Cryptocurrency markets are currently experiencing significant disruption due to a macro sell-off and a major hack attributed to North Korea’s Lazarus group. This incident resulted in a staggering loss of $1.4 billion from Bybit, prompting the exchange to take various measures to recover and secure its assets.

Following the breach, which was linked to a vulnerability in the Safe website, Bybit has initiated efforts to replenish its ETH reserves through loans and buybacks. Additionally, the exchange is offering a 10% reward for any recovered funds. A large portion of the stolen assets has already been blocked, and Safe is actively enhancing its security measures.

In related developments, the SOLBTC pair has fallen to its lowest level since December 2023, coinciding with Franklin Templeton’s application for a SOL ETF. Other notable events include:

• binance/?utm_source=CVJ.Ai&utm_medium=glossary&utm_id=CVJ.AI" target="_blank">Binance reportedly sold large blocks of SOL through Wintermute.
• Berachain and Sonic are leading in weekly inflows, with BERA surpassing ARB and Base in total value locked (TVL).
• Ethena has secured $100 million to expand into traditional finance.
• Arkham has initiated spot trading in several states.

On the legislative front, Montana has voted against a Bitcoin reserve, while El Salvador plans to pause its Bitcoin purchases but still aims to acquire an additional $2 billion in Bitcoin. Meanwhile, Hong Kong Asia Holdings is looking to increase its Bitcoin holdings.

📎 Related coverage from: decrypt.co