Ben (v2) narxBEN

Former Binance CEO Changpeng Zhao (CZ) has criticized Safe Wallet’s post-mortem update on the Bybit hack, calling it “not that great” and raising concerns about how attackers tricked multiple signers. His comments follow an audit report stating that the breach resulted from a compromise of Safe’s infrastructure rather than the exchange’s systems. Safe’s Response Forensic investigations found that compromised Safe Wallet credentials led to the nearly $1.5 billion Bybit exploit. In a statement on X on Wednesday, the crypto wallet provider confirmed the findings, stating that the hack stemmed from a “compromised Safe Wallet developer machine.” The company highlighted that the reports did not identify vulnerabilities in its smart contracts or front-end source code. It also announced that it had fully rebuilt and reconfigured its infrastructure and changed all credentials, ensuring the attack vector was “fully eliminated.” However, CZ criticized the statement, saying: “This update from Safe is not that great. It uses vague language to brush over the issues. I have more questions than answers after reading it.” He questioned what “compromising a Safe {Wallet} developer machine” meant and how the attack happened, asking whether social engineering or a virus was involved. He also inquired how the developer machine had access to an account operated by Bybit and whether the code was deployed directly to production. Further concerns were raised about how the attackers bypassed Ledger verification, whether blind signing was involved, or if signers failed to verify properly. The Report and Updates On February 26, Bybit released a forensic audit conducted by Sygnia and Verichains about the attack. The audit revealed that Safe developer’s credentials had been compromised, giving hackers access to the wallet’s infrastructure, which led to signers being deceived into approving a malicious transaction. According to the report, the exploit was carried out using “malicious JavaScript code” that had been injected into Safe’s Amazon Web Services system two days earlier. The script activated only when transactions came from specific contract addresses, including Bybit’s multi-sig contract and another address suspected to belong to the criminal. Just two minutes after the hack, the attackers removed the malicious code from Safe’s system and disappeared. Forensic experts and the company have also confirmed that Bybit’s infrastructure was not compromised. Since the incident, Bybit has borrowed 40,000 ETH from Bitget to meet withdrawal demands, which have since been repaid. The firm has also restored its reserves through loans, asset purchases, and whale deposits, securing 446,870 ETH valued at $1.23 billion. CEO Ben Zhou confirmed that the exchange now has 100% backing for client assets. The post CZ Criticizes Safe Wallet’s Post-Mortem on Bybit Hack appeared first on CryptoPotato.

🚨 The @PiCoreTeam fires back at Bybit CEO Ben Zhou’s scam accusations. They deny any ties to Bybit and clarify that the exchange never requested a KYB verification. 🔥👀 What are your thoughts on this recent development? 🤔👇

Jupiter Exchange has surpassed major decentralized finance (DeFi) players, securing the second-highest daily fee ranking after stablecoin issuer Tether. Additionally, the decentralized exchange (DEX) generated $2.73 million in revenue over a 24-hour period, going above fellow Solana stalwart Pump.fun. Jupiter Usurps Pump.fun According to data from DefiLlama, the exchange has earned $10.88 million in fees since yesterday, about $7.3 million less than the amount Tether raked in. However, Jupiter performed markedly better than Uniswap, PancakeSwap, sister platform Meteora, and Hyperliquid, a rising star in the perpetual futures trading space. Apart from Uniswap, none of these competing protocols earned more than $5 million in fees in the last 24 hours. In terms of revenue in the same period, Tether is heads and shoulders above everyone, with its $18.19 million being three times more than its closest competitor, Circle. Hyperliquid was third, bringing in $3.53 million, while Jupiter went above Pump.fun with a 24-hour revenue of $2.42 million. Over seven days, the DEX’s fee earnings stand at $23.31 million, only bettered by Tether’s $127.26 million, Circle’s $41.54 million, and PancakeSwap’s $36.15 million. Other Solana-based platforms in the top ten include Meteora, Jito, and Pump.fun, which respectively received $19.52 million, $15.69 million, and $14.55 million in the last week. Jupiter’s improving fortunes have come in the wake of turbulence in Solana’s DeFi space. Last week, Meteora, co-founded by Jupiter’s pseudonymous lead, Meow, faced leadership upheavals after its other co-founder, Ben Chow, resigned over allegations of financial misconduct. Additionally, the controversy surrounding the LIBRA meme coin, which soared and then crashed after a high-profile endorsement from Argentine President Javier Milei, has also shaken confidence in some DeFi platforms. JUP Market Performance Data from CoinGecko shows the decentralized finance category is up by a slight 0.6% since yesterday, with its collective market cap at $102 billion. Jupiter’s JUP token is among the better-performing cryptocurrencies in the sector, gaining 9.5% on its price over the previous 24 hours. Among the segment’s top ten assets by market cap, it was only bettered by Maker (MKR), up 21.4%, and Hyperliquid’s HYPE, which registered an 11.9% uptick. Across seven days, JUP also suffered the least loss among DeFi heavyweights, dropping just 1.0% of its value. The biggest large-cap losers were Aave (AAVE), down 17.8%, Chainlink (LINK), which shed more than 14% of its value, and Uniswap’s UNI token, which declined by 13.8%. The post Jupiter Joins Top DeFi Earners, Outpacing Pump.fun, PancakeSwap appeared first on CryptoPotato.

Crypto derivatives platform BitMEX is on sale, according to sources familiar with the matter. Reports that the trading platform is seeking a buyer claim that BitMEX has enlisted the services of Broadhaven Capital Partners to help seal a deal. Broadhaven Capital Partners is an investment banking provider that offers strategic and financial services solutions. According to sources, BitMEX is eyeing Broadhaven Capital’s input to get a buyer, per crypto publication CoinDesk, which reported on this development on Thursday, Feb. 27. Two people privy to the plans, the report stated, say BitMEX appointed Broadhaven Capital Partners in late 2024. While BitMEX, founded in 2014, reportedly looks for a new owner, a number of other deals in the space suggests rivals are bidding for further dominance. Some of the top merger and acquisition developments in the space include the tug of war between Coinbase and Kraken for the right to takeover derivatives platform Deribit . Deribit is the world’s leading trading platform for Bitcoin ( BTC ) and Ethereum ( ETH ) options. The Dubai-based platform has recently revealed its plans to expand its services and products to Hong Kong. Meanwhile, the quest for traction in the derivatives market has seen prime brokerage firm FalconX snap up trading firm Arbelos Markets. FalconX’s deal for the platform earlier this year is part of the company’s expansion in the derivatives market. Reports of BitMEX’s plans for a buyer come just over a month after a U.S. judge ordered the exchange to pay a $100 million fine over anti-money laundering violations. The exchange and its founders pleaded guilty to the charges in 2022 and had paid another $110 million. Another guilty plea came in July 2024. Charges stem from a 2020 indictment that saw Arthur Hayes resign as chief executive officer of BitMEX. The U.S. Department of Justice had filed criminal charges against Hayes and his BitMEX co-founders Ben Delo and Samuel Reed. Authorities alleged the derivatives platform has ignored anti-money laundering laws in the pursuit of revenue.

Bitwise CEO @HHorsley tells @strack_ben how the firm's raise and new SEC leadership meshes with its product expansion plans