The Shib Crypto Recap: Monday

It’s a brand-new week, which means it’s a brand-new day of crypto, Web3, and tech news awaiting you. As we dive into today’s headlines, we find ourselves immersed in updates surrounding FTX repayment plans, a palpable surge in institutional interest in Bitcoin, cybersecurity concerns looming over the crypto landscape, and regulatory developments in crypto mining and artificial intelligence (AI).

FTX and Bybit Reach $228 Million Settlement

FTX and Bybit have settled a lawsuit for $228 million, enabling FTX to recover essential funds for customer repayments following its 2022 collapse. FTX will regain $175 million in digital assets from Bybit and will additionally sell BIT tokens to Bybit’s Mirana Corp. for $53 million. The conflict began in 2022, with FTX claiming Bybit-associated accounts withdrew $327 million just before its collapse. An FTX spokesperson confirmed that the settlement allows them to recover nearly all their targeted amount. Overall, this agreement helps resolve the conflict and supports FTX in returning funds to users.

BlackRock’s Bitcoin Strategy Soars: Over 403,725 BTC Owned Worth $26.98 Billion

BlackRock has ramped up its Bitcoin investment, now holding over 403,725 BTC worth approximately $26.98 billion. This increase follows a purchase of 34,085 BTC for $2.3 billion in just two weeks, as reported by Lookonchain. The Financial Times states that BlackRock is poised to become the largest Bitcoin fund operator globally. After launching its spot Bitcoin ETF four months ago, it has gathered $16.7 billion in assets, closely trailing Grayscale, which has $28 billion. Additionally, BlackRock has introduced a rapidly growing tokenized Treasury fund that crypto hedge funds and market makers are using as collateral. The company’s approach to digital assets has been strategic, concentrating on Bitcoin and Ethereum ETPs and tokenization.

Hacker Returns $6.1 Million After Stealing $20.7 Million from U.S. Government Digital Wallet

A hacker took $20.7 million from a U.S. government digital wallet but has since returned $6.1 million. According to Onchain Lens, the wallet was hacked recently. The hacker quickly moved the funds through various decentralized exchanges. Stolen assets included $13.7 million in aUSDC, $5.44 million in USDC, and $1.12 million in USDT, plus 178 ETH worth about $447,000. They converted $7.06 million into 2,764 ETH shortly after the theft, with some transferred to Binance. Currently, the hacker holds around $6.93 million in other assets. Unusually, they returned a portion of the loot to the government, sending back 13.19 million aUSDC and 2,408 ETH.

New AI Policy Framework in Hong Kong: FSTB Promotes Efficiency and Safety in Banking and Insurance

The Hong Kong Financial Services and Treasury Bureau (FSTB) has announced a new policy framework for responsible AI use in the financial sector. It emphasizes that AI should improve efficiency, security, and customer service. The FSTB suggests a “dual-track approach” to encourage innovation while managing challenges. The sector, which includes banking and insurance, is ready to adopt AI technologies. FSTB will collaborate with regulators and service providers to ensure safe AI implementation. They have identified six key areas for AI applications: research, investment strategy development, customer service, risk assessments, crime prevention, and workflow automation. The Hong Kong Securities and Futures Commission (SFC) will also provide additional regulatory guidance on AI.

Malaya has positions in SHIB, ETH, USDT, MATIC, etc. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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