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Bybit Hackers Laundered 70% of the Funds, Circle Faces Backlash

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The North Korean Bybit hackers are nearing the final stages of laundering the stolen 499,000 ETH, worth approximately $1.5 billion. At their current pace, they could complete this process within the next three days.

Meanwhile, this comes amid criticism of USDC stablecoin issuer Circle for allegedly delaying action on blacklisting wallets linked to the attack.

North Korean Hackers Ramp Up Bybit Laundering Efforts

On March 1, the North Korean hackers moved another 62,200 ETH, valued at around $138 million, reducing the remaining unlaundered balance to 156,500 ETH.

According to crypto investigator EmberCN, who has been monitoring the transactions, the rapid movement of funds suggests the laundering process could be completed in a matter of days.

“Since the hacker resumed money laundering yesterday at 3 PM, they have laundered 62,200 ETH (worth $138 million). Out of the 499,000 ETH stolen from Bybit, only 156,000 ETH (worth $346 million) remain unlaundered. In about three more days, all of it should be fully laundered,” EmberCN wrote on X.

Bybit Hacker Ethereum Holdings.
Bybit Hacker Ethereum Holdings. Source: X/EmberCN

This confirms a report from blockchain intelligence firm TRM Labs, which noted that the attackers had “an unprecedented level of operational efficiency.”

According to the firm, the group employs a complex laundering strategy, using intermediary wallets, decentralized exchanges, and cross-chain bridges to disguise the movement of funds. These tactics make it increasingly difficult for investigators to track and recover the stolen ETH.

Meanwhile, the authorities have also taken note. On February 27, the FBI identified a North Korean-affiliated hacking collective known as TraderTraitor as the perpetrator of the Bybit attack.

In response, Bybit has launched a $140 million bounty program to incentivize individuals who can help track and freeze the stolen assets. So far, 16 people have received a combined total of $4.2 million for their contributions.

Circle Faces Criticism for Delayed Blacklist

Considering the rapid pace of the laundering activity, on-chain sleuth ZachXBT has criticized Circle for its delayed response in blacklisting hacker-controlled wallets.

He pointed out that the company took more than 24 hours to act, giving the attackers ample time to move the assets beyond reach.

ZachXBT also highlighted past incidents where Circle allegedly failed to freeze illicit funds promptly, referencing major crypto breaches such as the Ledger and Nomad Bridge hacks.

He argued that Circle, as a key stablecoin issuer, should take a more aggressive stance in blocking stolen funds instead of relying solely on law enforcement directives.

Circle’s CEO, Jeremy Allaire, defended the company’s position, dismissing claims of negligence. He stated that Circle only responds to direct requests from authorities.

“We will share a post on how we immediately respond to law enforcement and not front run the law with our own or market intelligence. I don’t think the market or users benefit if a private company makes their own judgements to seize funds without a direct law enforcement request,” Allaire added.

However, ZachXBT responded that waiting for legal clearance creates unnecessary delays, allowing hackers to execute their laundering schemes before action is taken.

“An ongoing attack impacting the entire ecosystem only has minutes for a blacklist. You know this and then push back for a court order from law enforcement which takes multiple days in a best case scenario. Your team completely made up this internal policy and it’s not required by law,” ZachXBT stated.

Security expert Taylor Monahan echoed these concerns, describing Circle’s handling of such incidents as inefficient. She also noted that delays in blacklisting stolen funds increase the likelihood that the assets become untraceable.

“You have a blocklist function because you have to. Grow up and use it. Freeze criminal funds, establish checks and balances, create accessible paths of recourse if it turns out bad and fix it quickly. This is dead simple,” Monahan said.

Additionally, she pointed out that victims of wrongful freezes often face extended legal battles to reclaim their funds due to Circle’s rigid policies.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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BNB Price Faces More Downside—Can Bulls Step In?

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Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he’s trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush’s journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he’s poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush’s unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.



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VanEck Sets Stage for BNB ETF with Official Trust Filing

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Global investment management firm VanEck has officially registered a statutory trust in Delaware for Binance’s BNB (BNB) exchange-traded fund (ETF). 

This move marks the first attempt to launch a spot BNB ETF in the United States. It could potentially open new avenues for institutional and retail investors to gain exposure to the asset through a regulated investment vehicle.

VanEck Moves Forward with BNB ETF 

The trust was registered on March 31 under the name “VanEck BNB ETF” with filing number 10148820. It was recorded on Delaware’s official state website.

VanEck BNB ETF Filing
VanEck BNB ETF Filing. Source: State of Delaware Official Website

The proposed BNB ETF would track the price of BNB. It is the native cryptocurrency of the BNB Chain ecosystem, developed by the cryptocurrency exchange Binance.

As per the latest data, BNB ranks as the fifth-largest cryptocurrency by market capitalization at $87.1 billion. Despite its significant market position, both BNB’s price and the broader cryptocurrency market have faced some challenges recently.

Over the past month, the altcoin’s value has declined 2.2%. At the time of writing, BNB was trading at $598. This represented a 1.7% dip in the last 24 hours, according to data from BeInCrypto. 

BNB Price Performance
BNB Price Performance. Source: BeInCrypto

While the trust filing hasn’t yet led to a price uptick, the community remains optimistic about the prospects of BNB, especially with this new development.

“Send BNB to the moon now,” an analyst posted on X (formerly Twitter).

The filing comes just weeks after VanEck made a similar move for Avalanche (AVAX). On March 10, VanEck registered a trust for an AVAX-focused ETF. 

This was quickly followed by the filing of an S-1 registration statement with the US Securities and Exchange Commission (SEC). Given this precedent, a similar S-1 filing for a BNB ETF could follow soon.

“A big step toward bringing BNB to US institutional investors!” another analyst wrote.

Meanwhile, the industry has seen an influx of crypto fund applications at the SEC following the election of a pro-crypto administration. In fact, a recent survey revealed that 71% of ETF investors are bullish on crypto and plan to increase their allocations to cryptocurrency ETFs in the next 12 months. 

“Three-quarters of allocators expect to increase their investment in cryptocurrency-focused ETFs over the next 12 months, with demand highest in Asia (80%), and the US (76%), in contrast to Europe (59%),” the survey revealed.

This growing interest in crypto ETFs could drive further demand for assets like BNB, making the VanEck BNB ETF a potentially significant product in the market.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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XRP Recovery Stalls—Are Bears Still In Control?

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XRP price started a fresh decline from the $2.20 zone. The price is now consolidating and might face hurdles near the $2.120 level.

  • XRP price started a fresh decline after it failed to clear the $2.20 resistance zone.
  • The price is now trading below $2.150 and the 100-hourly Simple Moving Average.
  • There is a connecting bearish trend line forming with resistance at $2.120 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair might extend losses if it fails to clear the $2.20 resistance zone.

XRP Price Faces Rejection

XRP price failed to continue higher above the $2.20 resistance zone and reacted to the downside, like Bitcoin and Ethereum. The price declined below the $2.150 and $2.120 levels.

The bears were able to push the price below the 50% Fib retracement level of the recovery wave from the $2.023 swing low to the $2.199 high. There is also a connecting bearish trend line forming with resistance at $2.120 on the hourly chart of the XRP/USD pair.

The price is now trading below $2.150 and the 100-hourly Simple Moving Average. However, the bulls are now active near the $2.10 support level. They are protecting the 61.8% Fib retracement level of the recovery wave from the $2.023 swing low to the $2.199 high.

XRP Price

On the upside, the price might face resistance near the $2.120 level and the trend line zone. The first major resistance is near the $2.150 level. The next resistance is $2.20. A clear move above the $2.20 resistance might send the price toward the $2.240 resistance. Any more gains might send the price toward the $2.2650 resistance or even $2.2880 in the near term. The next major hurdle for the bulls might be $2.320.

Another Decline?

If XRP fails to clear the $2.150 resistance zone, it could start another decline. Initial support on the downside is near the $2.10 level. The next major support is near the $2.0650 level.

If there is a downside break and a close below the $2.0650 level, the price might continue to decline toward the $2.020 support. The next major support sits near the $2.00 zone.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

Major Support Levels – $2.10 and $2.050.

Major Resistance Levels – $2.120 and $2.20.



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