Bybit CEO Says 77% of Stolen Funds From Record $1.4bn Hack Still Traceable

EVENING NEWS BULLETIN MARCH 4

By Kapil Rajyaguru

Bybit CEO Says 77% of Stolen Funds From Record $1.4bn Hack Still Traceable

Over 77% of the funds stolen in a record hack on crypto exchange Bybit remain traceable, while 20% have “gone dark” and are untraceable, CEO Ben Zhou said in an update on X early Tuesday.

Some 417,348 ether (ETH), valued at approximately $1 billion, remain traceable on the blockchain after being moved using privacy-focused THORChain. Another 20% of the funds, roughly 79,655 ETH or $200 million, have “gone dark” through ExCH.

A smaller portion, 40,233 ETH or $100 million, had passed through OKX’s web3 proxy, but 23,553 ETH, worth $65 million, remain untraceable.

Zhou said the hackers converted 83% of the stolen ETH — 361,255 ETH; or $900 million — into BTC, distributing it across 6,954 wallets, with an average of 1.71 BTC per wallet using THORChain.

NYSE Arca Proposes Rule Change To List Bitwise Dogecoin ETF

NYSE Arca has filed a proposed rule change to list and trade shares of the Bitwise Asset Management Dogecoin exchange-traded fund. On March 3, the New York Stock Exchange subsidiary filed the 19b-4, which, if approved, would enable the exchange to list the Bitwise Dogecoin ETF, a fund offering direct exposure to the memecoin.

Coinbase will act as the Dogecoin custodian while the Bank of New York Mellon will handle the cash custody, administration, and transfer agency functions, it stated. The ETF uses cash creations and redemptions, meaning investors cannot contribute or receive Dogecoin directly.

Bitwise filed an S-1 registration form for the product with the Securities and Exchange Commission in late January. If approved, this would be one of the first US-listed memecoin ETFs, providing regulated access to Dogecoin for institutional and retail investors.

Yuga Labs Says SEC Has Dropped Its Investigation Into The NFT Firm

Non-fungible token (NFT) conglomerate Yuga Labs says the US Securities and Exchange Commission has closed its investigation into the company.

The floor price of Yuga Labs’ flagship Bored Ape collection saw a slight bump after the company’s post to 13.75 Ether around $29,650, but is down over 0.5% in the past day, according to OpenSea data.

Flowdesk Raises $102mn to Expand Trading and Liquidity Desks

Flowdesk has secured $102 million in fresh funding to expand its digital asset trading and liquidity business, backed by HV Capital and a debt facility from BlackRock-managed funds.

In a release, Flowdesk said it will use the proceeds of the round to scale its over-the-counter (OTC) derivatives business and launch a dedicated crypto credit desk while also doubling headcount at the trading firm.

Tokenization is also a major focus for Flowdesk as institutional interest in on-chain assets grows. The company has worked with token issuers to facilitate liquidity for tokenized assets and plans to expand its services to include stablecoins, tokenized securities, and money market funds.

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