Latest news with #Bybit
News18
a day ago
- Business
- News18
10 Largest Crypto Heists In History
Bybit- $1.4 Billion Of ETH stolen in 2025 hack: One of the largest single thefts of cryptocurrencies in the industry's history, the Bybit hack occurred on February 21, 2025. The Dubai-based crypto exchange lost 400,000 ETH worth $1.4B within minutes when hackers exploited a private key in Bybit's hot wallet system to siphon off the funds. (Image : Pexels) Coincheck- $534 million in NEM (XEM) stolen in 2018 hack: Hackers managed to break into the exchange and steal crypto worth $534m in January 2018. The hackers reportedly used a phishing attack to access hot wallets. (Image: Pexels) FTX- $477 million of multiple cryptocurrencies stolen in 2022 post-collapse hack: The FTX CEX, founded in 2019 by Sam Bankman-Fried (SBF) and Gary Wang collapsed in November 2022, wiping out a grand total of $8.9 billion of its customers saving and investments. Nearly $477 million in various cryptocurrencies were drained in the suspected hack on November 11. (Image: Pexels) Mt. Gox- $460 million in BTC stolen in 2014 hack: The Japan-based crypto exchange launched in 2010 was hacked and bitcoin worth $8.75 million was stolen in 2011. It suffered another attack in 2014, when nearly $460 million in Bitcoins were siphoned off.(Image: Pexels) DMM Bitcoin: $308 million in Bitcoin stolen in 2024 hack: In May 2024, a massive hack resulted in the loss of 4,502.9 BTC, worth about $308 million at the time.(Image: Pexels) KuCoin- $281 million in various cryptocurrencies stolen in 2020 hack: Founded in 2013, KuCoin is a crypto exchange based in Singapore. It deals in several cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Ardor. In September 2020, it was targeted, and the criminals managed to steal over $281m worth of coins and tokens.(Image : pexels) Wazir X- $230 million of several cryptocurrencies stolen in 2024 hack: Founded in 2018 to cater to the growing Indian cryptocurrency market. On July 18, 2024, a significant security breach occurred at WazirX. Approximately 50% of its assets worth $230 million (INR 1900 crores) was stolen from one of its main trading wallets by hackers, despite its robust security measures.(Image: Pexels) BitMart- $196 million of several cryptocurrencies stolen in 2021 hack: In December 2021, hackers were able to drain $196 million of crypto from the global centralised cryptocurrency exchange by stealing a private key that opened two hot wallets, consisting of $100 million in ETH and $96 million on the Binance Smart Chain.(Image: Pexels) BitGrail- $170 million in Nano tokens stolen in 2018 hack: BitGrail was hacked in February 2018, and 17 million Nano worth about $170 million was stolen. (Image: Pexels) 10/10
Associated Press
2 days ago
- Business
- Associated Press
KONET Files Patent for Blockchain-Based Collateralized Stablecoin Operations and Management Technology
- Infrastructure designed for multi-blockchain environments including the KONET Mainnet - A strategic step toward entering the global Web3 payments market SINGAPORE, SG / ACCESS Newswire / July 21, 2025 / KONET, a global mainnet project, announced that it has filed a patent for an infrastructure technology that enables full-cycle management of collateralized stablecoins, covering issuance, distribution, settlement, burning, and value stabilization. The technology is designed as a universal framework applicable not only to the KONET Mainnet but also to Ethereum, independent blockchains, and both public and private blockchain environments. Multi-Chain Expansion Architecture Based on KONET The patent leverages KONET's EVM compatibility and cross-chain scalability. This enables high applicability across real-world sectors such as global financial institutions, payment networks, and online merchants. By enhancing its previously registered payment intermediation patent, KONET now offers a blueprint for expanding its infrastructure into global payment and remittance services. Real-Time Collateral Verification and Value Stabilization Mechanism The system issues stablecoins only when qualified individuals, enterprises, or institutions deposit fiat or crypto assets as collateral. The collateral ratio is automatically calculated and verified in real time, and the entire lifecycle from issuance to burning is transparently managed on-chain. When market prices deviate significantly from their pegged value, the system automatically adjusts liquidity to stabilize the stablecoin. A separate governance token structure enables additional token issuance or profit-based token burns in the event of collateral shortfalls. Compliance-Ready Design with Global Financial Network Integration The patent includes integrated features for AML/KYC verification, abnormal transaction detection, and automated restrictions, ensuring compliance with regulations in various jurisdictions. Notably, the infrastructure also incorporates SWIFT integration and cross-chain bridging capabilities, enabling direct connectivity between Ethereum and traditional financial networks. Strategic Significance of the KONET Mainnet KONET is a public EVM-compatible mainnet supporting a wide range of Web3 infrastructure use cases, including content investment, digital payments, and on-chain finance. - Over 8.4 million cumulative transactions - More than 1.29 million unique wallet addresses - Integrated with major global exchanges such as Bybit, and GOPAX - KONET LAB enables user-friendly Web3 token creation tools KONET serves not just as infrastructure but as the core main foundation for real-world Web3 applications. Strategic Technology Positioning in Light of Regulatory Developments On July 17, 2025, the U.S. Congress passed the Genius Act, the world's first legislation to officially integrate stablecoins into the traditional financial system. In response, KONET's newly filed patent has gained attention as a proactive solution that demonstrates both regulatory compliance and technical maturity. The KONET Mainnet-based collateralized stablecoin system is expected to serve as a strategic core asset for the future expansion of digital currencies backed by major global fiat currencies, as well as cross-border payment infrastructures. Visit KONET LAB: KONET Official Website: Buy KONET: Contact InformationWyatt Lee CMO +82 10 4694 6129 SOURCE: KONET press release
Business Insider
4 days ago
- Business
- Business Insider
Bybit Megadrop Phase 7 Project COA Breaks Record with 50 Million USDT Products Sold Out Within 4 Hours
Dubai, United Arab Emirates, July 19th, 2025, Chainwire Bybit, the world's second-largest cryptocurrency exchange by trading volume, announced that its Megadrop Phase 7 project featuring COA tokens has achieved record-breaking participation, with users staking over $100 million USDT within the first 14 hours of launch. After COA (Alliance Games) went live on Bybit Megadrop at 12PM UTC on July 18, the associated 30-day USDT Earn products was completely unlocked within four hours, while the 14-day pool sold out in the next 10 hours. The total staked amount was valued at 105 million USDT. COA is the native token of the decentralized network Alliance Games, which integrates AI-driven game creation, blockchain-integrated multiplayer networks, and a distributed work node system. The COA token powers the entire ecosystem: holders who are developers can use it to access infrastructure, node operators can earn rewards, and users can stake, govern, and unlock advanced features. Bybit Megadrop provides a structured and educational approach with dual rewards. Participants not only receive their regular APR returns from savings plans but also gain shares of new token airdrops proportionate to their subscription amount and based on completion of optional educational tasks. Key Features Airdrops Made Easy: Simplified process that makes earning new tokens accessible to users of all experience levels Maximizing Rewards: Participants can dramatically increase their airdrop allocations through simple engagement tasks Risk-free participation: Users leverage existing assets through Fixed-Term Savings plans rather than purchasing new tokens Dual reward structure: Earn both regular APR and free token airdrops simultaneously Pre-market access: Obtain tokens before they're listed on Bybit Spot #Bybit / #TheCryptoArk About Bybit Bybit is the world's second-largest cryptocurrency exchange by trading volume, serving a global community of over 70 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open, and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Contact Tony Au Bybit
Business Insider
5 days ago
- Business
- Business Insider
Bybit partners with Manteca to scale its offering in Argentina and Brazil
Dubai, UAE, July 18th, 2025, Chainwire With the regional startup's technology, the crypto giant doubles down on Latin America and launches QR and PIX payments through Bybit Pay Bybit, the world's second-largest cryptocurrency exchange by trading volume, and Manteca, a leading financial infrastructure platform for Latin America, announced the launch of a new instant payments service in Argentina and Brazil. The solution will allow Bybit users to make payments via interoperable QR codes in Argentina, enabled by the Central Bank of Argentina's Transferencias 3.0 system, and through PIX in Brazil, using technology provided by Manteca. Thanks to this integration, Bybit Pay users will be able to pay at any store that accepts QR in Argentina or PIX in Brazil, seamlessly using their crypto balance. The conversion to local currency is automatic and happens in real time, enabling fast payments without intermediaries or manual withdrawals. Additionally, Argentina becomes the second market in the world, following the success in Brazil, to offer Bybit's full product suite, including both its card and integrated local payments. Patricio Mesri, Country Manager for Spanish-speaking Latin America at Bybit, said: 'This launch is a direct response to our users' need to use crypto practically in their daily lives. Thanks to this integration with Manteca's infrastructure, we can now offer a much more complete experience: not just investing or saving in crypto, but also paying in real life quickly, simply and securely. It's a key step in building crypto services that are useful, accessible, and tailored to the local market.' Federico Goldberg, CEO of Manteca, added: 'The fact that a company like Bybit chose us for this integration is clear proof that we can build world-class technology in the region. At Manteca, we're building the infrastructure that simplifies crypto payments, and what we're doing with Bybit shows how we can bring that technology to real-world scale, directly impacting thousands of users.' The new service is now available to all Bybit users in Argentina and Brazil and marks a new step toward real integration between the crypto ecosystem and traditional payment systems in the region. #Bybit / #TheCryptoArk / #LATAM About Bybit Bybit is the world's second-largest cryptocurrency exchange by trading volume, serving a global community of over 70 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open, and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Contact Bybit
Globe and Mail
5 days ago
- Business
- Globe and Mail
iTrustCapital's Premium Custody Account: A More Secure Way to Buy, Sell and Hold Cryptocurrency
DETROIT, MICHIGAN - July 18, 2025 (NEWMEDIAWIRE) - iTrustCapital makes buying and holding cryptocurrency more secure with its closed-loop approach. Buying and selling cryptocurrency doesn't have to be a risky endeavor. By now, most people have heard tales of cryptocurrency exchanges that have been hacked, leaving their customers penniless, or crypto investors who lost their private key and could never access their crypto wallet or their digital tokens again. And let's not forget the phishing and malware scams that have wiped out account after account or brought down high-profile exchanges. Even centralized exchanges pose risks to their customers. One only has to look at Bybit for a reminder. The cryptocurrency platform experienced a security breach in February, which resulted in the theft of about $1.5 billion worth of Ethereum, the largest cryptocurrency theft ever recorded. Crypto exchanges have long been vulnerable to data breaches and hacks for several reasons. For starters, they are anonymous networks, without a middle person regulating transactions. Plus, many platforms to buy and sell crypto don't have adequate security practices in place. Add the fact that there are high-value assets stored on these platforms, and you can see why hackers are busy trying to exploit them and their clients. But it doesn't have to be that way. There are safer and more secure ways to buy, sell and hold cryptocurrencies, from Bitcoin and XRP to Solana and Ethereum. iTrustCapital's Premium Custody Account (PCA) is one of them. Launched in March 2025, these 'closed-loop' crypto accounts are designed to address the security concerns that have plagued the cryptocurrency sector for years. A Closed-Loop Approach iTrustCapital has created what it says is a secure way to buy, sell and hold crypto through a closed-loop system. Clients can fund their PCA account with U.S. dollars and with in-kind deposits of crypto assets. However, here's where the magic happens. It is impossible for crypto to be transferred out of a Premium Custody Account. Clients can only withdraw funds in U.S. dollars, and the funds can only be transferred to their U.S. bank account. By design, there is no connection to an external wallet, so a client's account cannot be drained by nefarious bad actors who may gain access. Digital assets are stored one-to-one and off of iTrustCapital's balance sheet with top-tier U.S.-based custodians, including Coinbase Institutional Custody and Fireblocks, reducing the likelihood of the holdings being wiped out. Assets are never leveraged, loaned out or commingled with business operations. This ensures that clients retain full ownership of their assets at all times. iTrustCapital believes that by making a closed-loop system, it is providing a secure and effective solution. "As the crypto space evolves, so do the risks," said Kevin Maloney, CEO at iTrustCapital when announcing the Premium Custody Accounts. "Whether it's the potential risks of exchanges or concerns about the safety of self-custody, we wanted to create a solution that helps reduce risk and alleviates these valid concerns for our clients." Interested in buying and selling crypto without all the risk, click here. Crypto withdrawals aren't allowed, which iTrustCapital says reduces the risk of an account getting hacked and digital assets being sent to an external crypto wallet. Through Premium Custody Accounts, investors have 24/7 access to more than 75 crypto assets. PCA accounts are taxable and are separate from the company's IRAs. You only need $1,000 to open an account and there are no monthly or annual fees. iTrustCapital charges a 1% transaction fee when you buy and sell cryptocurrency. Real People When You Need Help Equally important is the award-winning support iTrustCapital offers. Instead of relying on chatbots, social media, Discord or automated responses, iTrustCapital clients receive U.S.-based live support for account setup, funding and general inquiries. iTrustCapital says it connects clients directly with knowledgeable support specialists to assist with their needs. Beyond live support, the company has a plethora of information and tutorials on its website for every stage of your journey, whether you are just starting out or a long-term customer. With iTrustCapital, you are never alone. That's particularly important when it comes to investing in the world of cryptocurrency. From Bitcoin and XRP to Solana and Ethereum, cryptocurrency is going mainstream with all sorts of investors interested in adding exposure to their portfolio. But security is a big issue with countless exchanges and individuals falling victim to data breaches, scams, hacks and phishing attacks. iTrustCapital wants to change that and is betting its closed-loop approach is the answer. To learn more about iTrustCapital and its Premium Custody Account, click here. Featured image from Shutterstock. This post contains sponsored content. This content is for informational purposes only and is not intended to be investing advice.
