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Blockchain sleuth ZachXBT slammed pseudo decentralized protocols for profiting from North Korea-backed exploits. The crypto industry’s handling of hacks and shady activity is coming under fire, with blockchain sleuth ZachXBT calling out several pseudo- decentralized protocols for profiting from North Korea -linked exploits while avoiding responsibility. In a Telegram post on Tuesday, March 18, the crypto investigator called the nearly $1.5 billion Bybit hack “eye opening,” warning that the industry’s security problems might not improve without government regulations that could “hurt our entire industry.” Per ZachXBT, several “decentralized” protocols have generated nearly all of their monthly volume and fees from transactions linked to North Korea. Despite this, the investigator notes, they “refuse to take any accountability.” ZachXBT’s comments seem to point to mixing service eXch and multi-currency protocol THORChain, among others, which profited after North Korean bad actors funneled stolen Bybit funds through them in an attempt to launder. As crypto.news reported earlier, less than two weeks after the heist, Bybit CEO Ben Zhou stated that more than $200 million of the $1.46 billion stolen from the exchange had become untraceable, partly due to mixing services refusing to halt North Korean hackers. ZachXBT also pointed to centralized exchanges, stating that some take “multiple hours” to respond to illicit funds moving through their platforms, even though laundering “only takes minutes.” It’s unclear which exchanges the investigator was referring to. Criticizing existing security measures, he argued that know your transaction systems are “completely flawed and easily evadable,” while know your customer rules mostly serve as a “honeypot for regular users” due to frequent breaches and insider leaks. In late February, North Korean hackers targeted Bybit, one of the largest cryptocurrency exchanges, stealing around $1.46 billion worth of crypto in a highly sophisticated heist. The attack was reportedly carried out by compromising the computer of an employee at Safe, Bybit’s technology provider.

Canadian Bitcoin miner Bitfarms has finalized the acquisition of Stronghold Digital Mining, marking the largest-ever merger between two publicly listed Bitcoin mining companies. According to a press release published on March 17, Bitfarms has completed the all-stock acquisition of Stronghold Digital Mining. The merger was approved on Feb. 28, with 99.6% of votes cast voting in favor, representing about 54.5% of Stronghold’s outstanding shares. Bitfarms acquired Stronghold through a stock-for-stock merger, with Stronghold shareholders receiving 2.52 Bitfarms shares for each Stronghold share they owned. Nearly 60 million Bitfarms shares and over 10.5 million warrants were issued as part of the deal. Stronghold’s stock was removed from Nasdaq and stopped trading. Bitfarms’ stock opened higher Monday morning but lost any buying momentum and was trading lower by around 1% during the early afternoon session. With Stronghold now fully integrated into Bitfarms, the mining giant has expanded its energy capacity to 623 megawatts — including existing power generation and grid import capacity in Pennsylvania. Additionally, Bitfarms now manages nearly 1 more Exahash of computing power, bringing its total to 18 Exahash. A previous agreement where Stronghold hosted miners for others is now being used for Bitfarms’ direct mining operations. Bitfarms also sees potential to convert two Stronghold power sites into large-scale AI and computing hubs, with plans to partner with industry players to develop these facilities. “With Stronghold’s portfolio of power assets, combined with our operational expertise and balance sheet strength, we are well positioned to create long-term value for our shareholders by executing on our US strategy and developing an HPC/AI business geared for scale, ” said Ben Gagnon, Chief Executive Officer of Bitfarms. In addition to increasing its power assets, the acquisition has boosted Bitfarms’ share of the North American energy market from 6% to 80%.

European regulators are said to be looking into crypto exchange OKX’s trading and self-custody offerings after revelations that North Korea’s Lazarus Group laundered funds from the $1.5 billion Bybit hack through the platform. According to a Bloomberg report on Tuesday, which cited sources familiar with the matter, the issue was discussed at the European Securities and Markets Authority’s (ESMA) Digital Finance Standing Committee meeting on March 6. The meeting included regulators from all 27 EU member states as well as officials from the ESMA and the European Banking Authority (EBA). Regulators reportedly debated whether OKX’s permissionless tools violate the European Union’s Markets in Crypto Assets (MiCA) regulations. MiCA, which took full effect late last year, provides exceptions for decentralized applications, but some regulators suggested that OKX’s Web3 services should be covered by the rules. If found to be breaking the rules, OKX could face significant penalties, including losing its MiCA license, which it obtained in February. OKX has denied that it is under investigation, stating on its official X (formerly Twitter) account that its non-custodial Web3 offerings are “no different” from similar services provided by other industry players. Related: FBI: North Korea’s “TraderTraitor” Gang Behind $1.5B Bybit Hack The issues surrounding OKX seem to have affected its native token, OKB, which briefly dipped below $40 before recovering to $40.71 at press time . The token has dropped 5% in the past 24 hours and fallen 15% over the last 30 days. The Relative Strength Index (RSI) stands at 34.90, indicating that OKB is close to oversold conditions, which could signal a potential rebound. Meanwhile, the Bollinger Bands (BB) show resistance at approximately $44.75 and support near $39.27, suggesting a tight trading range in the short term. Bybit CEO Ben Zhou previously claimed that at least $100 million in assets flowed through OKX’s Web3 platforms following the February hack. Related: Bybit CEO: $1.4 Billion Crypto Hack Tracked, Majority Potentially Recoverable The Lazarus Group, a state-backed cybercrime group from North Korea, is known for its advanced money laundering methods, using multiple protocols and crypto mixers to hide fund flows. Security researchers estimate that 20% of the stolen funds have now “gone dark,” making recovery virtually impossible. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Ben Gagnon, Bitfarms’ Chief Executive Officer, shared his thoughts on how new geopolitical challenges from the Trump administration would impact the Bitcoin mining industry. Gagnon said during a Bloomberg TV interview on March 11 that both the US and Canada have been energy-driven economies for more than 200 years. Blessed with easy access to affordable power has been a key driver of economic growth over the past two centuries. However, he explained that the ongoing trade tensions and tariffs could have downstream effects on the energy markets, which are critical for Bitcoin mining . “All of our sites are based in Quebec,” Gagnon said. “The largest sites are going to be in Quebec and Alberta, followed by British Columbia. Ontario, on the other hand, isn’t as attractive due to its weaker energy market and reduced capacity.” Despite the political tension between Washington and Ottawa showing no immediate signs of easing, Gagnon believes that greater access to electricity markets and regulatory support will be crucial for the mining sector’s long-term success. He emphasized the need for deregulation and smooth market operations to allow miners to continue expanding their businesses. Bitfarms has been busy in strengthening its market position through strategic acquisitions that allows for better geographical diversity that takes advantage of access to energy. “We’ve transitioned from being 40% based in North America with 6% in the US, to becoming 80% based in North America with 66% in the US,” Gagnon stated. “This shift opens up a world of opportunities for us, improving both the quality and cost structure of our operations.” Gagnon also explained that the shift in energy infrastructure from industrial use to Bitcoin mining is creating new growth opportunities. “For the last four or five years, Bitcoin miners have been investing in energy infrastructure that was previously used for industries like aluminum smelting. As the pendulum swings back toward North America, those assets are now in high demand,” he said. While Gagnon remains bullish on the future of the Bitcoin mining industry, he noted that current regulatory uncertainty remains an ongoing concern, although prospects are indeed improving. He noted that President Trump’s recent moves, including discussions about a strategic Bitcoin reserve, signal at the very least growing recognition of Bitcoin’s role in the economy. But, greater clarity on energy and crypto regulations are key to creating even greater opportunities for growth. “We need greater access to electricity markets and a supportive policy framework to drive long-term success,” he added.

StarkWare establishes Bitcoin reserve, expands $BTC integration on Starknet StarkWare, the developer of the Ethereum layer-2 network Starknet, has launched a Strategic Bitcoin (BTC) Reserve, aiming to allocate a growing portion of its treasury to BTC, according to The Block. While the firm has not disclosed specific acquisition plans, CEO Eli Ben-Sasson emphasized that "every blockchain company should and will hold Bitcoin."