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In what is a concerning development for the cryptocurrency industry, Bybit has confirmed a $1.4 billion Ethereum hack. Indeed, both the cryptocurrency exchange founder, Ben Zhou, and the platform itself have confirmed the incident in a post to X (formerly Twitter). The hacker stole more than $1.4 billion in liquid-staked Ether and MetaETH (mETH), according to on-chain blockchain security analyst ZackXBT. Zhouh updated users, unveiling a Bybit ETH multisig cold wallet that had made the transfer to a warm wallet to steal the funds. However, he assured users, “All other cold wallets are secure.” JUST IN: Bybit founder confirms $1.4 billion $ETH hack. — Watcher.Guru (@WatcherGuru) February 21, 2025 Also Read: Argentina Bitcoin Adoption Surges as ByBit Card Debuts Bybit Faces $1.4 Billion Ethereum Hack, Confirms Founder The cryptocurrency market has taken massive strides forward this year. Indeed, 2025 has seen a host of nations embrace the asset class like never before. Yet, a k...

When Shan Hanes, the former CEO of Heartland Tri-State Bank, was sentenced to 293 months in prison for his part in an embezzlement scheme that saw him direct over $47 million dollars into a “pig butchering” scheme, it was assumed that the failure of the bank would lead to a “complete loss of equity for investors.” However, thanks to the intervention of Tether and its willingness to blacklist addresses, those investors will receive compensation. An Amended Judgement filed today notes that Hanes was forfeiting his claim to funds held in 0xef2797225aCEF65d583F157bbAf023C290D0e7dB , an Ethereum address that the judgment notes is “held by or under the care or custody of Tether Limited.” Checking this address in the tether token contract allowed Protos to confirm that it has been blacklisted by Tether and can no longer transact using the tether token. CHART: Tether has attracted US government action 19 times Read more: Tether gives FB...

NovaTech, a crypto investment platform, faces SEC charges for a major fraud scheme, shaking the crypto market. Also Read: Shiba Inu: Forget Millionaires, Can You Be a Billionaire By 2030? SEC Charges and Crypto Fraud: Unveiling the Risks and Realities The NovaTech Scheme Unraveled The SEC uncovered a $650 million fraud by NovaTech Ltd., affecting over 200,000 investors globally. Many victims were from the Haitian-American community. Key Players and Their Roles NovaTech’s owners, Cynthia and Eddy Petion, are charged by the SEC. From 2019 to 2023, they ran an MLM crypto investment program that promised high returns. Investor Impact and Losses After NovaTech’s Situation Eric Werner of the SEC stated: “NovaTech and the Petions caused untold losses to tens of thousands of victims around the world.” Investors were promised secure capital and quick profits, but most funds paid earlier investors in a Ponzi-like scheme. Also Read: Bitcoin City: El Salvador’s Big Bet in th...

A new study reveals startling statistics on the rise of deep fake fraud in the crypto industry . According to a recent Sumsub report, 2023 has been marked by increasing professionalization in fraud tactics, with 77% of crypto companies observing new patterns and schemes. Deep fakes, in particular, continue to pose a significant challenge, with 70% of companies interviewed noting an uptick in their use to defraud victims. Our annual crypto report is here! https://t.co/B7zKLCpFPQ Check out State of Verification and Monitoring in the Crypto Industry 2023 for the latest insights on enhancing the user experience and improving verification in the crypto industry . Here are some key highlights that… pic.twitter.com/MeofY0WIyo — Sumsub (@Sumsubcom) October 26, 2023 Additionally, there was a staggering 128% increase in deep fake use within the crypto industry in 2023, compared to the previous year. Notably, the report indicates that 55% of crypto companies have experienced a spike...

The New York Attorney General Letitia James filed the lawsuit against Gemini, Genesis and DCG on Thursday. It’s alleged the crypto firms lied to investors and concealed losses of over $1 billion. New York Attorney General Letitia James has sued Gemini, Genesis Global Capital and Digital Currency Group over allegations that the crypto companies de fraud ed over 230,000 investors, 29,000 of them from New York. Crypto companies lied to investors In the lawsuit the AG filed on Thursday, the companies perpetrated the more than $1.1 billion fraud scheme by concealing losses and repeatedly lying to investors. Gemini Earn customers were greatly impacted when Genesis paused withdrawals in December last year. I'm suing cryptocurrency companies @Gemini, @GenesisTrading, and @DCGco for de fraud ing 230,000 investors out of more than $1 billion .    This is yet another example of the harms of an unregulated crypto industry.https://t.co/ysLVm8nujr ...

Singapore authorities intensified its anti-money laundering measures by freezing over $2 billion in assets, including cryptocurrencies, amid an ongoing investigation. Singapore has intensified its crackdown on money laundering, freezing assets exceeding $2 billion, as revealed by Second Minister for Home Affairs Josephine Teo. Notably, the extensive list of frozen assets includes crypto currencies alongside 152 real estate properties, 62 cars, jewelery, gold bars, and other valuable commodities. You might also like: Coinbase secures full regulatory approval in Singapore The inclusion of crypto in the list of seized assets underscores the government’s focus on digital financial conduits in its anti-money laundering measures. Teo stated that the ongoing investigation led to the arrest of 10 foreigners of Chinese descent. The allegations included money laundering involving cryptocurrencies, scams, and illegal gambling. Singapore is also contemplating tightening its imm...

The UK’s National Crime Agency is seeking to address rising crypto -related crimes and plans to hire Digital Assets Cryptocurrency Financial Investigations Managers. In the past year, there has been a surge in schemes involving crypto, leading to numerous residents falling victim. Tackling crypto crimes  Subsequently, the UK’s National Crime Agency (NCA) is seeking for qualified crypto investigators to combat crypto -related crimes. The Cryptocurrency Financial Investigations Manager (CFIM) position requires specialized skills and expertise in crypto transactions. In the UK, the Investigations Directorate of the NCA plays a crucial role in combating crime. You might also like: Bank of England’s Project Rosalind results out, digital pound plans in progress Using an intelligence-led approach, they target criminal activities beyond the scope of other law enforcement agencies. Its primary focus is protecting the public and ensuring national safety by comba...

According to the Department of Justice, Forsage employed smart contracts which were coded in ways consistent with a Ponzi scheme. The founders behind the alleged $340 million “global Ponzi” scheme Forsage have been indicted by a federal grand jury in the District of Oregon. The four Russian founders — Vladimir Okhotnikov, Olena Oblamska, Mikhail Sergeev, and Sergey Maslakov — have been formally accused of having key roles in the scheme which raised approximately $340 million from victim-investors, according to a Feb. 22 Department of Justice (DOJ) statement. “Today’s indictment is the result of a rigorous investigation that spent months piecing together the systematic theft of hundreds of millions of dollars,” said U.S. Attorney Natalie Wight for the District of Oregon, adding: “Bringing charges against foreign actors who used new technology to commit fraud in an emerging financial market is a complicated endeavor only possible with the full and complete coordination of multiple la...