DUBAI, UAE, Feb. 27, 2025 /PRNewswire/ - Bybit , the world's second-largest cryptocurrency exchange by trading volume, today issued an important update to the community on the ongoing forensic investigation into the recent security incident. Our preliminary findings reaffirm the integrity of Bybit's infrastructure while providing crucial insights into the nature of the attack. The forensic review of the targeted attack by the Lazarus Group concluded that the credentials of a Safe developer were compromised. This allowed the attacker to gain unauthorized access to the Safe(Wallet) infrastructure and totally deceive signers into approving a malicious transaction. Bybit had engaged third-party forensic experts, including Verichains and Sygnia Labs, to conduct an independent review. Both forensic experts have found no indications of any compromise within Bybit's infrastructure as confirmed in SAFE's own statement relating to the compromise of its own environment. Full report can be downloaded here: https://docsend.com/view/s/rmdi832mpt8u93s7 Bybit's Immediate Response and Future Measures Bybit had moved the majority of funds out of its Safe Wallet administered addresses on the day of the incident. Ensuring the safety and security of our users remains our top priority. We actively evaluate alternative wallet solutions for custody that meet the highest security standards. Bybit is and remains 100% secure. Our preliminary forensics experts have concluded that our infrastructure was not compromised. We will continue to enhance our security measures and collaborate with top security experts to uphold our commitment to user safety. Statement from Ben Zhou, Co-founder and CEO of Bybit: "Bybit remains steadfast in our commitment to security and transparency. The preliminary forensic review finds that our system was not compromised. While this incident underscores the evolving threats in the crypto space, we are taking proactive steps to reinforce security and ensure the highest level of protection for our users." #Bybit / #TheCryptoArk About Bybit Bybit is the world's second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com. For more details about Bybit, please visit Bybit Press For media inquiries, please contact: media@bybit.com For updates, please follow: Bybit's Communities and Social Media Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
Exciting news in the crypto space! Gift cards are getting a major upgrade, thanks to blockchain technology. Imagine a world where gift cards are not just pieces of plastic, but secure, fraud-resistant digital assets. Well, that future is fast approaching as crypto gift card startup Raise has just secured a massive $63 million in funding to make this vision a reality. Let’s dive into how Raise is set to revolutionize the gift card industry with its innovative blockchain gift cards . What’s the Buzz Around Blockchain Gift Cards? Before we delve into Raise’s groundbreaking initiative, let’s understand what blockchain gift cards are and why they are generating so much excitement. Traditional gift cards, while convenient, are plagued by issues like fraud, loss, and limited usability. Blockchain technology offers a powerful solution to these problems by bringing transparency, security, and efficiency to the gift card ecosystem. Here’s a breakdown of why blockchain is a game-changer for gift cards: Enhanced Security: Blockchain’s decentralized and immutable nature makes crypto gift cards significantly more secure than traditional ones. Each transaction is recorded on a distributed ledger, making it extremely difficult for fraudsters to tamper with or counterfeit the cards. Reduced Fraud: The transparency and traceability of blockchain transactions drastically reduce the risk of fraud associated with gift cards. Smart contracts can automate redemption processes, ensuring secure and verifiable transactions. Streamlined Payments: Blockchain can streamline the entire gift card payment process, making it faster and more efficient for both consumers and merchants. Transactions can be processed quickly and with lower fees compared to traditional systems. Global Accessibility: Crypto gift cards can potentially be used globally, transcending geographical limitations associated with traditional gift cards. This opens up new possibilities for international gifting and commerce. Raise Funding: A $63 Million Bet on “Smart Cards” Now, let’s talk about the big news: Raise’s successful $63 million strategic funding round. This significant investment, led by Haun Ventures and featuring prominent participants like Paper Ventures, Selini Capital, GSR, and Solana co-founder Raj Gokal, signals strong confidence in Raise’s vision for crypto gift cards . This funding isn’t just about expanding operations; it’s about fueling a revolution in how we think about and use gift cards. According to Fortune Crypto, Raise CEO George Bousis has ambitious plans. He intends to invest over $100 million into developing blockchain-powered “Smart Cards.” But what exactly are these “Smart Cards,” and how will they differ from existing gift card systems? Decoding “Smart Cards”: The Future of Gifting Raise’s “Smart Cards” are not your average gift cards. They are envisioned as blockchain-based digital assets designed to be more than just stores of value. Think of them as programmable and intelligent gift cards with enhanced capabilities. Here’s what we can expect from these innovative smart cards : Programmability: Being blockchain-based, Smart Cards can be programmed with specific conditions and rules. This could include features like time-based redemption, spending limits, or even conditional gifting based on certain events. Enhanced Security Features: Leveraging blockchain’s cryptographic security, Smart Cards will offer unparalleled protection against fraud and unauthorized access. This is a significant upgrade from the magnetic stripes and static codes of traditional gift cards. Seamless Integration: Raise aims to create a system where these smart cards seamlessly integrate with existing payment infrastructures and merchant systems. This user-friendly approach is crucial for widespread adoption. Dynamic Value and Utility: In the future, smart cards could potentially evolve beyond simple gift cards. They might incorporate loyalty points, rewards, or even access to exclusive services, adding dynamic value and utility for users. The Benefits of Blockchain-Based Gift Card System The move towards a blockchain-based gift card system , spearheaded by companies like Raise, brings a plethora of benefits to various stakeholders, including consumers, merchants, and the gift card industry as a whole. Benefit Description Impact Reduced Fraud Blockchain’s transparent and secure nature minimizes fraud and counterfeiting. Increased trust and reduced financial losses for merchants and consumers. Lower Transaction Fees Blockchain transactions can potentially have lower fees compared to traditional payment processing. Cost savings for merchants and potentially better value for gift card purchasers. Faster Transactions Blockchain enables quicker transaction processing and redemption. Improved user experience and faster access to gift card value. Increased Transparency All transactions are recorded on a public ledger, providing transparency and auditability. Greater accountability and reduced disputes. Global Reach Crypto gift cards can be used internationally without currency conversion hassles. Expanded market reach for merchants and greater convenience for global gifting. Navigating the Challenges of Crypto Gift Card Adoption While the potential of crypto gift cards and blockchain-based systems is immense, there are challenges to consider as well. Widespread adoption will require overcoming hurdles related to user education, regulatory clarity, and technological integration. Key challenges include: User Education: Many consumers are still unfamiliar with blockchain and cryptocurrencies. Educating users about the benefits and ease of use of crypto gift cards is crucial. Regulatory Landscape: The regulatory environment for cryptocurrencies and blockchain technology is still evolving globally. Clear and supportive regulations are needed to foster innovation and adoption in the gift card system . Technological Integration: Integrating blockchain-based systems with existing point-of-sale (POS) systems and merchant infrastructure requires effort and investment. Seamless integration is essential for a smooth user experience. Scalability and Speed: Blockchain networks need to be scalable to handle a large volume of gift card transactions efficiently. Transaction speed and network congestion are important factors to consider. Actionable Insights: Embracing the Future of Gifting For businesses and consumers alike, the rise of blockchain gift cards presents exciting opportunities. Here are some actionable insights: For Businesses: Explore Integration: Start exploring how your business can integrate with blockchain-based gift card system providers like Raise. Early adoption can give you a competitive edge. Educate Your Customers: Prepare to educate your customers about the benefits of crypto gift cards and how they enhance security and convenience. Consider Loyalty Programs: Think about leveraging the programmability of smart cards to create innovative loyalty and rewards programs. For Consumers: Stay Informed: Keep yourself updated on the developments in the crypto gift card space. Understand the benefits and potential risks. Look for Secure Options: When purchasing gift cards, consider options that utilize blockchain technology for enhanced security and fraud protection. Embrace Innovation: Be open to trying out crypto gift cards as they become more widely available. Your feedback can help shape the future of gifting. Conclusion: A Revolutionary Leap for the Gift Card Industry Raise’s $63 million funding round is more than just a financial milestone; it’s a validation of the transformative potential of blockchain technology in the gift card industry. By investing in “Smart Cards,” Raise is poised to revolutionize how we gift, spend, and manage value. As blockchain gift cards gain traction, we can anticipate a future where gifting is more secure, efficient, and globally accessible. This is an exciting step towards a more innovative and user-friendly financial ecosystem, powered by the groundbreaking capabilities of blockchain. To learn more about the latest crypto market trends, explore our article on key developments shaping Bitcoin institutional adoption.
Cryptocurrency wallet MetaMask has announced the expansion of its fiat off-ramp services to support additional blockchain networks . The move aims to enhance the conversion of digital assets into traditional currency. The integration will add 10 blockchains, a development backed by a partnership with payments provider Transak, MetaMask said in a press statement shared with Finbold on February 26. Indeed, the latest upgrades mean users will no longer have to swap cryptocurrencies into Ethereum ( ETH ) before converting them to fiat currency. This process previously made transactions longer and users incurred more fees. Some of the 10 new blockchains to be integrated with the wallet include the Arbitrum mainnet, Avalanche C-Chain mainnet, Base, BNB Chain, Celo, Fantom, Moonbeam, Moonriver, Optimism, and Polygon ( POL ). The press release indicated that, for a start, only four networks (ETH on Ethereum, ETH on Optimism, BNB , and Polygon) would be supported before the 10 are integrated, all backed by Transak, which operates in over 100 countries. “By expanding off-ramping capabilities with Transak, MetaMask is removing barriers between crypto and traditional currency, allowing users to convert a broader range of tokens directly to cash,” said Lorenzo Santos, senior product manager at Consensys. Role of crypto on-ramp It is worth noting that crypto on-ramps enable users to buy cryptocurrencies using traditional currencies, which come in various forms, including exchanges, ATMs, brokers, and apps. Some familiar payment services used in such purchases include credit cards and bank transfers. Transak CEO Sami Start emphasized the need for a seamless fiat off-ramp, as MetaMask is a key entry point for crypto newcomers. Its partnership with Transak is part of a broader effort to enhance transaction accessibility. The Transak integration eliminates extra conversion steps in the withdrawal process. Notably, the collaboration between the two entities seeks to promote one of the cryptocurrency sector’s core elements: providing financial access to underbanked individuals worldwide. In this case, the off-ramping support will be accessible in countries with strong financial systems, including the UK, Germany, and Japan. At the same time, the integration also benefits regions with limited banking access, such as Brazil, Kenya, and Indonesia. Transak’s Multi-Level KYC system tailors verification to transaction size and local regulations, ensuring compliance while minimizing friction for users bypassing traditional banking hurdles. To this end, streamlined on-ramping and off-ramping make the crypto economy more self-sustaining, enabling users to move funds seamlessly without relying on exchanges. Featured image via Shutterstock The post MetaMask integrates 10 blockchains in crypto off-ramp expansion appeared first on Finbold .
Coinbase, the largest cryptocurrency exchange in the United States, announced in its official statement that it has decided to list Morpho (MORPHO). *This is not investment advice. Continue Reading: BREAKING: Coinbase Decides to List a New Altcoin
Bitcoin lost nearly $14,000 after ByBit wallet was hacked. SAFE Coin faced a 46% decline due to security breaches. Continue Reading: Bitcoin Takes a Hit as ByBit Wallet Hack Exposes Major Security Flaws The post Bitcoin Takes a Hit as ByBit Wallet Hack Exposes Major Security Flaws appeared first on COINTURK NEWS .
USDe is a synthetic dollar stablecoin that has nearly $5.9 billion in circulation.
Are you a Web3 developer feeling constrained by the limitations of standard crypto wallet solutions? Imagine having the power to craft wallet infrastructure precisely to your application’s needs. Circle, the powerhouse behind USDC, has just dropped a bombshell announcement that could redefine how you approach Web3 development. Get ready to explore the revolutionary concept of modular wallets . What are Modular Wallets and Why Should Developers Care? Circle’s latest innovation, Modular Wallets , introduced via an X post, is not just another wallet solution; it’s a paradigm shift. Think of it as Lego blocks for your crypto wallet infrastructure. Unlike fully managed, one-size-fits-all wallet services, modular wallets provide developers with granular control. This means you can cherry-pick the components you need, tailoring the wallet experience to perfectly match your application’s demands, especially when building on Arbitrum and Polygon Proof-of-Stake (PoS). But why is this such a big deal for web3 development ? Let’s break it down: Unprecedented Customization: Imagine having the freedom to choose your key management system, indexing services, and even integrate cutting-edge features like passkey support. Modular wallets hand you the reins, allowing you to design user experiences that are both secure and seamless. Enhanced Security Tailoring: Security is paramount in the crypto world. With modular wallets , you’re not stuck with generic security protocols. You can implement bespoke security measures that align perfectly with your application’s risk profile and user base. Optimized User Experience: Forget about forcing users into rigid wallet workflows. Modular wallets empower you to create intuitive and user-friendly interfaces that enhance user adoption and engagement within your decentralized applications (dApps). Cost Efficiency: Why pay for features you don’t need? Modular wallets allow for a more cost-effective approach by enabling developers to only integrate the functionalities that are essential for their specific use case, optimizing resource allocation in web3 development . Delving Deeper: How Do Modular Wallets Work? To truly appreciate the power of modular wallets , let’s dissect their core components and understand how they differ from traditional wallet solutions. Feature Traditional Fully Managed Wallets Circle’s Modular Wallets Key Management Fixed, provider-controlled Flexible, developer-configurable (e.g., self-custodial, MPC) Indexing Services Bundled, often limited customization Choose and integrate specific indexing solutions Passkey Support May be absent or implemented generically Easily integrated and customized for enhanced security Customization Level Low, limited to basic branding High, granular control over features and UX Target Audience General users, broad applications Developers, specific application needs As the table illustrates, the fundamental difference lies in control and customization. Traditional wallets offer convenience but sacrifice flexibility. Modular wallets , on the other hand, are engineered for developers who demand precision and adaptability in their blockchain infrastructure . Benefits of Embracing Modular Wallets for Web3 Projects The advantages of adopting modular wallets extend beyond mere customization. Let’s explore the key benefits that make them a compelling choice for your next Web3 venture: Future-Proofing Your Applications: The Web3 landscape is constantly evolving. Modular wallets provide the agility to adapt to new technologies and user expectations without overhauling your entire wallet infrastructure. Competitive Edge: Offering a uniquely tailored and secure wallet experience can be a significant differentiator in a crowded market. Modular wallets enable you to provide a superior user journey, attracting and retaining users. Innovation Catalyst: By removing the constraints of rigid wallet solutions, modular wallets unleash developer creativity. They pave the way for innovative wallet functionalities and user experiences that were previously deemed too complex or impractical. Streamlined Development: While offering more control, modular wallets are designed to simplify the development process. By providing pre-built modules and clear APIs, Circle aims to reduce the development overhead associated with building sophisticated wallet features from scratch. Navigating the Challenges: What to Consider Before Going Modular While the potential of modular wallets is immense, it’s crucial to acknowledge the challenges and considerations that come with this innovative approach: Increased Complexity: With greater control comes greater responsibility. Developers need to possess a deeper understanding of wallet infrastructure and security best practices to effectively leverage modular wallets . Integration Overhead: Integrating various modules and ensuring their seamless interoperability can be more complex than using a fully managed solution. Careful planning and robust testing are essential. Security Audits: Customized wallet configurations may require more rigorous security audits to ensure all modules are securely integrated and no vulnerabilities are introduced. Learning Curve: Developers may need to invest time in learning the nuances of modular wallets and the specific modules they intend to utilize. Circle will likely provide resources and documentation to mitigate this learning curve. Use Cases: Where Will Modular Wallets Shine? The versatility of modular wallets makes them applicable across a wide spectrum of Web3 projects. Here are a few compelling use cases: Decentralized Finance (DeFi) Platforms: DeFi applications often require specialized wallet features for secure key management, transaction monitoring, and integration with various DeFi protocols. Modular wallets are ideal for building high-security, high-performance DeFi wallets. NFT Marketplaces: NFT platforms can leverage modular wallets to create seamless and secure experiences for buying, selling, and managing NFTs. Custom modules can be added for metadata indexing and enhanced display features. Gaming Applications: Web3 gaming demands fast, secure, and user-friendly wallets for in-game transactions and asset management. Modular wallets can be tailored to meet the specific performance and security requirements of blockchain gaming. Enterprise Blockchain Solutions: Businesses exploring blockchain adoption can utilize modular wallets to build secure and compliant wallet solutions for various enterprise use cases, from supply chain management to digital identity. Actionable Insights: Getting Started with Modular Wallets Excited to explore the possibilities of modular wallets ? Here are some actionable steps to get you started: Dive into Circle’s Documentation: Circle will undoubtedly release comprehensive documentation and developer resources for modular wallets . This should be your first port of call to understand the architecture, available modules, and integration process. Experiment with Test Networks: Start experimenting with modular wallets on test networks like Arbitrum Goerli or Polygon Mumbai. This allows you to explore the functionality and identify the modules that best suit your project needs without risking real funds. Community Engagement: Engage with the Circle developer community and other developers exploring modular wallets . Share your experiences, ask questions, and contribute to the collective knowledge base. Security First Approach: Prioritize security throughout your modular wallet implementation. Conduct thorough security audits and follow best practices for key management and module integration. Conclusion: A New Era of Web3 Wallet Innovation Circle’s introduction of modular wallets marks a significant leap forward in blockchain infrastructure and web3 development . By empowering developers with unprecedented control and flexibility, modular wallets are poised to unlock a new wave of innovation in decentralized applications. As crypto wallets become increasingly central to the Web3 experience, the ability to tailor them precisely to specific needs will be a game-changer. Embrace this paradigm shift, and prepare to witness the evolution of web3 development reach new heights of user-centricity and security, all thanks to the power of modularity. To learn more about the latest crypto market trends, explore our article on key developments shaping Ethereum price action.
By Trend Tracker on February 27, 2025 | Market Insights The cryptocurrency market is ripe for true innovation, as demonstrated by the recent volatility of Bitcoin and the stagnation of Stellar Lumens. Investors are hungry for a platform that offers more than just speculative potential. BitLemons ($BLEM) answers that call with a revolutionary Web3 gaming ecosystem that generates continuous revenue. Backed by dual security audits and a strategic tokenomics model, $BLEM has already raised $1 million and sold out its first presale stage in just 16 days. This is more than just another crypto token. It’s a comprehensive investment strategy for the digital age The $88,937 Question: Is Bitcoin Losing Its Crown? Bitcoin recently experienced a turbulent trading period, with prices oscillating around $88,937, reflecting the ongoing market uncertainty. Investors are increasingly seeking alternatives that offer more than just price speculation. Enter BitLemons ($BLEM), a platform that’s redefining the intersection of cryptocurrency and online gaming. With a fully functional Web3 gaming platform boasting over 8,000 games from industry-leading providers like Evolution and Pragmatic, BitLemons is disrupting the massive $450B traditional sports and entertainment market. The platform generates revenue 24/7, embodying the mantra that “BitLemons never sleep.” Is Stellar Lumens Signaling a Shift in Crypto Investments? Stellar Lumens (XLM) continues to maintain its position in the market, currently trading around $0.30. But savvy investors are looking beyond traditional cryptocurrencies. BitLemons ($BLEM) offers a compelling alternative with its innovative tokenomics and transparent revenue model. Why Are Institutional Investors Watching BitLemons? BitLemons stands out with its game-changing approach. The platform has raised $1 million in the private seed round, with 30% of Gross Gaming Revenue (GGR) allocated to tokenomics. This includes 15% for token buyback and burn, and 15% for staking rewards. Backed by dual security audits from SpyWolf and SolidProof, the current presale stage is priced at $0.01, with an anticipated listing price of $0.17-$0.18. Stage 1 of the presale sold out in just 16 days, and Stage 2 is priced at double the initial offering. The momentum is building, and investors are racing to secure their positions before the next price increase. The platform’s deflationary supply, high-yield staking, and revenue-driven rewards create a unique value proposition. With a fully functional Web3 gaming platform generating real revenue and a transparent tokenomics model, BitLemons is not just another speculative asset. It’s a strategic investment opportunity. Don’t Miss the BitLemons Revolution Are you ready to be part of the next big crypto revolution? BitLemons ($BLEM) represents more than an investment. It’s a chance to be at the forefront of a transformative technology that’s reshaping online gaming and cryptocurrency. Imagine being an early investor in a platform that generates revenue 24/7, offers transparent tokenomics, and provides multiple avenues for returns. With Stage 2 of the presale underway and momentum building rapidly, the question isn’t whether you should invest—it’s how much you can afford to invest. Discover the Exciting Opportunities of BitLemons ($BLEM) Presale Today! Website: https://presale.bitlemons.io/ Socials: https://linktr.ee/bitlemons [Disclaimer: This is a sponsored article and is for informational purposes only. It is not intended to be used as legal, tax, investment, or financial advice.] Disclaimer: This is a sponsored press release for informational purposes only. It does not reflect the views of Times Tabloid, nor is it intended to be used as legal, tax, investment, or financial advice. Times Tabloid is not responsible for any financial losses. The post BitLemons ($BLEM) With $1.4M in Just 16 Days Since Presale Launch while BTC and XLM Lags appeared first on Times Tabloid .
The crypto market is up today, mirroring stock market gains ahead of the Nvidia earnings report.