ByBit Suffers $1.4 Billion ETH Hack

ByBit suffers a $1.4 billion hack.
The SEC drops lawsuit against Coinbase.
Lens Chain proposal to join Elastic Network.
Zora introduces tradable coins.

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Bybit, a top-five centralized crypto exchange, suffered a $1.4 billion hack early Friday morning, with over 400,000 ETH and 90,000 stETH in stolen assets. Attackers were able to manipulate a transaction from Bybit’s multi-sig ETH cold wallet. It is suspected that the hackers compromised the devices used by the signers to display the correct addresses but altered the tx signing message. Despite the substantial loss, Bybit committed to covering the losses for its users. Further analysis by ZachXBT identified the attackers as the Lazarus Group, a notorious North Korean hacking group. Following the attack, the hackers converted stETH and cmETH into native ETH and dispersed the funds across numerous wallets.

Coinbase CEO Brian Armstrong announced that the SEC is dropping its lawsuit against Coinbase, resulting in no fines, settlements, or changes to Coinbase. The victory marks the end of nearly two years of costly legal battles that began when the SEC sued Coinbase in June 2023, alleging the exchange operated as an unregistered securities exchange, broker, and clearing agency. Coinbase’s Chief Legal Officer, Paul Grewal, emphasized that Coinbase will continue to advocate for clear legislative measures to avoid similar challenges in the future. He affirmed that Coinbase will persist in working with Congress and the SEC to foster the growth of the crypto industry in the U.S. The official confirmation from the SEC to dismiss the case is expected next week.

Lens Chain Road To Mainnet

Lens Chain submitted a ZKsync Improvement Proposal to include Lens Chain in the Elastic Network. Upon deployment, all existing user data, including profiles, followers, and publications, will be seamlessly migrated from Lens V2 on Polygon PoS to the new Lens Chain. The Elastic Network enables interoperability, secure bridging, and unified liquidity for all chains on the network. The migration to Lens Chain will allow users to automatically access their profiles and data immediately upon launch. In the coming weeks, the migration proposal will go up for a vote on the ZK governance portal. Lens Protocol, a web3 social graph, has over 600,000 profiles and 45,000 weekly active users.

Zora introduced tradable NFT coins represented as ERC-20 tokens. When users publish a post on Zora, their NFT will automatically have a total supply of one billion coins with 10 million coins immediately allocated to the creator. Additionally, creators earn a 1% commission on every secondary market trade of their coins. Users can buy, sell, and trade these coins through a Uniswap liquidity pool.