Tag: billion

Bybit suffers a 1.4 billion hack

  • Bybit was exploited for 1.4 billion dollars in ETH, confirms its CEO.
  • Despite the mass loss, Bybit is still solvent and can cover the losses, said Ben Zhou in an X publication.

Bybit has suffered an important attack, since a hacker stole more than 1.4 billion dollars in ETH and put ETH in Stake.

The CEO of the cryptocurrency exchange platform, Ben Zhou, confirmed The attack through X on Friday, noting that the attacker exploded a vulnerability that allowed them to empty their cold ETH wallet.

The news of the attack, one of the largest in market history, made several cryptocurrencies prices react down.

The price of Ethereum lost part of his intradic earnings, although the reaction remained largely moderate at the time of writing this article.

Bybit’s CEO states that the exchange is solvent

Bybit also published an update that details The incident:

“Bybit detected an unauthorized activity that involved one of our cold ETH wallets. The incident occurred when our cold multifirma wallet of ETH executed a transfer to our hot wallet. Unfortunately, this transaction was manipulated through a sophisticated attack that masked the signature interface, showing the right direction while altering the underlying logic of the intelligent contract. As a result, the attacker was able to obtain control of the cold ETH wallet of affected and transfer their holdings to an unidentified address. ”

While the exchange was affected by the attack, Zhou said that Bybit “was solvent” and that the exchange can cover these losses. The withdrawals from the exchange were not affected either, he said.

“Bybit is solvent even if this loss is not recovered by hacking,” published in X. “All customer assets are backed 1 to 1, we can cover the loss.”

Several blockchain security platforms and researchers, including Zachxbt, noticed that the hacker had already begun to transfer the funds to new addresses.

Meanwhile, Blockchain Arkham’s intelligence firm advertisement A reward while ecosystem actors try to unmask the identity of the hacker.

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Nigerian authorities ask for a fine of 79.5 billion dollars against Binance


  • The federal government of Nigeria sue Binance for a fine of 79.5 billion dollars.
  • The Government demands $ 2 billion in backward taxes for 2022-2023.
  • Binance is accused of tax evasion and operating without a license.

In an unprecedented escalation of legal confrontations, the federal government of Nigeria has filed a new demand against the cryptocurrency giant, Binance, demanding an amazing fine of 79.5 billion dollars.

This legal action occurs in the middle of ongoing disputes that have seen Binance entangled in a network of regulatory challenges within the country.

According to sources Familiar with the new development, the Quid of the demand filed by the Nigerian authorities includes not only the fine of 79.5 billion dollars, but also a demand of $ 2.001 million in backward taxes for the 2022 and 2023 years.

The Federal Internal Tax Service (FIRS) is pressing specifically to obtain detailed financial records of Binance for these years, stating that the exchange has been illegally operating, contributing to the depreciation of the Naira and not complying with fiscal obligations.

The case of the Nigerian government against Binance is multifaceted, accusing the exchange of cryptocurrencies of multiple tax evasion and operating charges without the necessary licenses for more than six years.

The Government had also included money laundering charges, although it later withdrew the charges in October 2024.

Binance problems in Nigeria

The legal problems of Binance intensified after the arrest of two Binance employees, Tigran Gambaryan and Nadeem Anjarwalla, in 2024.

Although Gambaryan, a former IRS agent, was subsequently released thanks to the intervention of the United States and has filed humanitarian demands against Nigeria, Anjarwalla managed to escape from custody and its current location remains a mystery.

The financial demands in the new demand are substantial, with additional fines and interests calculated based on the credit policies of the Central Bank of Nigeria.

The government seeks an annual fine of 10% together with an interest rate of 26.75% on unpaid taxes, demonstrating the severity of financial claims against Binance.

It should be noted that the new demand adds another layer to the already complex relationship between Binance and the Nigerian authorities. The previous accusations have included statements that Binance offered $ 5 million to resolve the case of Gambaryan and address other regulatory violations, although the details in this regard are scarce and Binance has not yet responded to requests for comments on these developments.

The result of this demand could have significant implications not only for Binance operations in Nigeria, but also for the broader approach to the cryptocurrency industry with respect to compliance and regulatory commitment in the largest economy in Africa.

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More than $ 1 billion liquids in 24 hours


The cryptocurrency has witnessed a mass sale in the last 24 hours, caused by the recent fallcoin fall (BTC) below $ 30,000. As a result, the positions of hundreds of thousands of cryptocurrency merchants were settled. For example, Coinglass data shows that more than one billion dollars have been eliminated in commercial positions in the last 24 hours.

Multimillionaire elimination

The operators waiting for a rebound were the most affected by the correction, since the previous day almost 750 million dollars were settled in long positions. Volatility also affected those who bet that cryptocurrencies will fall in a straight line, since almost USD 200 million in short positions were eliminated during the same period.

With a bearish impulse that took care of the cryptocurrencies, the merchants who tried to timed Ethereum (ETH) suffered their largest liquidations on May 9 with 152,380 ETH for a value of almost 340 million dollars. However, at the time of writing this article, the price of Ethereum has recovered a bit and is at $ 2379.

Bitcoin is also affected by the fall

Bitcoin merchants were not saved from the fall of the market, since 11,040 BTC worth $ 333.53 million were decimated when the king’s currency fell below the psychological brand of 30,000 dollars, a level that I had not seen Since July 2021.

In number three is the decentralized financial payments network (Luna). Coinglass informs that 1.97 million moon have been liquidated, for a value of more than $ 55 million. This was probably related to the problems that the project was experiencing with its stable currency (UST). There will still be more information about this.

In general, several important merchants were surprised by the fall of BTC below $ 30K. Bitcoin is currently back at $ 31,500. However, it is still questionable if you really have a bottom.

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