The crypto world is buzzing with news, both exciting and concerning. While the market keeps dipping, with Ethereum falling below $2K, the latest updates continue to shape the space. From the surge in crypto crime to the regulatory shifts, we have it all covered. Let’s dive into the most relevant crypto news this week!
1) Crypto Crime in 2024 Exceeds $51 Billion
2024 has witnessed a disturbing surge in crypto crime, with illicit transactions crossing the $51 billion mark. The “Crypto Crime Report” from Chainalysis revealed that advanced cybercrime methods are now dominating the landscape.
Stablecoins, decentralized finance (DeFi), and AI-driven scams have become the go-to tools for cybercriminals. This shift is part of a broader trend where criminal networks, backed by powerful cyber syndicates and nation-state hackers, increasingly utilize these techniques. Despite a 35% year-over-year drop in ransomware payments, criminals are shifting from Bitcoin to stablecoins and privacy coins like Monero (XMR).
Crypto platforms must ramp up their security measures to tackle this growing threat. The professionalization of crypto crime has made it harder for authorities to intervene, with AI and automated systems being used to obfuscate transactions and hide illicit activities.
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2) Hacker of 1inch Resolver Returns Stolen Funds After Negotiation
A recent exploit on the 1inch decentralized exchange aggregator saw a hacker make away with $5 million. However, after direct negotiations, the hacker agreed to return the stolen funds, keeping only a bug bounty as a reward.
The exploit targeted vulnerabilities in the Fusion v1 smart contract, which affected resolvers. Blockchain investigators discovered that the hacker took 2.4 million USDC and 1,276 Wrapped Ether (WETH). 1inch was able to retrieve most of the stolen funds through a bug bounty agreement, a practice becoming increasingly common in crypto security.
While this incident was resolved, it highlights the importance of auditing smart contracts and staying vigilant against vulnerabilities. 1inch has urged all resolvers to update their contracts to avoid similar exploits in the future.
3) Small Airdrop Updates
In addition to major hacks and crimes, there are also exciting developments in the world of airdrops. Here’s what’s happening:
- $RENZO: Listed on Coinbase. A popular staking airdrop now available on a major exchange. More Staking airdrops can be found here.
- Iagent Protocol: Raised $3 million. The airdrop is still open! Check the details here.
- Soneium Testnet: Introduced ecosystem badges. Check out the airdrop here.
- Elixir Claim S1 and S2 started: The second season of Elixir airdrop is live. Check your eligibility and claim here.
Airdrop farming continues to be a popular way to engage with new projects and earn rewards. Be sure to stay on top of these opportunities!
4) Brazilian Fintech Meliuz Adopts Bitcoin Reserve Strategy
Meliuz, a fintech company based in Brazil, has made headlines with its decision to allocate part of its cash reserves in Bitcoin. The company has purchased 45.72 BTC, worth around $4.1 million, and plans to increase its crypto holdings over time. This move could be a game-changer for the Brazilian market, encouraging other companies to explore Bitcoin as a strategic asset.
The firm aims to generate long-term returns by holding Bitcoin, citing successful examples like the U.S.-based MicroStrategy. Meliuz’s move follows the growing trend of companies using Bitcoin as a store of value and a hedge against inflation. It also highlights the increasing acceptance of cryptocurrency in the traditional finance space.
5) World Liberty Financial Increases Ethereum Holdings
World Liberty Financial (WLFI), the DeFi platform linked to President Trump, has been increasing its Ethereum holdings. The platform added $10 million worth of Ether after the cryptocurrency dipped below $2,000. This strategic buying comes amid a volatile market, with many investors seeking safer assets.
WLFI now holds a significant amount of Ethereum, along with Wrapped Bitcoin and USDT. The platform’s aggressive accumulation of Ether signals confidence in the cryptocurrency, despite recent market fluctuations. It also reflects the growing trend of institutional adoption in the crypto space.
6) Belarus Explores Crypto Mining with Excess Energy
Belarus is considering using its surplus energy for cryptocurrency mining. President Aleksandr Lukashenko has hinted at the country’s potential to mine Bitcoin and other cryptocurrencies. This decision is influenced by the growing interest in crypto reserves, particularly in the U.S.
The country could follow in the footsteps of Bhutan and El Salvador, which already use renewable energy sources for mining. Lukashenko’s comments indicate that Belarus might become a significant player in the global crypto mining industry, using its excess energy to mine digital assets and create a crypto-friendly environment.
Final Words
The crypto industry continues to evolve rapidly. From regulatory changes to technological advancements, it’s clear that crypto crime is reaching new heights, but the sector is also seeing exciting developments. Whether it’s the launch of the MetaMask Card or strategic moves by companies like Meliuz and WLFI, the future of crypto is both uncertain and promising.
As always, we keep you informed on the latest crypto news and updates. Stay tuned for more, and stay safe in this ever-changing landscape.
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