Much of the trade in crypto is outside the US, thus the rush for Trump and the Fed in attempting to regulate crypto, a rush that may be failing. Many members of Congress hold large amounts of Cryto so the usual balances in the house controlling money do not apply. There is some panic in the white House so I would imagine there will be attempts to regulate Crypto next week. My belief is these attempts are doomed.
From the FT.
Zhou confirmed on Friday that some 400,000 coins were taken, which he said were worth about $1.5bn.
Ethereum is the third most-traded crypto coin, behind Bitcoin and Tether, a so-called stablecoin whose value is linked to the US dollar.
Cold wallets are considered to be safer than online “hot” wallets, and Bybit’s required multiple signers before coins could be transferred, according to the company. Zhou said he did not know how the wallet was hacked but that it was being investigated.
Research group Arkham Intelligence said in a post on X that it had tracked $1.36bn of ethereum leaving Bybit for multiple other accounts where it was rapidly being sold.
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