Bybit Loses $1.5B in Hack but Can Cover Loss

Blockchain data shows that around $1.4 billion has been withdrawn so far, and $200 million of that has been liquidated on decentralized exchanges.

Cryptocurrency exchange Bybit was exploited for more than $1.4 billion on Feb. 21, making it the single largest hack in the industry’s 15-year history.? A portion of staked ether is currently being liquidated on decentralized exchanges. Bybit CEO Ben Zhou has confirmed that the exchange's Ethereum cold wallet was hacked. Ether is down by 4% following the transfers. ?

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Tech Related

Bybit CEO guarantees client funds are safe following record $1.5bn crypto hack

Company pledges that all withdrawals will be processed amid what is believed to be the industry's costliest breach. The chief executive of Dubai-based cryptocurrency exchange Bybit has guaranteed that client funds are safe and available for withdrawal, despite the company suffering a sophisticated hack that is believed to be the largest in crypto history.

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Bybit Offers $140M Bounty as Crypto Industry Rallies After Historic Hack

Blockchain security firms blacklisted the hacker’s addresses, while Chainalysis identified and tracked the wallet in real time. Institutional clients like Wintermute, Cumberland, and GSR Markets continued trading, helping prevent broader market panic.

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Argentina's Milei faces credibility crisis over crypto scam

Argentine President Javier Milei faces his first major political crisis as the so-called cryptogate scandal shakes his credibility. The failed cryptocurrency endorsement has sparked a legal and political backlash.The political rise of economist Javier Milei to the presidency was largely driven by Argentinians' hope that he could revive the debt-laden country's economic fortunes. But now the libertarian's key credentials as an economic expert have suffered a massive blow as lawyers have filed a fraud lawsuit against him in an Argentine court.

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Educational

Smart Contract Audits : A Complete Guide

One of the most important aspects of blockchain is smart contracts. In this post, we’ll give you a complete overview of what are smart contract audits, how they work, why they are needed and some free tools that will help you with your smart contracts. Whether you are an investor, a developer or simply are looking to learn more about smart contract audits this is the guide for you.

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What is a Crypto Bridge?

The blockchain space is growing quickly but is still fragmented and nascent. This means that if you own one type of cryptocurrency or another, it can be challenging to interact with projects that don’t yet support your preferred coin. A blockchain bridge creates an on-ramp for any asset to be invested in the DeFi economy and will reinforce trust in the space by cementing interoperability.

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