Stay in the loop with our weekly crypto digest as we get you up to speed on the hottest trends and events in the crypto space.
Here’s what happened in crypto this week:
Crypto Exchange Bybit Says It Was A Victim Of $1.5 Billion Hack
Major cryptocurrency exchange Bybit said it was the victim of a sophisticated hack that stole about $1.5 billion worth of digital currency, marking one of the biggest online thefts of all time.
Bybit said that a routine transfer of Ethereum between digital wallets was “manipulated” by an attacker who transferred the crypto to an unidentified address. The breach resulted from social engineering, where individuals were deceived and exploited rather than a direct attack on the blockchain.
The company sought to reassure customers that their cryptocurrency holdings with the exchange were safe.
Kanye West To Launch His Own Memecoin
Controversial rapper Ye (formerly Kanye West) hinted on Twitter/X that he is trying to launch a meme coin. In a series of posts, he shared screenshots of private messages debating whether to launch his own blockchain rather than simply creating a meme coin.
Adding to the speculation, Ye also followed Changpeng Zhao (CZ), making CZ the only person he followed. CZ responded humorously, posting: “DEX is so much harder to use…” further fueling collaboration rumors.
Crypto Memecoin Trader Commits Suicide On Livestream
A crypto trader recently died by suicide during a livestream after losing his last $500 in a memecoin rug pull.
He loaded a revolver and said, “If I die, make me a meme coin.” The gun misfired twice before fatally discharging. The live broadcast shocked his online followers, witnessing the devastating event in real time.
Many have condemned the insensitivity of turning his death into digital currency, raising ethical concerns about the darker aspects of the crypto industry.
USDC And EURC Becomes First Stablecoins Recognized By Dubai International Financial Centre
Circle Internet Group announced that the Dubai Financial Services Authority (DFSA) has officially recognized USDC and EURC as crypto tokens within the Dubai International Financial Centre (DIFC).
With the DFSA’s approval, financial institutions in the DIFC can now integrate USDC and EURC into various financial services, including digital asset payments, treasury management, and more. The move strengthens Circle’s presence in Dubai’s growing fintech ecosystem.
US SEC Closes Investigation Into Robinhood Crypto With No Action
Robinhood Markets said the Securities and Exchange Commission (SEC) closed its investigation into its crypto unit and does not intend to pursue enforcement action, the latest indication of the Trump administration’s support for the crypto space.
“Robinhood Crypto always has and will always respect federal securities laws and never allowed transactions in securities,” Robinhood chief legal officer Dan Gallagher said.
The SEC’s decision will buoy Robinhood as it banks on a major expansion of its cryptocurrency trading business under a more supportive Trump administration as it diversifies beyond traditional brokerage services.
SEC Closes Investigation Against Uniswap Labs
The Securities and Exchange Commission (SEC) has closed its investigation into Uniswap Labs without taking enforcement action.
The probe began in April 2024 over allegations that Uniswap operated as an unregistered securities exchange. Uniswap Labs defended its compliance, leading to the SEC’s decision.
This follows similar dropped cases against Robinhood Crypto and OpenSea. UNI’s price rose slightly, and Uniswap hailed the move as a win for decentralized finance (DeFi).
OKX Agrees To Pay Over $500M Penalty In DOJ Settlement
Crypto exchange OKX has settled with US authorities over its failure to obtain a license to operate as a money transmitter.
In a statement, the cryptocurrency exchange said its affiliate, Aux Cayes FinTech Co. Ltd, has agreed to pay over $500 million in penalties and forfeited fees while acknowledging the compliance gaps that led to enforcement action.
The US Department of Justice (DOJ) also revealed that OKX actively “sought out customers in the US, including in the Southern District of New York,” despite lacking the required money transmitter license.
US SEC Closes Investigation Into Gemini With No Enforcement Action
Crypto exchange Gemini was told by the US Securities and Exchange Commission (SEC) that the agency had closed its investigation into the crypto exchange, according to a posting on X by Cameron Winklevoss.
In recent days, the SEC promised to dismiss charges against crypto exchange Coinbase and canceled its investigation of DeFi exchange Uniswap. The agency is working to curb many crypto-related enforcement actions from the Biden administration.
Aya Miyaguchi To Become President Of Ethereum Foundation
The Ethereum Foundation has announced that Aya Miyaguchi will step down as Executive Director and transition into the role of President.
After serving in the position for seven years, she has been instrumental in guiding the Foundation’s growth and direction.
Vitalik Buterin noted that further details on the new leadership structure will be revealed soon.
Avalanche Visa Card Goes Live Aiming To Further The Mass Adoption Of Crypto
The Avalanche Foundation has launched the Avalanche Card, a Visa credit card that allows users to spend crypto in stores that accept Visa.
Developed with Rain, the card supports AVAX, wrapped AVAX, and stablecoins USDT and USDC for both in-person and online transactions.
The initiative aims to enhance the integration of traditional finance and cryptocurrency, focusing on user sign-ups in Latin America, the Caribbean, Southeast Asia, and Africa.
Final Thoughts
So that’s it for this week!
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Have a fantastic week ahead!
