Ethereum smart account wallet platform SafeWallet has rearchitected its systems in the wake of the infamous $1.5 billion theft of ETH from Bybit. In February, the cryptocurrency ecosystem stood on the precipice of calamity. Hackers stole $1.5 billion of Ether from crypto exchange Bybit, the largest theft the industry had ever seen. Fears of a contagion-driven market collapse were alleviated by an industry-wide effort to plug the gap at Bybit, and within hours, the exchange regained control of the situation. The post-mortem revealed that Bybit’s routine transfer of Ether (ETH) between wallets had been captured by hackers. The attackers, believed to be North Korean Lazarus Group, compromised a SafeWallet developer machine, injecting malicious JavaScript into the user interface, which tricked Bybit’s multisignature process into approving a malicious smart contract. Read more
XRP price charts confirm a bear flag breakdown as a death cross looms, signaling potential continuation of its downtrend toward key support levels near $1.65. Key takeaways: XRP fell over 9% after Ripple’s Swell event, extending its November losing streak. A bear flag breakdown and looming death cross point to a possible drop toward $1.65. Read more
Zcash tops privacy coins with a $10.6 billion market cap, outperforming Monero amid renewed investor demand for onchain anonymity. While the rest of the crypto space has entered a slump, traders are banking on privacy tokens, with Zcash leading the charge. CoinMarketCap data shows that Zcash (ZEC) climbed to a high of $655 earlier Friday, reaching a market capitalization of about $10.6 billion. At the time of writing, the rally had cooled and retraced to $632, giving it a $10.3 billion valuation and positioning it as the 12th-largest crypto asset by market cap. ZEC is up by almost 23% in the last 24 hours and has increased in value by more than 63% in the last week, according to CoinMarketCap. Read more