zkLend, a decentralized lending protocol built on Starknet, has officially shut down operations following a $9.5 million exploit. The team announced it will use its remaining $200,000 treasury to support affected users through a recovery fund. The decision comes after the delisting of the platform’s native token, ZEND, from major exchanges. How $9.5M Exploit and Delistings Prompt zkLend Shutdown In a message to its community, zkLend said the choice to wind down operations was difficult but necessary. The platform was hit by a significant exploit that compromised user confidence and platform integrity. Dear zkLend Community, It is with a heavy heart that we announce our decision to wind down zkLend. This decision was not made lightly. Over recent months, the exploit we suffered has deeply eroded user confidence, and furthermore, the recent removal of ZEND from major exchanges… — zkLend (@zkLend) June 25, 2025 More recently, the situation worsened when the ZEND token was delisted from top crypto exchanges including Bybit and KuCoin. This reduced the token’s accessibility and market liquidity, making it harder for the team to pursue future initiatives. “These developments significantly limit our capacity to effectively allocate toward any new initiatives,” zkLend stated in its official announcement. Rather than continue development under constrained conditions, the team opted to shut down and redirect remaining funds to those impacted by the breach. Notably, the platform has committed to allocating its remaining $200,000 treasury to a user recovery fund. This decision was made to prioritize community support over protocol relaunch or expansion. Meanwhile, key services, including the DeFi Spring, Recovery, and kSTRK portals will remain live. According to the announcement, zklend further encouraged its users to visit these platforms to unstake assets or claim any remaining balances. zkLend to Open-Source Codebase as Part of Transparent Wind-Down and Recovery Efforts In an effort to contribute back to the DeFi ecosystem, zkLend announced plans to open-source its audited and refreshed codebase in the coming weeks. This move will enable other developers to study, repurpose, or build on the platform’s infrastructure. While operations have ceased, zkLend affirmed its commitment to remaining online and available during the fund recovery process. “We will continue to remain online and committed to the recovery of stolen funds through any means necessary,” the team wrote in its farewell message. The team also notes that the project is working with zeroShadow, a blockchain investigation firm, to trace and recover stolen funds and noted that assets recovered through these efforts will be added to the recovery fund for distribution to affected users. https://t.co/TYpyiajoN6 — zkLend (@zkLend) February 15, 2025 Notably, zkLend launched its Recovery Portal for users affected by the $9.6 million Feb. 12 exploit. Per its plan, users in unaffected pools will be fully refunded, while affected users get partial compensation and claim positions. Cyvers reported the stolen funds were bridged to Ethereum and passed through Railgun, which returned them to the hacker’s original address due to internal safeguards. Meanwhile, zkLend offered a 10% white hat bounty for 3,300 ETH, but the hacker didn’t respond. Unfortunately, the hacker claimed to have lost 2,930 ETH (worth $5.4 million) after mistakenly sending the stolen funds to a phishing site posing as Tornado Cash. Update: We are offering a $500,000 bounty for any verifiable information that leads to the arrest of the hacker and the recovery of all stolen funds. If you believe you have information on the hacker’s identity, please provide evidence and contact us at info@zklend.com.… pic.twitter.com/aCJGG8Ngko — zkLend (@zkLend) February 19, 2025 In a March 31 on-chain message, the attacker admitted using a fake front-end, saying they were “devastated” and “terribly sorry” for the harm caused. The hacker asked zkLend to redirect recovery efforts toward the phishing site operators, claiming, “I do not have coins.” Crypto hacks and scams hit $364M in April, driven by a $331M phishing heist as social engineering threats surge. #CryptoHacks #BlockchainSecurity https://t.co/4xOe5Qnpkr — Cryptonews.com (@cryptonews) May 1, 2025 Notably, a zkLend’s shutdown adds to a growing list of decentralized finance platforms and exchanges facing serious challenges from protocol exploits. CertiK reported $364 million stolen in April alone , up 1,163% from March. The post zkLend Shuts Down After $9.5M Hack—$200K Recovery Fund Launched appeared first on Cryptonews .
As Turkey introduces its most ambitious crypto rules yet, exchanges face higher compliance and capital demands.
BitcoinWorld Bitcoin Investment: Done.ai’s Strategic $2M Move Ignites Blockchain Future Are you ready for another sign that the worlds of traditional finance and cutting-edge technology are merging at an accelerated pace? Norwegian-listed company Done.ai Group AB is making waves with a significant Bitcoin investment , earmarking approximately $2 million (NOK 20 million) to acquire the flagship cryptocurrency. This isn’t just about holding a digital asset; it’s a strategic move that signals a deeper dive into the transformative potential of blockchain technologies for their advanced AI-based financial platform. Why is Done.ai Making This Strategic Bitcoin Investment? Done.ai’s decision to allocate $2 million to Bitcoin goes beyond a simple treasury play. While the Bitcoin will indeed be held as a long-term treasury asset, reported transparently in their quarterly filings, its primary purpose is to serve as a tangible entry point for an extensive internal assessment. This assessment aims to understand how blockchain technology can seamlessly integrate with and enhance their existing AI financial solutions. It’s a proactive step towards future-proofing their offerings and exploring new frontiers in financial services. This move highlights several key benefits for Done.ai: Direct Exposure: Holding Bitcoin provides Done.ai with direct exposure to the underlying technology and market dynamics, offering invaluable insights for their feasibility study. Long-Term Value Potential: As a long-term treasury asset, the Bitcoin investment could potentially appreciate, adding value to the company’s balance sheet. Credibility and Innovation: By embracing Bitcoin and blockchain, Done.ai positions itself as an innovative leader, attracting talent and clients interested in forward-thinking financial solutions. How Will Blockchain Technology Complement Done.ai’s AI Platform? The core of Done.ai’s initiative lies in exploring the powerful synergy between artificial intelligence and blockchain technology . The company is specifically looking into how distributed ledger technology can complement its existing AI-driven financial platform, focusing on critical areas such as stablecoins, equity tokenization, and on-chain settlement. Imagine a financial ecosystem where AI handles complex data analysis and predictive modeling, while blockchain ensures immutable records, enhanced security, and transparent transactions. Here’s a closer look at the areas of focus: Stablecoins: Exploring the use of stablecoins could enable more efficient, low-cost, and rapid cross-border payments and settlements, complementing AI-driven treasury management or payment processing systems. Equity Tokenization: Tokenizing equities on a blockchain could revolutionize capital markets by enabling fractional ownership, increased liquidity, and simplified compliance, all managed and analyzed by AI. On-Chain Settlement: Moving settlement processes onto a blockchain can significantly reduce transaction times and costs, eliminate intermediaries, and enhance transparency, a perfect partner for AI-optimized trade execution. This technical evaluation, expected to kick off in the second half of 2025, will delve deep into the practical applications and challenges of integrating these technologies. What Does This Mean for the AI Financial Platform Landscape? Done.ai’s move signifies a growing trend where companies operating an AI financial platform are looking beyond traditional frameworks. The combination of AI’s analytical power and blockchain’s secure, transparent ledger capabilities promises a new generation of financial tools. This convergence could lead to: Enhanced Security and Fraud Detection: AI can identify patterns of fraudulent activity, while blockchain provides an unalterable record of transactions, making financial systems more robust. Increased Efficiency and Automation: Smart contracts on a blockchain, combined with AI-driven automation, can streamline complex financial processes from loan origination to asset management. New Financial Products and Services: The ability to tokenize assets and create programmable money opens up possibilities for entirely new financial instruments and marketplaces, all powered by intelligent algorithms. Challenges remain, including regulatory clarity, scalability of blockchain networks, and interoperability between different systems. However, companies like Done.ai are paving the way for solutions. Is This a Sign of Broader Institutional Crypto Adoption? Absolutely. Done.ai, a Norwegian-listed entity, joining the ranks of companies holding Bitcoin as a treasury asset and actively exploring blockchain integration is a clear indicator of accelerating institutional crypto adoption . For years, Bitcoin and other cryptocurrencies were largely the domain of retail investors and tech enthusiasts. Now, we are witnessing a steady influx of corporate and institutional players recognizing the strategic value of digital assets and decentralized technologies. This trend is driven by several factors: Inflation Hedging: Some institutions view Bitcoin as a potential hedge against inflation, given its fixed supply. Diversification: Adding digital assets can diversify traditional portfolios. Technological Innovation: Recognizing blockchain’s potential to revolutionize their core operations. Competitive Advantage: Early adopters gain a competitive edge in an evolving financial landscape. Done.ai’s move adds to the growing list of publicly traded companies, investment funds, and even governments exploring or adopting cryptocurrencies and blockchain solutions, solidifying their position in the global financial ecosystem. What’s Next for Done.ai Group and the Future of Fintech? The commitment by Done.ai Group to undertake a comprehensive technical evaluation starting in the second half of 2025 suggests a long-term vision rather than a speculative gamble. This patient and methodical approach to integrating cutting-edge technologies could serve as a blueprint for other traditional companies eyeing the crypto space. It’s not just about buying Bitcoin; it’s about understanding how the underlying technology can create more efficient, secure, and innovative financial services. The insights gained from Done.ai’s study could have far-reaching implications, potentially influencing how financial institutions manage assets, process transactions, and interact with their clients in the coming decade. Their journey underscores a fundamental shift in how businesses perceive digital assets – moving from niche curiosity to strategic imperative. Conclusion: A Pioneering Step Towards a Hybrid Future Done.ai’s strategic Bitcoin investment and ambitious blockchain feasibility study represent a significant milestone in the convergence of AI, traditional finance, and decentralized technologies. By actively exploring stablecoins, equity tokenization, and on-chain settlement, Done.ai is not just adapting to the future; it’s helping to shape it. This bold move by the Done.ai Group underscores the undeniable momentum of institutional crypto adoption and the transformative potential of integrating blockchain technology with an advanced AI financial platform . It’s a compelling example of how innovation, when approached strategically, can unlock new possibilities and redefine the boundaries of what’s achievable in the financial world. To learn more about the latest Bitcoin and institutional crypto adoption trends, explore our article on key developments shaping Bitcoin price action and institutional adoption. This post Bitcoin Investment: Done.ai’s Strategic $2M Move Ignites Blockchain Future first appeared on BitcoinWorld and is written by Editorial Team
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BitcoinWorld Korean Won Stablecoin: Hana Bank’s Revolutionary Move in South Korea’s Digital Finance Landscape The world of digital currency is experiencing an unprecedented surge, and South Korea, a global leader in technological adoption, is at the forefront of this evolution. Imagine a digital currency that offers the stability of your national fiat, yet boasts the speed and efficiency of blockchain technology. This is the promise of the Korean won stablecoin , and major financial players are now making their move. Recently, Hana Bank, one of South Korea’s largest and most respected financial institutions, announced its pursuit of trademark rights related to stablecoins. This isn’t just a corporate formality; it’s a powerful signal of a pivotal shift in the nation’s digital finance landscape, following similar proactive steps by other banking giants. The Race for a Korean Won Stablecoin Begins Hana Bank’s decision to pursue trademark rights for stablecoins marks a significant milestone in South Korea’s embrace of digital assets. According to local reports from Asia Today, the bank has filed for a substantial 16 trademarks specifically related to Korean won-based stablecoins. This strategic move positions Hana Bank alongside other prominent financial entities like KB Kookmin Bank and KakaoBank, the innovative digital banking arm of the messaging platform Kakao, both of whom have already ventured into this exciting space. But what exactly is a stablecoin, and why is a won-based version so important? What is a Stablecoin? At its core, a stablecoin is a type of cryptocurrency designed to minimize price volatility. Unlike Bitcoin or Ethereum, whose values can fluctuate wildly, stablecoins are typically pegged to a stable asset, such as a fiat currency (like the US dollar or Korean won), gold, or even other cryptocurrencies. This pegging provides a reliable medium for transactions, making them ideal for everyday use and financial applications. Why a Won-Based Stablecoin? A stablecoin pegged to the Korean won offers several compelling advantages for the domestic market. It combines the stability of the national currency with the benefits of blockchain technology, such as faster transaction speeds, lower fees, and enhanced transparency. This could revolutionize everything from daily payments to international remittances, offering a digital equivalent of cash that is easily transferable and programmable. Hana Bank ‘s Strategic Partnerships and Vision Hana Bank isn’t just filing trademarks; it’s actively building the infrastructure for a future where digital won transactions are commonplace. The bank is reportedly working in close cooperation with the Open Blockchain & Decentralized Identifier Association (OBDIA) to establish a joint venture. This collaboration is specifically aimed at launching a Korean won-based stablecoin, indicating a commitment beyond mere exploration. OBDIA’s expertise in blockchain and decentralized identity solutions makes them an ideal partner for such an ambitious undertaking. This initiative highlights a broader trend among traditional financial institutions: rather than resisting the tide of digital transformation, they are choosing to lead it. By forming alliances with blockchain-focused organizations, banks like Hana Bank are leveraging cutting-edge technology to innovate their services. This contrasts with the earlier, more cautious approach many traditional banks took towards cryptocurrencies, often viewing them as a threat. Now, they see the immense potential for efficiency, new revenue streams, and improved customer experiences that digital assets, particularly stablecoins, can offer. The active participation of a major player like Hana Bank signals a robust and collaborative approach to stablecoin development in South Korea. What This Means for South Korea’s Digital Finance Future The entry of major banks into the stablecoin arena has profound implications for South Korea’s digital finance landscape. South Korea has always been a nation quick to adopt new technologies, from high-speed internet to advanced mobile payments. This proactive stance on stablecoins aligns perfectly with its innovative spirit. The development of a widely adopted Korean won stablecoin could: Enhance Payment Systems: Imagine instant, low-cost payments for goods and services, both online and offline. A won stablecoin could streamline domestic transactions, reducing reliance on traditional, often slower, payment rails. Boost Cross-Border Transactions: International remittances and trade finance could become significantly more efficient and less expensive. This could particularly benefit South Korea’s export-oriented economy. Spur Innovation in DeFi: While stablecoins are often seen as a bridge to traditional finance, they also serve as a crucial component of decentralized finance (DeFi). A regulated, bank-backed stablecoin could bring greater legitimacy and liquidity to Korea’s emerging DeFi ecosystem. Complement CBDC Discussions: The Bank of Korea has been exploring a central bank digital currency (CBDC). Private sector stablecoins, especially those backed by major banks, could either complement a CBDC by handling retail payments, or even serve as a robust alternative depending on the regulatory framework. This interplay between public and private digital currencies will define South Korea’s digital finance trajectory. Unpacking Stablecoin Development : Benefits and Hurdles The journey of stablecoin development, especially when spearheaded by traditional banks, comes with a unique set of benefits and challenges. Understanding these dynamics is crucial for appreciating the significance of Hana Bank’s move. Benefits: Benefit Description Efficiency & Speed Blockchain-based transactions are typically faster and cheaper than traditional bank transfers, especially across borders. Accessibility Stablecoins can lower barriers to financial services, potentially reaching the unbanked or underbanked populations. Programmability The underlying blockchain technology allows for smart contracts, enabling automated payments, escrow services, and innovative financial products. Transparency Transactions on a public blockchain are auditable, enhancing trust and reducing fraud, though privacy considerations remain important. Challenges: Regulatory Clarity: The biggest hurdle remains the evolving regulatory landscape. Governments worldwide are grappling with how to classify and oversee stablecoins, particularly those issued by private entities. Clear guidelines on consumer protection, anti-money laundering (AML), and combating the financing of terrorism (CFT) are essential. Technological Integration: Integrating new blockchain-based systems with existing legacy banking infrastructure is a complex and costly endeavor. Ensuring seamless interoperability and scalability is vital for mass adoption. Public Trust & Education: Despite their stability, stablecoins are still a relatively new concept for the general public. Building trust and educating users about their benefits and risks will be critical for widespread adoption. Competition: The market is becoming increasingly crowded with various stablecoin projects and potential CBDCs. Banks must differentiate their offerings and demonstrate clear value propositions to users. The success of stablecoin development hinges on navigating these complexities effectively. Driving Financial Innovation Beyond Traditional Banking Hana Bank’s foray into Korean won stablecoins represents more than just a new product offering; it signifies a fundamental shift in how traditional banks perceive and engage with emerging technologies. For decades, banks have been the gatekeepers of finance, operating within established frameworks. However, the rise of blockchain and digital assets has challenged this paradigm, prompting a necessary evolution. This move by Hana Bank is a prime example of proactive financial innovation . Instead of being disrupted, they are embracing the disruptive potential of stablecoins to create new value. This could lead to: New Revenue Streams: Beyond traditional lending and deposit services, banks could generate revenue from stablecoin issuance, transaction fees, and new digital asset-based financial products. Enhanced Customer Experience: Faster, cheaper, and more accessible financial services could significantly improve customer satisfaction and attract a new generation of digitally native users. Redefined Role of Banks: Banks could evolve from being mere intermediaries to becoming trusted digital asset custodians, infrastructure providers for tokenized economies, and facilitators of decentralized finance. The collaboration with OBDIA also underscores the importance of partnerships in this new era. No single entity can build the future of finance alone. By combining their vast financial experience with the technical prowess of blockchain specialists, banks like Hana Bank are setting a precedent for collaborative innovation that pushes the boundaries of traditional banking. A New Era for Korean Finance Hana Bank’s pursuit of Korean won-based stablecoin trademarks is a clear indication of the accelerating pace of digital transformation in the financial sector. This strategic move, mirroring actions by other major institutions, not only positions Hana Bank as a forward-thinking leader but also signals a collective effort within South Korea to embrace the future of money. While challenges remain, particularly around regulation and technological integration, the potential benefits—from enhanced payment efficiency to new avenues for financial innovation—are immense. As these developments unfold, South Korea is poised to solidify its position as a global hub for digital finance, shaping how we transact, invest, and interact with money in the years to come. To learn more about the latest digital finance trends, explore our article on key developments shaping stablecoin adoption and institutional involvement. This post Korean Won Stablecoin: Hana Bank’s Revolutionary Move in South Korea’s Digital Finance Landscape first appeared on BitcoinWorld and is written by Editorial Team
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Attorney Bill Morgan clarifies that the upcoming ruling in the Ripple case will not redefine the legal status of crypto assets in the U.S. Morgan made the assertion in response to a bold claim from market commentator John Squire. In an X post today, Squire suggested that U.S. District Judge Analisa Torres is on the verge of delivering her final decision in the Ripple lawsuit. According to Squire, the upcoming ruling could set a landmark precedent that would alter the legal status of crypto assets in the U.S. This suggests that Judge Torres’ upcoming decision could play a major role in determining the legal status of cryptocurrencies, particularly in deciding whether they will be classified as commodities or securities. Misleading Claim However, attorney Morgan refuted this claim as “incorrect.” The legal expert clarified that the upcoming decision narrowly focuses on the parties’ joint motion for an indicative ruling. In that decision, Morgan contended that the judge would rule on whether there are exceptional circumstances to reduce Ripple’s penalty to $50 million and dismiss the permanent injunction on the company’s XRP sales to institutions. For context, Judge Torres denied the parties’ initial attempt to obtain the indicative ruling last month. At the time, she noted a procedural flaw in the joint motion and ruled that the parties had failed to demonstrate “exceptional circumstances” warranting the requested relief.This month, the parties launched another attempt to secure the indicative ruling, addressing the issues raised in the previous order. Nearly two weeks have passed since the filing, but the judge has yet to issue a decision.Judge Torres's Summary Judgment Remains Untouched Notably, Morgan said the decision would only focus on the parties’ request to reduce the penalty and vacate the injunction. He suggested that the decision would not define the legal status of crypto assets in the United States, as Squire claimed. According to him, the SEC and Ripple agreed not to challenge, modify, or vacate Judge Torres’ 2023 summary judgment decision. The lawyer also attached an excerpt from the joint motion corroborating his claims. SEC and Ripple agree not to modify Judge Torres summary judgment decision SEC and Ripple agree not to modify Judge Torres' summary judgment decision For context, in the summary judgment decision , the judge stated that XRP is not a security in itself. She also declared that Ripple’s XRP sales to institutional clients were investment contracts, but those conducted on digital exchanges were not. The summary judgment decision has played a crucial role in determining the legal status of crypto. According to the ruling, cryptocurrencies are not securities, but can be sold as part of an investment contract. In the meantime, the broader legal uncertainty around crypto’s status may soon be addressed. The U.S. Senate recently introduced legislation that would specify the criteria determining when a crypto asset should be classified as a commodity or security.
Bitcoin reserves in exchanges are declining as institutions heavily acquire BTC. Analysts predict potential peaks for crypto in upcoming weeks despite recent market turbulence. Continue Reading: The Crypto Bull is Charging: Crypto Market’s Explosive Potential The post The Crypto Bull is Charging: Crypto Market’s Explosive Potential appeared first on COINTURK NEWS .
Barclays announces a ban on crypto purchases via debit cards by June 27, 2025, citing concerns over customer debt risks linked to cryptocurrency volatility. Despite previous investments in Bitcoin ETFs