Bybit Hacked for 1.46B
Bybit hack of 1.46B is officially the largest crypto heist in history. North Korea's Lazarus Group is responsible for the hack. The group is a state-sponsored hacking collective notorious for siphoning billions of dollars from the cryptocurrency industry.
The attack compromised Bybit’s cold wallet, an offline storage system designed for security. The stolen funds, primarily in ETH were quickly transferred across multiple wallets and liquidated through various platforms. CEO HUE Hue stated, "Bybit is solvent even if this loss is not recovered. All client assets are 1 to 1 backed, we can cover the loss".
Utah heads for Final Vote
Utah Bitcoin Reserve Bill Advances through Senate Committee and is set for final vote on May 7th. The bill allows the state treasurer to invest up to 5% of public funds into qualifying digital assets, the only one that meets the market cap requirement of over 500 billion is Bitcoin.
SEC Dismisses Coinbase Case
SEC agrees in principle to dismiss enforcement case against Coinbase. The SEC sued Coinbase in June 2023 amid a torrent of litigation against the crypto industry, attempting to frame many firms and projects as either unregistered securities brokers or securities in and of themselves, placing heavy regulatory and financial pressure on the industry.
Quick Hits
- Publicly traded South African company Altvest Capital adopts Bitcoin Treasury strategy and plans to buy 10 million of BTC.
- Iowa introduces bill for Strategic Bitcoin Reserve.
- Banco Nacional the largest commercial bank in Costa Rica is launching a spot Bitcoin ETF.
