CRYPTO TALKS

Theft deals blow to an industry that has been reinvigorated by Donald Trump’s re-election Ethereum coins were stolen from Bybit’s offline or ‘cold’ wallet In a significant security breach, Dubai-based cryptocurrency exchange Bybit has reported the theft of approximately $1.5 billion worth of Ethereum. The incident occurred during a routine transfer from a cold wallet to a warm wallet, where attackers manipulated the transaction interface, gaining control over the cold wallet and transferring its contents to an unknown address. Hackers have stolen approximately $1.5 billion in crypto tokens from Bybit in what the exchange has called the largest theft in the industry’s history. Bybit’s CEO, Ben Zhou, revealed on X that Ethereum coins were drained from the exchange’s offline “cold” wallet. In a live-stream update, he stated, “As far as we know, this could be the largest hack in the history of our industry.” Bybit's CEO, Ben Zhou, has assured clients that the exchange remains solvent,...

Ethereum (ETH)   fans are celebrating the news that Ethereum scaling solution,   Optimism , is now set to launch on the network's mainnet next month, ahead of schedule. But what does this mean both for Ethereum and its users? "Mainnet in March. Scaling is coming to Ethereum,"  commented   SetProtocol  product marketing manager Anthony Sassano on the latest  announcement  by Optimism: the team has said that they'll be launching arbitrary contract deployment on mainnet in March instead of public testnet, with details to follow.  So what's the big deal? Layer 1 (L1) is the base protocol (the Ethereum blockchain), while Layer 2 (L2) is any protocol built on top of Ethereum. Optimism is an L2 scaling solution, which allows for the Ethereum mainnet to be 'unburdened' from the great number of transactions it has to process. It uses optimistic rollups to achieve lower fees and latency, as well as greater throughput compared to Ethereum L1 alone. The team ...