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Biggest hack in crypto history: can Bybit survive?

On 02/24 at 3:43 PM

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About 400,000 ethers, worth 1.5 billion dollars, were stolen on Friday from the Bybit platform affecting 60 million users.

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Will the Bybit platform survive its massive hack? On Friday, February 21, 400,000 ethers (approximately 1.5 billion dollars) were stolen from the crypto exchange, causing unprecedented upheaval in the sector. "Initial reports suggest that malware was used to trick the exchange into approving transactions that sent the funds to the hackers," highlights the company Elliptic.

This is, by far, the biggest crypto hack in history, surpassing the theft of 611 million dollars from Poly Network in 2021 and 519 million dollars from BSC Token Hub in 2022. According to several sources, North Korean hackers Lazarus are responsible for this breach. This group would use the stolen funds to finance North Korea's nuclear research program.

USUAL is a new cryptocurrency launched via the Binance Launchpool, which began its pre-sale on November 15, 2024. It is a DeFi (decentralized finance) focused project with several innovations, including a stablecoin named USD0, designed to be backed by real assets (such as US Treasuries), and a governance token, $USUAL. The latter allows holders to participate in the protocol's strategic decisions, earn staking rewards, and access cash flows tied to the project's revenue.

Some key points:

1. Tokenomics: Out of a total supply of 4 billion tokens, 7.5% are allocated for initial Launchpool rewards. The value of the token is tied to the revenue generated by the protocol, with limited inflation to preserve its value.

2. Pre-sale and trading: A pre-market event on Binance allowed users to access the tokens before their official listing. Users can also earn $USUAL by depositing BNB or FDUSD into specific pools.

3. Risks and Opportunities: As with any new cryptocurrency, there are risks, but the project is structured to attract investors interested in real income streams and community control.#Binance #Usual

$ETH
Ethereum (ETH) is one of the largest and most innovative blockchain platforms. Here are some key points to evaluate Ethereum:

Pros:

1. Smart Contracts: Ethereum introduced smart contracts, which enable the creation of decentralized applications (dApps) and paved the way for industries like DeFi (decentralized finance) and NFTs.

2. Transition to Ethereum 2.0: With the upgrade to Proof of Stake (PoS), Ethereum has become more eco-friendly, reducing its energy consumption by about 99.9%.

3. Large Ecosystem: Ethereum is the most widely used blockchain network, which gives it a powerful network effect.

4. Active Development: A very active developer community is constantly working on improving the platform.

Cons:

1. High transaction fees (Gas): Even with solutions like Layer 2 (Optimism, Arbitrum), fees can be unpredictable.

2. Growing competition: Other blockchains like Solana, Avalanche or Cardano offer alternatives with lower fees and increased speed.

3. Complexity: Developing on Ethereum can be complex for beginners.

My opinion:

Ethereum is a safe bet in the blockchain universe thanks to its flexibility and mass adoption. However, if you are considering investing or developing a project on it, it is essential to analyze the associated costs and monitor the evolution of competing solutions.

Are you interested in Ethereum for investment or for specific applications?

#MarketDownturn $XRP $XRP
To make money on Binance, there are several strategies available to you depending on your risk appetite, experience, and capital. Here is an overview of the main options:

1. Cryptocurrency Trading

Spot Trading: Buy and sell cryptos to profit from their price fluctuations.

Futures Trading: Bet on the rise or fall of prices with leverage, but beware of the increased risk.

Arbitrage: Profit from price differences between different platforms or markets.

2. Passive Investing

HODL (Hold On for Dear Life): Buy cryptos with a strong long-term growth potential.

Binance Earn: Take advantage of savings programs such as staking, flexible or locked deposits, which generate passive returns.

3. Staking

Stake your crypto to participate in the validation of transactions on a blockchain and earn rewards. Binance offers different types of staking:

Locked Staking: More profitable but requires blocking your funds.

DeFi Staking: Allows you to access the yield of DeFi protocols via Binance.

4. Liquidity Farming and Yield Farming

Provide liquidity to Binance exchange pools (Binance Liquid Swap) to receive a share of transaction fees and rewards.

5. Referral Program

Invite friends to register on Binance using your referral link and receive a commission on their trading fees.

6. NFT and Gaming

Buy and resell NFTs on the Binance NFT platform.

Participate in Play-to-Earn games available on Binance to earn crypto.

7. Launchpad and Launchpool

Invest in new crypto projects (tokens) before their official launch. These projects are often listed on Binance Launchpad or Launchpool, offering high potential earnings opportunities.

Key Tips:

1. Learn before you invest: Understand the tools and risks well.

The cryptocurrency $$$$$$$$$$$
USUAL is associated with the Usual protocol, which focuses on decentralized stablecoin issuance and community governance. Here are its main aspects:

1. Token ecosystem:

USD0: A fully asset-backed, short-term, risk-free stablecoin designed to be transparent and DeFi-friendly.

USD0++: A liquid staking version of USD0, offering rewards in $USUAL tokens.

$USUAL: The native token, used for governance, rewards, and treasury management. It takes a deflationary approach, with its issuance aligned with the total value locked (TVL) and projected cash flows.

2. Economic model:

The protocol redistributes revenue through $USUAL, whose supply is designed to grow at a lower rate than the revenue generated.

$USUAL holders can participate in governance, manage collateral types, and optimize liquidity distribution.

3. Focus on stability and security:

USD0 is designed to avoid banking risks and remains fully composable and permissionless in the DeFi ecosystem.

4. Key statistics:

As of December 2024, the price of $USUAL is $0.33, with a market cap of $166 million and a daily trading volume of ~$16 million.

This approach aims to redefine the standards of stablecoins and provide better transparency in DeFi. For more details, you can visit their official website Usual.money.