Tag: 1.4B

DeFi’s zero onboarding costs allow it to reach 1.4B unbanked: 1inch co-founder

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Decentralized finance (DeFi) platforms have a major cost advantage over traditional banks when it comes to onboarding new users, according to Anton Bukov, co-founder of decentralized exchange (DEX) 1inch. Speaking at a panel during Dutch Blockchain Week on May 22 in Amsterdam, Bukov said traditional banks spend between $100 and $300 per user to verify documents and set up accounts. Online banks, he said, spend about $20 to $30. In contrast, DeFi requires almost nothing beyond a smartphone and internet access. “Onboarding to DeFi literally costs zero,” Bukov said. “You…

El Salvador keeps buying Bitcoin despite $1.4b IMF deal

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El Salvador is continuing to buy Bitcoin even after agreeing to scale back purchases as part of a $1.4 billion deal with the International Monetary Fund. The Central American nation’s Bitcoin Office is still buying Bitcoin (BTC) despite signing a $1.4 billion loan agreement with the International Monetary Fund that required it to scale back crypto purchases, El Salvador‘s economy minister Maria Luisa Hayem said in an interview with Bloomberg. “There’s a commitment of President Bukele to keep accumulating assets as a way to do precisely that. Bitcoin keeps being…

Strategy acquires 15,355 more Bitcoin for $1.4b, holdings top 550k BTC

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Bitcoin treasury firm Strategy, formerly MicroStrategy, added another 15,355 BTC to its balance sheet over the past week. The company spent about $1.42 billion at an average price of $92,737 per Bitcoin, according to an SEC filing Monday. The purchase brings Strategy’s total Bitcoin (BTC) holdings to 553,555 BTC, worth over $52 billion at Bitcoin’s current price of just above $95,000.  The company’s cumulative average purchase price now stands at $68,459 per Bitcoin, reflecting a total investment of around $37.9 billion, including fees.  Strategy’s holdings account for more than 2.6%…

89% of stolen $1.4B crypto still traceable post-hack

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The lion’s share of the hacked Bybit funds is still traceable after the historic cybertheft, as blockchain investigators continue their efforts to freeze and recover these funds. The crypto industry was rocked by the largest hack in history on Feb. 21, when Bybit lost over $1.4 billion in liquid-staked Ether (stETH), Mantle Staked ETH (mETH) and other digital assets. Blockchain security firms, including Arkham Intelligence, have identified North Korea’s Lazarus Group as the likely culprit behind the Bybit exploit, as the attackers have continued swapping the funds in an effort…

DPRK’s $1.4B Laundering Exposes Crypto Industry Failures, ZachXBT Says

On Tuesday, onchain investigator ZachXBT raised alarms about the growing prevalence and severity of exploits within the cryptocurrency sector, highlighting the recent Bybit breach as a critical example. ‘This Industry Is Unbelievably Cooked,’ Says Investigator His latest commentary delivers a scathing assessment of the industry’s approach to security, regulatory compliance, and efforts to combat illicit […] Source CryptoX Portal

Bybit hacker launders 100% of stolen $1.4B crypto in 10 days

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The Bybit exploiter has laundered 100% of the stolen funds after staging the biggest hack in crypto history, but some of the funds may still be recoverable by blockchain security experts. On Feb. 21, Bybit was hacked for over $1.4 billion worth of liquid-staked Ether (STETH), Mantle Staked ETH (mETH) and other ERC-20 tokens, resulting in the largest crypto theft in history. The hacker has since moved all 500,000 stolen Ether (ETH), now valued at approximately $1.04 billion, primarily through the decentralized crosschain protocol THORChain, blockchain security firm Lookonchain reported…

Unwanted Windfall? THORChain Sees Record $4.6B Volume After Bybit’s $1.4B Hack

THORChain, a decentralized protocol enabling users to swap cryptocurrencies across various blockchains, has seen what can be described as an unwanted windfall after the Bybit hack. The protocol processed $4.66 billion in swaps in the week ended March 2, the highest tally on record, according to data source DefiLlama. The tally exceeded the $1 billion mark on Sunday alone. The surge in activity follows the hack of the crypto exchange Bybit on Feb. 22, which saw the North Korean malicious entity walk away with $1.4 billion in ether. Per observers,…

‘Blind signing is an issue, but not the prime suspect’ expert says on Bybit $1.4b saga

Aneirin Flynn, co-founder and CEO of FailSafe, spoke with crypto.news about the Bybit exploit, future preventive measures, and why an Ethereum rollback is unfeasible. Cryptocurrency prices tumbled following one of the largest cyber heists in financial history, as North Korea’s Lazarus Group breached Bybit’s Ethereum (ETH) cold wallet, stealing more than 400,000 ethereum worth $1.4 billion at the time. Ben Zhou, Bybit’s CEO, was quick to defend the exchange. The community was kept informed, industry leaders mobilized resources to assist, and Bybit filled the financial gap within days, restoring withdrawals…

Crypto sector rallies behind Bybit, responds to $1.4b breach

Major cryptocurrency firms have launched a coordinated defense following Bybit’s recent security incident. The exchange’s CEO, Ben Zhou, announced that multiple industry leaders have joined forces to track, contain, and minimize the impact of the exploit. A Huge Thank You to Our Partners and Community After last night’s security incident, we’re incredibly grateful for the swift action and support from our partners, security teams, and the broader crypto community. Your dedication and collaboration helped us navigate the situation… pic.twitter.com/jvX683iA0U — Bybit (@Bybit_Official) February 22, 2025 The response has united both…

El Salvador amends Bitcoin policies to secure $1.4b IMF Deal

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El Salvador has amended its Bitcoin regulations as a part of a deal with the International Monetary Fund. According to Reuters, El Salvador Congress has approved the reforms within minutes of receiving them from President Nayib Bukele, aligning the country’s Bitcoin policies with the terms of its $1.4 billion loan agreement with the IMF. El Salvador, once locked out of traditional financial markets due to its high debt and unconventional Bitcoin experiment, had little choice but to seek a lifeline. With soaring bond yields and limited access to fresh capital,…