The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
It's Friday! Just when things were starting to look a little brighter, with the crypto crackdown era continuing to fade, the industry faces its biggest hack yet! Never a dull moment in this space.
In today's newsletter, crypto exchange Bybit gets hacked for over $1.4 billion, the SEC agrees in principle to dismiss its case against Coinbase, Copper says scrutiny of U.S. gold reserves by President Trump could drive bitcoin inflows and more.
Let's get started.
Bybit CEO Ben Zhou confirmed the crypto exchange was hacked on Friday, with over $1.4 billion worth of funds stolen from its ETH cold wallet, though withdrawals are processing as "normal" for users.
Securities and Exchange Commission staff have agreed in principle to dismiss the case against Coinbase, pending Commissioner approval, potentially ending its 2023 lawsuit over alleged securities violations.
President Trump's proposed audit of Fort Knox's reserves could lead to greater scrutiny of its gold holdings, driving investors toward bitcoin, Copper Head of Research Fadi Aboualfa told The Block.
In his first interview from the Metropolitan Detention Center in Brooklyn, New York, where he is serving a 25-year sentence for perpetrating one of the largest crypto frauds to date, Sam Bankman-Fried criticized the Biden administration while seeking a pardon from President Trump.
Ross Ulbricht, the Silk Road creator recently pardoned by President Trump, joined calls to "free" early Bitcoin evangelist Roger Ver, who faces serious tax fraud charges related to his crypto holdings.
Never miss a beat with The Block's daily digest of the most influential events happening across the digital asset ecosystem.
Disclaimer: This article was produced with the assistance of OpenAI’s ChatGPT 3.5/4 and reviewed and edited by our editorial team.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
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