Bybit is betting big on hybrid finance with Byreal, its new Solana-powered decentralized exchange (DEX) merging Wall Street-grade liquidity with DeFi’s trustless trading—set to shake up crypto this summer. Bybit Incubates Solana DEX Byreal, Testnet Starts June 30 Ahead of Q3 Mainnet Cryptocurrency exchange Bybit has unveiled Byreal, its first Solana-based decentralized exchange (DEX), with […]
]]>In a strange occurrence, a hacker was able to capture 2,930 ETH (worth about $5.5 million at the time) from zkLend but has now lost all that money due to falling for a phishing website. The hacker, who was trying to be a “good actor” and not too different from a law enforcement agency that seizes stolen cryptocurrency, transferred the stolen funds through a series of transactions to TornadoCash, a popular protocol that helps users maintain their privacy. The funds were sent to a site that personifies TornadoCash but is, in actuality, a phishing site. The hackers’ final message, left
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]]>The CEO of Bybit recently delivered a detailed executive summary about tracking down the hacked funds. The amount stolen is around $1.4 billion—not much for a country but for a hacker, it’s a significant enough amount to make him keep trying to steal. The major part of the stolen asset is still visible and traceable. Somewhere around $1.4 billion or 500,000 ETH was stolen and is now recoverable in an ideal situation. But as the stolen funds are being tried to use in sophisticated methods, including cryptocurrency mixers, the staff of Bybit feels an urgent need for help. Bounty hunters
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]]>Ethena, a rapidly growing venture in decentralized finance (DeFi) that is known for its USDe stablecoin, has recently been weathering a storm. The theft of funds from the Bybit exchange has caused Ethena’s share of USDe derivative hedging positions on the platform to plummet. At present, Ethena has a mere 14% of its USDe positions on Bybit. Prior to this, Ethena had 21% of its USDe hedging positions on Bybit. A close second for an equally notable decrease comes from their share of USDe derivatives hedging positions that are backed by ETH, which just lost 65% of its hedging positioning.
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]]>The Bybit hack from February 2024 has left the crypto exchange with some serious problems to deal with. And in an update that must have surely left a bitter taste for the exchange’s employees and investors, Bybit’s CEO Ben Zhou confirmed that the hackers have successfully laundered around $280 million of the $1.4 billion they took during the security breach. Zhou went on to paint a rosier picture, offering some hope of recovery for investors and employees. He said around $1.07 billion of the stolen funds is still “traceable.” Possibly related: Huobi en español – The First Crypto Exchange in
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]]>Bybit has returned a $100 million loan, equal to 40,000 Ethereum (ETH), to Bitget after just three days—the cryptocurrency community was not expecting this! The loan was extended to Bybit when it was going through a tough time, and this rapid return of funds shows that Bybit is back and on the way to recovery. There was a lot of giggling going on in the hacker community when it looked like Bybit had lost half a billion dollars. Bitget’s Support and Bybit’s Swift Recovery Bitget’s CEO, Gracy, expressed her views on the repayment of the loan and stated, “This was
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]]>Following a recent security breach, Bybit, one of the top cryptocurrency exchanges, has provided an official update regarding the hack that saw a significant amount of Ether (ETH) taken from its platform. The exchange’s CEO, Ben Zhou, has confirmed that all Ether losses have been covered and that funds taken by the hacker are in the process of being recovered. And while the investigation continues, Bybit has rolled out a series of measures to both track and recover the stolen funds, and to also prevent future breaches from happening. The movements of the hacker have been traced, and a substantial
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]]>Bybit, a leading cryptocurrency exchange, has expanded its product offerings with bbSOL, a SOL liquidity staking token that promises higher rewards for participants. The platform has dedicated substantial resources to promoting bbSOL, opening multiple Launchpools to facilitate mining and providing options for investors to optimize returns. This innovative product is modeled after Ethereum’s stETH, allowing users to earn staking rewards while retaining liquidity. What Is bbSOL and Why It Matters bbSOL (Bybit Staked SOL) is a liquidity staking solution introduced by Bybit, designed to provide Solana ($SOL) holders with a more rewarding and flexible way to earn from their assets.
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