Zinger Key Points
- Cryptocurrency exchange Bybit suffers a major breach, resulting in the theft of $1.4 billion Ethereum.
- The SEC creates the Cyber and Emerging Technologies Unit (CETU) to focus on combatting cyber-related misconduct and to protect investors.
- Get real-time earnings alerts before the market moves and access expert analysis that uncovers hidden opportunities in the post-earnings chaos.
$1.4 Billion Ethereum Stolen In Largest Crypto Hack In History
Cryptocurrency exchange Bybit suffered a major breach on Friday which resulted in the theft of $1.4 billion Ethereum ETH/USD. The incident is considered the largest cryptocurrency hack in history, surpassing the 2021 Poly Network hack of $611 million.
The attack, which targeted Bybit’s Ethereum cold wallet, resulted in the loss of 401,347 ETH ($1.12 billion), 90,376 stETH ($253 million), 15,000 cmETH ($44 million), and 8,000 mETH ($23 million), according to Onchain Lens.
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Following the discovery of the theft, Bybit launched a recovery bounty program with a reward of up to 10% of the recovered funds to ethical cyber and network security experts who retrieve any of the stolen assets.
The potential bounty of up to $140 million is one of the largest crypto recovery efforts in history.
“Within 24 hours of the event, we were overwhelmed with support from some of the best people and organizations in the industry, and we do not take it for granted. We have shared in a dark moment of crypto history, and we’ve proven we are better than the malicious actors,” said Ben Zhou, co-founder and CEO of Bybit.
SEC Creates Cyber And Emerging Technologies Unit
The Securities and Exchange Commission on Thursday announced the creation of the Cyber and Emerging Technologies Unit (CETU) to focus on combatting cyber-related misconduct and to protect retail investors in the emerging technologies space.
The CETU, led by Laura D'Allaird, replaces the Crypto Assets and Cyber Unit and employs approximately 30 fraud specialists and attorneys.
"Under Laura's leadership, this new unit will complement the work of the Crypto Task Force led by Commissioner Hester Peirce. Importantly, the new unit will also allow the SEC to deploy enforcement resources judiciously," said Acting Chairman Mark T. Uyeda.
"The unit will not only protect investors but will also facilitate capital formation and market efficiency by clearing the way for innovation to grow. It will root out those seeking to misuse innovation to harm investors and diminish confidence in new technologies," Uyeda said.
The CETU listed the following as high-priority areas of focus:
- Fraud committed with the use of artificial intelligence and machine learning
- Fraud on social media, the dark web, or false websites
- Takeovers of retail brokerage accounts
- Fraud involving blockchain technology and crypto assets
- Hacking to obtain material nonpublic information
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