In a shocking development, the hacker behind the recent Bybit breach has successfully laundered 18m stolen in the 1.4 billion in just 60 hours. This rapid money laundering operation has sent shockwaves through the crypto community, raising serious concerns about digital asset security and the effectiveness of blockchain forensics.

The Bybit Hack: A Quick Recap

Bybit, a leading crypto derivatives exchange, recently fell victim to a sophisticated cyberattack. Hackers stole a staggering $1.4 billion in various cryptocurrencies, marking one of the largest heists in crypto history. For a detailed breakdown of the initial breach, visit Daily Crypto Press.

$18M Laundered in Record Time

Recent reports reveal that the hacker has already begun laundering the stolen funds. Blockchain analytics firms tracked $18 million of the loot being moved through multiple wallets and mixing services within 60 hours. This speedy laundering process highlights the challenges authorities face in tracing and recovering stolen crypto assets.

How the Funds Were Laundered

The hacker used a combination of decentralized exchanges (DEXs), privacy coins, and mixing services to obscure the trail. By converting the stolen assets into privacy-focused cryptocurrencies like Monero (XMR) and using mixers such as Tornado Cash, the thief made it nearly impossible to trace the transactions.

Implications for the Crypto Industry

This incident highlights the urgent need for stronger security measures across crypto exchanges. While platforms like Bybit have implemented robust protocols, hackers continue to exploit vulnerabilities. Additionally, the rapid laundering of funds raises questions about the effectiveness of current regulations in combating crypto-related crimes.

What’s Next for Bybit?

Bybit has assured users that it is working closely with law enforcement and blockchain forensics firms to recover the stolen funds. The exchange has also pledged to reimburse affected users, a move that could set a precedent for how crypto platforms handle future breaches.

Stay Informed with Daily Crypto Press

For the latest updates on this story and other breaking news in the crypto world, visit Daily Crypto Press. Our team is committed to delivering timely and accurate coverage of all things crypto.

The use of cryptocurrency for payments has absolutely skyrocketed! Just look at the expanding user base and transaction volume of Binance Pay in 2024.

According to data provided by Binance and analyzed by CryptoQuant, the number of Binance Pay users has tripled from the previous year, reaching a whopping 41.7 million! This rapid adoption is a clear sign of the increasing role of crypto in everyday transactions.

Stablecoins Lead the Charge

The report found that the total transaction volume processed through Binance Pay in 2024 stood at $72.4 billion, a notable rise from $2.5 billion in 2021.

Stablecoins, particularly Tether (USDT), dominated Binance Pay transactions, accounting for 80% of the total payment volume, which equated to $57 billion. Top crypto assets such as Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB) followed suit, contributing $6.6 billion, $2.4 billion, and $2.2 billion, respectively, and representing 9%, 3%, and 3% of the total transaction value, respectively.

Another popular stablecoin, USD Coin (USDC), exhibited notable year-over-year growth, with a 1,338% increase in transaction count and a 48% rise in transaction volume.

Broader market trends indicate a rise in high-frequency token transactions on Binance Pay, with Solana (SOL) leading the surge. CryptoQuant found that SOL payments reached $724 million in 2024 and represented a 656% year-over-year increase. During the same period, Bitcoin transactions rose by 73% to $6.6 billion, while Ethereum payments grew by 69% to $2.4 billion. USDC and BNB also recorded notable growth, increasing by 48% and 29%, respectively.

Binance Pay

Binance Pay’s expansion aligns with the overall growth of the crypto market and Binance’s increasing role in facilitating transactions. This trend is further validated by a significant rise in Binance’s cryptocurrency reserves. The USD value of its Bitcoin, Ethereum, USDT, and USDC reserves exceeded $100 billion in 2024, marking a 137% increase from the start of the year when reserves stood at $43 billion.

The surge in Binance Pay usage is a testament to the growing global trend of cryptocurrency adoption.

The Pi Network has been a hot topic in the crypto world, sparking debates about its legitimacy. With over 35 million users, this mobile-mined cryptocurrency has raised eyebrows and questions alike. Is Pi Network a scam, or is it a revolutionary project? Let’s dive in and uncover the facts.

What is Pi Network?

Pi Network is a cryptocurrency project that allows users to mine coins directly from their smartphones. Unlike Bitcoin or Ethereum, which require expensive hardware, Pi Network uses a consensus algorithm called the Stellar Consensus Protocol (SCP). This makes mining accessible to anyone with a smartphone, eliminating the need for energy-intensive processes.

How Does Pi Network Work?

Pi Network operates on a unique model where users earn Pi coins by simply opening the app daily. The project is currently in its Testnet phase, meaning the coins mined are not yet tradable on exchanges. The team behind Pi Network claims that the cryptocurrency will transition to the Mainnet phase soon, enabling real-world transactions.

Is Pi Network a Scam?

The question on everyone’s mind is whether Pi Network is a scam. Here are some key points to consider:

1. No Financial Investment Required: Unlike many crypto scams, Pi Network doesn’t ask for money upfront. Users only need to download the app and start mining.
2. Transparent Team: The project is led by Stanford graduates, and their identities are publicly available. This adds a layer of credibility.
3. No Real-World Value Yet: Since Pi coins are not tradable, their value remains speculative. This has led to skepticism among crypto enthusiasts.
4. Community Trust: With millions of active users, Pi Network has built a strong community. However, the lack of tangible results has caused some to question its long-term viability.

Pi Network vs. Traditional Cryptocurrencies

Unlike Bitcoin or Ethereum, Pi Network focuses on accessibility. While traditional cryptocurrencies require significant computational power, Pi Network’s mobile-friendly approach democratizes mining. However, this also raises concerns about security and scalability.

What’s Next for Pi Network?

The success of Pi Network hinges on its transition to the Mainnet phase. If the team delivers on its promises, Pi could become a game-changer in the crypto space. Until then, users should remain cautious and avoid investing time or resources without clear returns.

Why Pi Network Matters for Crypto Enthusiasts

Pi Network represents a shift in how cryptocurrencies are mined and distributed. Its user-friendly approach could pave the way for mainstream adoption. However, until the project achieves real-world utility, it remains a speculative venture.

Also check our new partner DailyCryptoPress

Final Thoughts

While Pi Network shows promise, it’s essential to approach it with caution. The lack of tradable coins and reliance on future developments make it a high-risk, high-reward project. For more insights on cryptocurrencies like Pi Network, visit Myweb3News, your go-to source for the latest in crypto news and trends.