"Stablecoin Issuers Freeze $760K in Hacker's Funds; Whale Moves $180M in Bitcoin"
1min read Tether and Circle, two major stablecoin issuers, have collaborated to freeze at least five cryptocurrency addresses linked to the Bybit hacker, successfully intercepting $760,000 in funds. This joint effort demonstrates the industry's commitment to combating illicit activities and protecting users' assets.
The Bybit hack, which occurred earlier this year, resulted in the loss of approximately $33 million worth of cryptocurrencies. The hacker exploited a vulnerability in the platform's withdrawal system, allowing them to drain funds from multiple user accounts. In response, Bybit has since implemented enhanced security measures to prevent similar incidents in the future.
The frozen funds represent a significant portion of the hacker's ill-gotten gains, and their recovery will provide some relief to the affected users. Tether and Circle's swift action in this matter sends a clear message to potential hackers that the cryptocurrency community is united in its efforts to maintain the security and integrity of the ecosystem.
In other news, a large cryptocurrency holder, often referred to as a "whale," has withdrawn 2,100 Bitcoin from Binance in the past 24 hours, valued at approximately $180.17 million. This transaction represents a significant movement of funds, although the whale's intentions remain unclear. It is possible that the whale is simply rebalancing their portfolio or transferring funds between exchanges.
Meanwhile, another whale has dumped 53.17 billion PEPE tokens, which they had been hoarding since October last year. This sale resulted in a loss of $7.02 million for the whale. The PEPE token, a meme coin inspired by the popular frog meme, has experienced significant volatility since its launch, with its value fluctuating dramatically.
In a separate development, a whale has deposited an additional 4,245 ETH to a centralized exchange (CEX), bringing the total sold to 16,499 ETH. This transaction suggests that the whale may be diversifying their portfolio or cashing out their holdings. The ETH market has been volatile in recent months, with prices fluctuating in response to various factors, including regulatory developments and market sentiment.
As the cryptocurrency market continues to evolve, it is essential for industry participants to remain vigilant and adapt to the changing landscape. The Bybit hack and 