The past week has been full of notable events, from the Berachain TVL surge to the Bybit heist. The crypto space is never boring, with highs and lows making for a fast-paced environment. Let’s dive into the key updates that have kept the community on its toes.
1) Berachain TVL Surges Above $3.2B, Overtaking Arbitrum and Base
Berachain, a Layer-1 blockchain, has hit a significant milestone. Its total value locked (TVL) surged past $3.26 billion, overtaking Arbitrum and Base. This puts Berachain as the sixth-largest DeFi network.
At the time of writing, Berachain’s native token, BERA, is trading at $6.75, and the network’s market capitalization stands at $715 million. Berachain’s growth has been a major talking point as it climbs the DeFi rankings, and the increase in TVL suggests that more liquidity is flowing into the ecosystem.
For those unfamiliar with TVL, it represents the total value of crypto assets locked in a network’s smart contracts. When TVL increases, liquidity tends to follow, creating more opportunities for participants. Berachain’s surge in TVL shows that the blockchain is gaining more popularity and traction.
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2) Bybit Heist: $1.5B Stolen, but Reserves Are Replenished
In a shocking turn of events, Bybit, one of the leading crypto exchanges, experienced the largest hack in crypto history. The heist saw $1.5 billion in assets stolen, but Bybit has responded quickly and effectively. Within 72 hours, Bybit was able to replenish its reserves, thanks to emergency loans and large deposits.
Several crypto firms, including Galaxy Digital and Wintermute, assisted Bybit in regaining the funds. The hack occurred during a routine internal transfer of assets from Bybit’s cold wallet to its warm wallet, a process intended to facilitate active trading. However, hackers took advantage of a security flaw and redirected the funds to unknown wallets.
Despite the breach, Bybit’s CEO reassured users that all client funds remain secure, and withdrawals continued without interruption. However, recovery of the stolen assets remains a challenge. The Lazarus Group, a North Korean cybercrime group, is believed to be responsible for the hack.
3) Bybit Offers 10% Bounty for Help Tracing Stolen Funds
In an effort to recover the stolen funds, Bybit has launched a 10% bounty program. Users who can help trace the stolen assets will be rewarded. Half of the bounty will go to the platform that helps freeze the funds, while the other half goes to the individual who provides the information. A total of $140 million bounty is available, with a little over $4 million already rewarded.
This bounty program is an innovative approach to solving the problem. The stolen funds have been dispersed across multiple wallets, and Bybit is hoping that the crypto community will come together to help track them. The funds are being moved through untraceable or freezeable destinations like mixers and exchanges.
You can submit your research and find all the details on the dedicated website for the Lazarus hack.
4) Bybit Hackers May Be Linked to Solana Memecoin Scams
As the dust settles on the Bybit hack, there’s more news surrounding the hackers’ activities. The same group, Lazarus, is suspected of being behind several Solana-based memecoin scams. One of the most prominent examples is the Pump.fun platform.
On-chain investigator ZachXBT has linked the hackers to some of the recent scams, including rug pulls that occurred on Solana’s Pump.fun platform. Lazarus has reportedly used stolen funds from the Bybit hack to engage in memecoin scams on Solana.
These connections suggest that the Lazarus Group is actively involved in laundering the stolen assets through various platforms, including Solana, and turning them into more easily accessible funds. This development adds another layer of complexity to the ongoing investigation.
5) Pump.Fun to Launch Its Own AMM Liquidity Pools
Pump.Fun, a popular Solana-based token launch platform, is testing its own automated market maker (AMM) liquidity pools. This is a significant development that could change the way Pump.Fun tokens are traded.
Currently, Pump.Fun relies on Raydium for liquidity, but the platform is aiming to take control of its liquidity by creating its own AMM. This shift could help the platform keep more revenue in-house and potentially provide better rewards for token holders. If successful, it could shake up Solana’s token trading ecosystem.
Owning liquidity pools means Pump.Fun has more flexibility to innovate and offer better trading experiences to its users. The new AMM could bring lower fees and unique rewards for traders.
6) Yuga Labs Breaks Guinness World Record with 2,197 Players in FPS Battle
Yuga Labs has achieved a major milestone by breaking the Guinness World Record for the most players in a first-person shooter battle. The record was set during the first round of Project Dragon on Yuga’s Otherside platform.
We joined the fun, and are now part of web3 history with this world record. Honestly, it was a smooth experience.
With 2,197 players in the game, Yuga Labs smashed the previous record. The event was a success, thanks to the help of MSquared, a platform that connects virtual worlds within the metaverse. Yuga Labs plans to host more events like this in the future, pushing the boundaries of what’s possible in the metaverse.
The success of this event shows that the metaverse has a bright future, with companies like Yuga Labs leading the charge. The next phase of development for Otherside is expected to feature even more innovative features, including AI integrations and persistent virtual worlds.
Final Words
It’s been an eventful week in crypto, with developments ranging from Berachain’s TVL surge to the Bybit hack. As the market continues to evolve, it’s essential to stay updated on the latest news and trends. Whether you’re into DeFi, meme coins, or NFTs, the world of crypto always offers new opportunities and challenges.
Stay tuned for more updates, and as always, keep an eye on the key players in the space!
If you enjoyed this blog, you may want to check our other crypto news updates.
As always, don’t forget to claim your bonus below on Bybit, yes we still support them, and See you next time!
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