeBond, Victus Global, Alpha Token Capital, and Pinnacle Ventures.
Play-to-Earn is evolving into a hybrid Play-and-Own model where ownership, rather than financial speculation, becomes the key value proposition. The next wave of web3 games will emphasize gameplay mechanics and storytelling that ensure web3 elements are seamless rather than intrusive.
Security
Bybit suffered the biggest crypto hack of all time as the exchange lost a staggering $1.4 billion in digital assets, sending shockwaves throughout the crypto ecosystem.
Regulation
Sam Bankman-Fried, currently serving a 25-year sentence for fraud, claims his prosecution was politically motivated, criticizing the judge, the DOJ, and Biden’s crypto policies.
Argentine President Javier Milei has denied any involvement in fraudulent activities related to the cryptocurrency $LIBRA, which suffered a dramatic collapse shortly after he mentioned it in a social media post.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
