Bybit Hit by $1.4 Billion Ethereum Hack: Founder Confirms Security Breach

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📈 Preview On Today’s News:

1. - Bybit Hit by $1.4 Billion Ethereum Hack: Founder Confirms Security Breach

2. - SEC to Drop Enforcement Case Against Coinbase

3. - Putin Seeks Partnership with Elon Musk for Russian Tech Development 

Keep reading below for more!

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Today’s News:

1)

Bybit Hit by $1.4 Billion Ethereum Hack: Founder Confirms Security Breach

Bybit, a prominent cryptocurrency exchange, has confirmed a $1.4 billion Ethereum hack, marking one of the largest security breaches in the industry. Founder Ben Zhou revealed that the hacker exploited a vulnerability by manipulating a signing interface, allowing them to transfer funds from a Bybit ETH multisig cold wallet to a warm wallet. Despite the significant loss of liquid-staked Ether and MetaETH (mETH), Zhou assured users that all other cold wallets remain secure. The platform's security team, along with blockchain forensic experts, is actively investigating the incident while maintaining that client funds are safe and operations are continuing without disruption.

• Bybit suffered a $1.4 billion Ethereum hack due to a sophisticated attack on a multisig cold wallet, affecting liquid-staked Ether and MetaETH.

• The platform assured users of the security of other cold wallets and is working with forensic experts to investigate the breach while maintaining normal operations.

2)

SEC to Drop Enforcement Case Against Coinbase

The U.S. Securities and Exchange Commission (SEC) is reportedly planning to dismiss its enforcement case against Coinbase, which accused the cryptocurrency exchange of operating as an unregistered securities platform in 2023. The decision, pending final approval from key commissioners, marks a significant policy shift under the Trump administration, reflecting a more favorable stance toward the crypto industry. This move follows the appointment of acting SEC Chair Mark Uyeda, signaling an end to the aggressive regulatory approach adopted by former Chair Gary Gensler. Coinbase CEO Brian Armstrong celebrated the news, noting it could pave the way for clearer crypto regulations in the U.S., with no fines expected in the case's resolution.

• The SEC plans to dismiss its case against Coinbase, marking a significant shift in U.S. crypto policy under the Trump administration.

• This decision, pending commissioner approval, signals a move away from the previous enforcement-heavy regulatory approach and is expected to provide more clarity for the U.S. crypto industry.

3)

Putin Seeks Partnership with Elon Musk for Russian Tech Development 

Russian President Vladimir Putin is seeking to partner with Elon Musk to advance Russia's technology development, as revealed by Gazprombank's Deputy CEO, Dmitry Zauers. Putin suggested that Russia collaborate with Musk once he completes his reforms in the U.S., emphasizing opportunities in space exploration and other technological sectors. This initiative is part of Russia's broader strategy to strengthen ties with the U.S., including discussions on energy projects in the Arctic amidst ongoing economic challenges. Musk has not yet responded to the proposed partnership.

• Vladimir Putin aims to collaborate with Elon Musk to bolster Russia's technology and space industries, signaling potential U.S.-Russia cooperation.

• This move aligns with Russia's strategy to enhance economic ties with the U.S., with ongoing discussions on Arctic energy projects. Musk's response is awaited.

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