Somnia is advancing towards its mainnet launch by expanding its testnet ecosystem with leading infrastructure partners, enabling developers to deploy applications on the high-performance Shannon Testnet. This Layer-1 blockchain boasts over 1 million transactions per second, sub-second finality, and minimal transaction costs, making it ideal for large-scale, real-time applications across various sectors. Key partnerships enhance developer experience by providing essential tools and services, ensuring a robust foundation for the growing Somnia ecosystem.
about Somnia Expands Testnet Infrastructure Ahead of Mainnet LaunchEco Safe Systems USA, Inc.
0 in Finance and 0 in Crypto last weekSuspicious Cryptocurrency Outflows Linked to Mask Network Founder Detected
Suspicious outflows were detected from a wallet linked to Mask Network founder Suji Yan, with approximately $4 million in cryptocurrencies flagged, including 113 ETH and 48,400 MASK. The funds were subsequently swapped to ETH and funneled through multiple addresses, highlighting the growing sophistication of cyber threats in the Web3 space. This incident follows a series of high-profile hacks, including the $1.4 billion Bybit breach, attributed to the Lazarus Group, which exploited compromised developer credentials to divert funds.
about Suspicious Cryptocurrency Outflows Linked to Mask Network Founder DetectedBybit Hack Revealed as Major Security Breach Linked to Safe Wallet Vulnerability
A recent investigation revealed that the $1.48 billion hack of Bybit was executed by North Korea’s Lazarus Group, exploiting a vulnerability in the Safe wallet. The attackers compromised the wallet through a malicious code replacement on a benign Javascript file, targeting Bybit’s Ethereum Multisig Cold Wallet. Following the incident, Bybit confirmed a 1:1 backing of client assets, supported by a proof-of-reserves audit indicating sufficient reserves to cover liabilities.
about Bybit Hack Revealed as Major Security Breach Linked to Safe Wallet VulnerabilityBybit Hack Linked to Safe Developer Machine Vulnerability and Security Concerns
A recent $1.4 billion hack of Bybit was linked to a vulnerability in a Safe developer machine, allowing attackers to manipulate transactions through a compromised AWS S3 bucket. Experts warn that users of Safe’s multi-signature services are at risk, highlighting the need for improved security measures and verification processes in the industry. Safe has since rebuilt its infrastructure and is leading an initiative to enhance transaction verifiability.
about Bybit Hack Linked to Safe Developer Machine Vulnerability and Security ConcernsNorth Korean Hackers Steal 1.4 Billion from Bybit via Safe Wallet Exploit
North Korean hackers executed a historic $1.4 billion heist from Bybit by injecting malicious JavaScript into the infrastructure of Safe, a crypto wallet provider. The code was designed to activate upon interaction with Bybit’s contract address, leading to the massive theft. Following the attack, Safe acknowledged a compromised developer machine but claimed no vulnerabilities in its smart contracts, while Bybit emphasized its own infrastructure remained secure.
about North Korean Hackers Steal 1.4 Billion from Bybit via Safe Wallet ExploitCrypto Market Turmoil Following Major Hacks and Regulatory Developments
Crypto markets are reeling from a macro sell-off and a significant hack attributed to North Korea’s Lazarus group, which compromised $1.4 billion from Bybit. The exchange has restored its ETH reserves through loans and buybacks, while offering a 10% reward for returned funds. Amidst this turmoil, SOLBTC has plummeted to its lowest since December 2023, and various entities are adjusting their strategies regarding Bitcoin investments.
about Crypto Market Turmoil Following Major Hacks and Regulatory DevelopmentsFuture of DeFi and Stablecoins in 2025 and Beyond
In Q2 2024, Visa processed $3.9 trillion in transactions, while stablecoins surged to $8.5 trillion, highlighting their growing preference for cross-border payments. By 2025, advancements in smart accounts and AI-driven trading are expected to revolutionize DeFi, with significant integration of stablecoins by major financial institutions. Additionally, at least 20% of Ethereum users are projected to adopt EIP-7702-enabled smart accounts, enhancing security and accessibility across multiple blockchains.
about Future of DeFi and Stablecoins in 2025 and BeyondEthereum Foundation Allocates 50000 ETH to Boost DeFi Ecosystem Support
The Ethereum Foundation is allocating 50,000 ETH, valued at approximately $165 million, to bolster its decentralized finance ecosystem. This decision follows organizational changes aimed at enhancing support for app developers and increasing transparency within the community. The funds will be secured in a multisig wallet, with the foundation’s total holdings having decreased significantly from 617,000 ETH in January 2020 to 269,000 ETH today.
about Ethereum Foundation Allocates 50000 ETH to Boost DeFi Ecosystem SupportEthereum Foundation transfers 50000 ETH to new multisig wallet for DeFi plans
The Ethereum Foundation has transferred 50,000 ETH to a new 3-of-5 multisig wallet to engage in the decentralized finance (DeFi) ecosystem, utilizing the Aave protocol for the test transfer. This move follows Vitalik Buterin’s comments on exploring staking options to avoid further ETH sales amid criticism of the foundation’s offloading of its holdings. In a related development, the World Liberty Financial (WLFI) project, linked to Donald Trump, invested $100 billion in various cryptocurrencies, including $47 million in Ethereum, coinciding with the momentum of WLFI token sales ahead of Trump’s inauguration.
about Ethereum Foundation transfers 50000 ETH to new multisig wallet for DeFi plansSurge in New Wallets for Four Altcoins Signals Potential Growth
Prominent analytics firm Santiment reports a significant surge in new wallet creations for several low-cap altcoins over the past week. Leading the rise is IQ.wiki (IQ) with a staggering 2,500% increase, followed by CARV (1,800%), Frax (1,283.33%), and Safe (931.58%). These trends suggest potential price rallies as network growth often precedes market value increases.
about Surge in New Wallets for Four Altcoins Signals Potential Growth