The Shib News Recap: Monday

Today’s top stories from The Shib Daily highlight notable progress on NFT regulatory clarity, developments surrounding a recent hack, large movements of Ether (ETH) and Solana (SOL), and alarming trust breaches in the stablecoin market.

SEC Investigation of OpenSea Nears Conclusion

Devin Finzer, founder of OpenSea, revealed that the SEC will soon wrap up its investigation into the platform. He called this a major win for creators and collectors. This announcement followed the SEC’s dismissal of a lawsuit against Coinbase for being an unregistered securities broker. Industry leaders, including Alon and Ji Kim, praised the decision, suggesting it could lead to a more favorable environment for digital assets.

Bybit CEO Proposes Bounty Program Following Major Cyberattack

After a cyberattack believed to be orchestrated by the Lazarus Group took over $1.4 billion, Bybit CEO Ben Zhou is determined to find recovery solutions. Zhou outlined plans for a bounty program, law enforcement cooperation, and working with the Ethereum Foundation. On-chain security expert ZachXBT noted that Bybit lost millions in liquid-staked Ether and other tokens during the breach. Zhou even proposed the idea of rolling back the Ethereum blockchain to undo the hack’s effects.

Speculation Surrounds Binance’s Massive ETH and SOL Transfers

Binance is moving large amounts of ETH and SOL to market maker Wintermute and Symbolic Capital Partners’ CEX Bridge. Transactions involve hundreds to over two thousand ETH and thousands of SOL. The lack of an official statement from Binance has led to speculation in the crypto community. Possible reasons for these transfers range from routine portfolio adjustments to concerns about market manipulation or a change in Binance’s investment strategy.

Infini Faces $49.5 Million Theft by Ex-Developer, Promises Investor Reimbursement

A former developer at Hong Kong-based stablecoin neobank Infini is suspected of stealing $49.5 million in USDC. The stolen funds were converted to DAI and Ethereum before being sent to an external wallet. Infini has acknowledged the breach and is working diligently to secure their systems. Infini’s founder noted that many major investors were affected, but they have promised full reimbursement to all impacted users.

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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