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PAPHOS, CYPRUS | May 5, 2027 Cypria Maris Paphos
Cyprus is set to welcome leading professionals, innovators, entrepreneurs, investors, and technology experts for Cyprus Fintech Week 2027, taking place on May 5, 2027, at Cypria Maris Paphos.
The event will bring together key voices from the financial technology ecosystem to explore the latest developments shaping the future of finance. Building on Cyprus Fintech Week’s focus on financial technology, trading, digital innovation, banking, payments, digital assets, artificial intelligence, security, and financial infrastructure, the event aims to create a platform for knowledge exchange, business connections, and new opportunities.
A Platform for the Future of Finance
As financial services continue to evolve through technology and digital transformation, Cyprus Fintech Week 2027 will provide an opportunity for industry professionals to discuss emerging trends, challenges, and opportunities across the fintech landscape. The event will bring together representatives from financial institutions, fintech companies, technology providers, startups, investment firms, entrepreneurs, and other professionals working across the financial and technology sectors.
Key areas of interest will include Fintech, Banking, Payments, Trading, Digital Assets, Artificial Intelligence, Cybersecurity, Blockchain, and Digital Financial Infrastructure.
Connecting Industry Leaders and Innovators
Cyprus Fintech Week aims to encourage meaningful connections between established businesses and emerging companies while creating opportunities for collaboration, investment, and knowledge sharing.
Attendees will have the opportunity to meet industry experts, founders, investors, executives, technology professionals, and other decision-makers while gaining insights into the technologies and developments shaping the future of financial services. The event also supports the continued growth of Cyprus as a destination for fintech, innovation, and international business. The wider Cyprus fintech ecosystem continues to develop through the growth of startups, digital payment solutions, blockchain applications, and technology-driven financial services.
An Opportunity for Businesses and Media Partners
Cyprus Fintech Week 2027 will provide businesses with opportunities to increase their visibility, connect with relevant decision-makers, and participate in conversations surrounding the future of financial technology.
Media partners will play an important role in helping bring the event and its industry discussions to a wider audience, supporting greater awareness of Cyprus’ growing fintech ecosystem and its international potential.
The event is expected to attract professionals interested in discovering new technologies, exploring business opportunities, building partnerships, and staying informed about developments across the fintech industry.
Event Details
Event: Cyprus Fintech Week 2027Date: May 5, 2027Venue: Cypria Maris Paphos, CyprusWebsite: cyprusfintechweek.com
For event information, partnership opportunities, media enquiries, and participation details, please visit the official Cyprus Fintech Week website.
About Cyprus Fintech Week
Cyprus Fintech Week is an industry-focused event designed to connect professionals across financial technology, trading, digital innovation, banking, payments, digital assets, AI, security, and infrastructure. The event provides a platform for industry leaders, innovators, startups, investors, and professionals to exchange knowledge, build relationships, and explore opportunities within the evolving fintech ecosystem.
Media & Partnership Enquiries: info@cyprusfintechweek.com
Website: cyprusfintechweek.com

Ethereum Foundation researcher Justin Drake is warning that artificial intelligence could crack the signature scheme protecting Bitcoin and Ethereum wallets sooner than quantum computers, possibly within months in the worst case. No one has broken it yet, and Drake says there is no reason to panic. But he thinks large holders should start planning now.
What Drake Said
Drake posted his warning on X on October 7. He called on the industry to calmly begin planning for “bunker mode”: a controlled move of funds into addresses that have never signed a transaction.
His practical advice:
“Holders, starting with large and sophisticated ones, should consider moving the bulk of their funds to addresses that have never signed a transaction. And when they do sign one, they should also move remaining funds to a new address (possibly generated from the same seed phrase).”
He added that this should not be rushed:
“Don’t rush. While I believe there is cause for action a rushed migration would do more harm than good. Don’t panic either.” He described the step as simple and preventative, one that “does not require new cryptography or new wallets.”
The Technology at Risk, Explained Simply
Bitcoin and Ethereum use a signature scheme called ECDSA to prove that a transaction was authorized by the owner of a private key. When you send funds, your wallet signs the transaction, and that signature reveals your public key to the network. In theory, someone who could work backward from a public key to the private key could drain the wallet.
Drake defines a “break” as recovering a private key in about a week on available hardware, such as a large GPU cluster. His worst case is that this arrives “in months not years,” before “Q-Day,” the moment quantum computers become powerful enough to break today’s encryption.
Why He Thinks AI Is the Trigger
Drake points to a string of recent surprises in mathematics. Long-held assumptions have fallen, he says, including the n log(n) bound for integer multiplication and the 3SUM conjecture. He also cited May’s disproof of the Erdős unit distance conjecture as “our warning shot.”
The latest trigger was OpenAI’s October 6 release of 722 mathematical results generated by an internal model. Drake said it made clear that “mathematical superintelligence is upon us.” He argued that elliptic curves look especially vulnerable because they have rich mathematical structure, while hash functions are designed to minimize it. He also noted that efficient quantum algorithms sometimes foreshadow efficient classical ones, so a classical counterpart to Shor’s algorithm is possible.
What the Evidence Actually Shows
It is important to be precise here. OpenAI’s release did not report any attack on ECDSA or RSA, and neither Drake nor Vitalik Buterin has pointed to evidence that ECDSA has been practically broken. Drake himself noted that cryptographic breakthroughs were strikingly under-represented among the 722 results. His warning is a risk assessment about where AI mathematics is heading, not a report that a break has happened.
What Other Notable Voices Said
Buterin responded with a call for caution. He said nobody should scramble to move funds immediately, and he highlighted the risk of losing assets in a hasty migration. He agreed that AI-accelerated math deserves serious attention, noting that most planning has assumed “elliptic curves broken, hashes safe, lattices safe.”
He added a complication: there is a good chance the concrete security of lattice-based schemes, including ML-DSA, “will take serious hits from the next two years of AI math.” Like Drake, Buterin is more optimistic about hash-based cryptography. Drake argued that exiting bunker mode safely will require “post-AI cryptography.” The Ethereum Foundation formed a dedicated post-quantum team earlier this year, and Buterin has outlined plans to move the network toward quantum-resistant cryptography. Drake also suggested that major custodians such as Binance, Bitbank, Robinhood, Bitfinex, and Tether could use this moment to strengthen their cold wallets.
Why Crypto Users Are Nervous
The fear comes down to three things:
– Irreversibility. A stolen key means stolen funds, and blockchain transactions cannot be undone. – Scale. ECDSA secures Bitcoin and Ethereum accounts alike, so a break would not be limited to one project. – Exposed keys. Project Eleven’s Bitcoin “Risq List” tracks more than 14 million addresses whose public keys are already exposed, which is the group most at risk in Drake’s scenario.
How to Protect Yourself
Based on Drake’s guidance:
– Prefer fresh addresses. Funds sitting at addresses that have never signed a transaction keep their public key hidden behind a hash. – Avoid address reuse. Once an address signs, move the remaining balance to a new address. It can be derived from the same seed phrase. – Start with large balances. Drake suggested large and sophisticated holders go first. – Migrate carefully. A mistake during a rushed transfer is a bigger near-term risk than the threat itself, as both Drake and Buterin stressed.
What Comes Next
For now, nothing has been broken. Drake’s call is about building a calm, orderly plan before a worst-case scenario forces a rushed one. Watch for further statements from the Ethereum Foundation’s post-quantum team, wallet providers, and exchanges on how they handle address migration, and for any real cryptanalytic result, which would change this debate immediately.

Ethereum Foundationの研究者Justin Drake氏は、人工知能がビットコインやイーサリアムのウォレットを保護する署名方式を、量子コンピューターよりも早く破る可能性があると警告している。最悪の場合、数カ月以内に破られる可能性もあるという。これまで破られたことはなく、Drake氏はパニックになる理由はないと述べている。しかし、大口保有者は今から計画を立て始めるべきだと考えている。
Drake氏の発言
Drake氏は10月7日、Xに警告を投稿した。同氏は業界に対し、「バンカーモード」に向けた計画を冷静に始めるよう呼びかけた。これは、取引の署名に一度も使われたことのないアドレスへ、資金を管理された形で移すことを指す。

PAPHOS, CYPRUS | May 5, 2027
Cypria Maris Paphos
Cyprus is set to welcome leading professionals, innovators, entrepreneurs, investors, and
technology experts for Cyprus Fintech Week 2027, taking place on May 5, 2027, at
Cypria Maris Paphos.
The event will bring together key voices from the financial technology ecosystem to
explore the latest developments shaping the future of finance. Building on Cyprus Fintech
Week’s focus on financial technology, trading, digital innovation, banking, payments,
digital assets, artificial intelligence, security, and financial infrastructure, the event aims to
create a platform for knowledge exchange, business connections, and new opportunities.
A Platform for the Future of Finance
As financial services continue to evolve through technology and digital transformation,
Cyprus Fintech Week 2027 will provide an opportunity for industry professionals to
discuss emerging trends, challenges, and opportunities across the fintech landscape.
The event will bring together representatives from financial institutions, fintech
companies, technology providers, startups, investment firms, entrepreneurs, and other
professionals working across the financial and technology sectors.
Key areas of interest will include Fintech, Banking, Payments, Trading, Digital Assets,
Artificial Intelligence, Cybersecurity, Blockchain, and Digital Financial Infrastructure.
Connecting Industry Leaders and Innovators
Cyprus Fintech Week aims to encourage meaningful connections between established
businesses and emerging companies while creating opportunities for collaboration,
investment, and knowledge sharing.
Attendees will have the opportunity to meet industry experts, founders, investors,
executives, technology professionals, and other decision-makers while gaining insights
into the technologies and developments shaping the future of financial services.
The event also supports the continued growth of Cyprus as a destination for fintech,
innovation, and international business. The wider Cyprus fintech ecosystem continues to
develop through the growth of startups, digital payment solutions, blockchain
applications, and technology-driven financial services.
An Opportunity for Businesses and Media Partners
Cyprus Fintech Week 2027 will provide businesses with opportunities to increase their
visibility, connect with relevant decision-makers, and participate in conversations
surrounding the future of financial technology.
Media partners will play an important role in helping bring the event and its industry
discussions to a wider audience, supporting greater awareness of Cyprus’ growing fintech
ecosystem and its international potential.
The event is expected to attract professionals interested in discovering new technologies,
exploring business opportunities, building partnerships, and staying informed about
developments across the fintech industry.
Event Details
Event: Cyprus Fintech Week 2027
Date: May 5, 2027
Venue: Cypria Maris Paphos, Cyprus
Website: cyprusfintechweek.com
For event information, partnership opportunities, media enquiries, and participation
details, please visit the official Cyprus Fintech Week website.
About Cyprus Fintech Week
Cyprus Fintech Week is an industry-focused event designed to connect professionals
across financial technology, trading, digital innovation, banking, payments, digital assets,
AI, security, and infrastructure. The event provides a platform for industry leaders,
innovators, startups, investors, and professionals to exchange knowledge, build
relationships, and explore opportunities within the evolving fintech ecosystem.
Media & Partnership Enquiries:
info@cyprusfintechweek.com
Website:
cyprusfintechweek.com

Abstract, the Ethereum Layer-2 blockchain backed by the team behind Pudgy Penguins, announced it will shut down on December 15, 2026, becoming the second high-profile consumer-focused L2 to fold in recent weeks after Blast’s own closure announcement.
Together, the two shutdowns mark a turning point for a once-crowded category of blockchains built specifically to court mainstream consumers rather than DeFi traders — a model that has proven far harder to sustain economically than its backers originally expected.
Why Abstract Is Shutting Down
Abstract announced the closure on X, framing the decision as a response to a rapidly changed competitive landscape rather than a single acute failure.
“The industry has evolved considerably since Abstract was first conceived, and operating a chain focused exclusively on consumer crypto has ultimately proven to be unsustainable as a standalone model,” the team wrote.
The project pointed to several specific, compounding problems behind its stagnating growth:
“Our growth began to stagnate due to our restricted DeFi ecosystem, thin liquidity on the chain, minimal institutional cross-over, and limited budget compared to competitors.”
Abstract said it had spent the last 12 months exploring every possible angle to find product-market fit and scale the chain, but ultimately concluded the landscape had shifted too dramatically against it: “We wanted to make things work; but the chain landscape had changed radically and we were facing significant headwinds.” Facing a choice between continuing to burn resources on an operationally unsustainable, non-scaling chain or shutting it down, the team said it concluded after extensive deliberation that winding down was the better path forward.
What Abstract Was Built to Do
Abstract launched as an Ethereum Layer-2 blockchain built using zero-knowledge (ZK) rollup technology, specifically the ZK Stack. It was developed by Igloo Inc., the parent company behind Pudgy Penguins, one of the most commercially successful NFT brands to emerge from the 2021-2022 NFT boom, giving Abstract an unusually strong consumer brand pedigree compared to most other L2 launches.
The chain was explicitly designed as a consumer-friendly blockchain intended to power gaming, social networks, digital collectibles, and mainstream crypto applications, offering low transaction fees and fast speeds. Abstract was also fully EVM-compatible, meaning developers could port existing Ethereum applications onto the chain with relative ease — a technical advantage that nonetheless wasn’t enough to overcome the broader adoption and liquidity challenges the team ultimately cited.
Blast’s Shutdown Set the Stage
Abstract’s closure follows closely behind a similar announcement from Blast, another prominent Ethereum L2 that shut down just weeks earlier. Blast launched in February 2024 as an optimistic rollup network, distinguishing itself with a notable feature: native, auto-rebasing yield automatically applied to deposited ETH and stablecoins, including its own native stablecoin, USDB. The chain generated enormous early hype, reportedly attracting around $20 million in investment backing and accumulating a substantial total value locked (TVL) at its peak, driven heavily by anticipation around its token airdrop.
In its own shutdown announcement, Blast’s team was candid about the underlying economics that forced the decision:
“We launched Blast with the goal of building a self-sustaining chain for users and developers. Unfortunately, the economics of operating the chain no longer make sense: the ongoing costs of maintaining Blast exceed the revenue generated by the L2, and we do not see a credible path to making the chain economically sustainable.”
The team expressed regret to its community:
“We’re sorry to the users and developers who believed in Blast, built on it, and supported the ecosystem. Our priority now is making the shutdown as smooth and safe as possible.”
Blast asked all users to withdraw their assets — including any balances held within the Blast PWA — back to Ethereum mainnet ahead of the chain’s closure.
The Pattern Behind Both Collapses
What links Abstract and Blast’s failures is a strikingly similar trajectory: both chains launched amid intense hype, driven in large part by airdrop speculation and strong brand or financial backing, only to see genuine user interest evaporate once the initial incentive-driven activity faded. In Blast’s case specifically, interest in the network reportedly declined sharply following its airdrop distribution, with its native token losing nearly all of its value in the aftermath — a pattern that has become uncomfortably familiar across multiple L2 launches that leaned heavily on token incentives and yield mechanics to bootstrap initial activity rather than organic application demand.
Abstract’s own stated reasons — thin on-chain liquidity, minimal institutional engagement, and a DeFi ecosystem too restricted to generate sustainable activity — describe essentially the same underlying failure mode from a different angle: a chain that successfully generated initial attention and deposits but struggled to convert that early momentum into a self-sustaining base of actual users, developers, and transaction volume once the novelty wore off.
Why Consumer-Focused L2s Specifically Are Struggling
Both shutdowns highlight a structural challenge specific to L2 blockchains explicitly positioned around consumer use cases — gaming, social apps, collectibles — rather than financial infrastructure or DeFi. Unlike DeFi-centric chains, which can generate sustainable transaction fee revenue from trading activity, lending, and liquidity provision even with a relatively modest user base, consumer-oriented chains depend heavily on achieving genuine mainstream adoption at meaningful scale to generate comparable revenue — a bar that has proven extremely difficult to clear, even for chains backed by established, well-funded consumer brands like Pudgy Penguins.
The economics cited by both teams point to the same core problem: operating a blockchain network carries real, ongoing infrastructure costs, and without sufficient transaction volume or institutional capital flowing through the chain, those costs eventually exceed whatever revenue the network generates — a gap that eventually becomes impossible to justify continuing to fund, regardless of how much initial enthusiasm or capital backing a project started with.
What This Means for the Broader L2 Landscape
The near-simultaneous shutdowns of Abstract and Blast raise pointed questions about how many other Layer-2 networks launched during the 2023-2024 L2 boom are quietly facing similar unsustainable economics. The L2 sector saw an explosion of new chain launches during that period, many promising faster transactions, lower fees, and novel incentive structures to differentiate themselves in an increasingly crowded field. With two prominent, well-capitalized projects now formally winding down within weeks of each other, industry observers are likely to scrutinize other consumer-focused L2s more closely for similar warning signs — thin liquidity, limited institutional engagement, and growth that stalled once initial token incentives faded.
What Users Need to Do
For users still holding assets on either chain, the practical guidance is consistent and time-sensitive. Abstract’s shutdown is scheduled for December 15, 2026, giving users a defined window to move funds off the chain before it ceases operations. Blast has similarly instructed all users to withdraw assets — including balances specifically held within the Blast progressive web app — back to Ethereum mainnet ahead of its closure. Users on either network should prioritize completing withdrawals well before each chain’s respective shutdown date, rather than waiting until the final days, to avoid potential congestion or complications as the networks wind down their infrastructure.
What Comes Next
With both Abstract and Blast now formally shutting down, attention will likely turn to whether other consumer-focused L2 projects launched during the same period face comparable pressure to either pivot their strategy, find new sources of sustainable revenue, or ultimately follow the same path toward closure. For the broader Ethereum scaling ecosystem, these shutdowns serve as a clear signal that hype and initial capital backing alone are no longer sufficient to sustain a standalone blockchain — genuine, durable user and developer adoption has become the deciding factor between L2 projects that survive and those that, like Abstract and Blast, ultimately cannot outlast the gap between their operating costs and their real economic activity.

Pudgy Penguinsのチームが支援するイーサリアムのレイヤー2ブロックチェーン「Abstract」は、2026年12月15日にサービスを終了すると発表した。ここ数週間で閉鎖を発表した、一般消費者向けの著名なL2としては、Blastに続いて2例目となる。
この2つの閉鎖は、DeFiトレーダーではなく一般消費者を取り込むために特化して作られた、かつては乱立していたブロックチェーン分野の転換点となる。こうしたモデルは、支援者たちが当初想定していた以上に、経済的な持続がはるかに難しいことが明らかになった。

HSBC, RAKBANK and Commercial Bank of Dubai executives join the Chapter 39 speaker line-up, with Alfa Bank and Sardine leading the sponsor roster for 10–11 November.
Dubai, UAE — 30 September 2026: The next phase of banking transformation will depend on how well its parts work together. Digital channels, payments, data, risk and core systems all contribute to the same customer experience. For financial institutions, connecting them effectively is a question of business performance, operational resilience and growth.
That challenge provides the backdrop to FINNOVEX Middle East 2026 — Chapter 39, taking place in Dubai on 10–11 November 2026. Organised by Exibex under the theme “Finance in Motion,” the banking and fintech summit will bring senior financial services executives and technology businesses together to examine the decisions shaping their institutions—and the connected financial system they are preparing for in 2027.
The chapter is supported by Alfa Bank as Diamond Sponsor and Sardine as Gold Sponsor, alongside Sends and BPC as Silver Sponsors, Posidex as Bronze Sponsor, and Watermelon Communications as Official PR Partner. Its two-day format combines a conference and the FINNOVEX Awards on 10 November with executive roundtables on 11 November, giving participants space to move from the wider industry discussion into more focused exchanges.
The leadership behind banking transformation
Chapter 39’s speaker line-up brings together the executives responsible for translating strategy into the way banks operate, serve customers and generate growth.
Featured speakers include Linoy Kidd, CIO, GBM MENAT at HSBC; Yan Bechet, Chief Operating Officer at HSBC UAE; Daniele Coda, Chief Commercial Officer at RAKBANK; and Vladislavs Mironovs, Chief Digital Officer at Commercial Bank of Dubai. They are joined by Abdulla Al Taee, Chief Operating Officer at United Arab Bank; Abdullah Al-Awadi, Chief Strategy Officer at Kuwait International Bank; and Alberto Diez, Chief Operating Officer at Emirates Development Bank. Further additions include Khawer Khaliq, Chief Operating Officer at Vision Bank Limited; Asim Shrivastava, Chief Credit Officer at Bank of Sharjah; and Mirel Băilă, Acting Chief Operating Officer at Al Masraf.
The range of responsibilities represented is significant. A digital banking proposition needs an operating model capable of delivering it. A faster customer journey must retain effective controls. A technology investment needs a clear commercial purpose and a practical route to implementation.
Bringing these perspectives into one programme allows participants to examine transformation across the institution, including the dependencies that can determine whether an initiative succeeds.
From digital banking to a connected financial system
Looking towards 2027, the chapter’s editorial focus extends beyond individual products and platforms to the connections between them.
A payment or lending journey can involve a bank, a fintech, a payment network and several technology providers. Each contributes to the service, but the experience depends on how reliably information and responsibilities pass between them.
For banking leaders, this raises practical questions about interoperability, data quality, governance and partnership design. For technology businesses, it places greater emphasis on how a solution fits within an institution’s wider architecture and operating priorities.
Artificial intelligence in banking, digital payments, open finance and customer experience are part of this broader discussion. Their business value depends on the systems, controls and people supporting them. Chapter 39’s “Finance in Motion” theme provides a framework for considering those relationships as organisations assess their next phase of financial services innovation.
The Dubai gathering offers an opportunity to connect current implementation challenges with the priorities taking shape for 2027: where to invest, which capabilities to strengthen and which partnerships can help institutions deliver.
Two days to compare priorities and explore partnerships
The opening-day conference will bring banking and technology perspectives into the main programme, with the FINNOVEX Awards adding industry recognition to the gathering.
The second day will be dedicated to executive roundtables. These smaller discussions will provide a setting for participants to exchange experience and examine business challenges in greater depth. For delegates, the combination offers access to a broad leadership discussion alongside more focused dialogue. For sponsors, exhibitors and technology partners, it provides an opportunity to understand the institutional context behind potential collaborations.
The participation of Alfa Bank, Sardine, Sends, BPC and Posidex brings banking and technology organisations into that exchange. Additional organisations interested in the Middle East financial services market are invited to discuss the available Chapter 39 partnership formats with Exibex. Sponsorship, exhibition and executive roundtable participation will be agreed according to availability, programme relevance and the associated deliverables.
Register for FINNOVEX Middle East 2026
Banking executives, fintech leaders and financial technology professionals can explore the speaker line-up and register through me.finnovex.com.
For sponsorship opportunities in Dubai, exhibition enquiries or the Chapter 39 partnership prospectus, contact info@exibex.com, using the subject line “FINNOVEX Middle East 2026 — Partnership Enquiry.”
FINNOVEX Middle East — Chapter 39 Finance in Motion 10–11 November 2026 | Dubai, UAE
About FINNOVEX
FINNOVEX is a financial services event series organised by Exibex. Through conferences, executive discussions and industry recognition, it brings banking leaders, fintech businesses and technology specialists together to examine innovation and the decisions shaping financial services.
Media, registration and sponsorship enquiries: info@exibex.com https://me.finnovex.com

Blockchain investigator ZachXBT has revealed how he spent his own money going undercover to infiltrate a Chinese criminal syndicate he says laundered more than $1 billion in stolen crypto on behalf of North Korea’s Lazarus Group — deliberately losing roughly 5% on every transaction he made with the group in order to win their trust and extract intelligence on how stolen funds were being moved.
How the Operation Started
According to ZachXBT, the investigation began shortly after the February 2025 hack of cryptocurrency exchange Bybit, in which attackers stole approximately $1.5 billion in crypto assets — the largest exchange theft on record. While mapping the aftermath, ZachXBT identified more than 15 accounts across Telegram and Discord that were publicly soliciting help executing orders tied to the stolen funds. Rather than simply observing from a distance, ZachXBT decided to make direct contact, posing as a legitimate client interested in moving funds through the network.
Posing as a Customer to Build Trust
One of the accounts ZachXBT contacted belonged to a Telegram user operating under the alias “Jimmy Green.” On March 6, 2025, ZachXBT funded a new Ethereum address with 349,700 USDC specifically to conduct a series of transactions with this contact. Jimmy Green proposed exchanging the USDC on Ethereum for USDT on the TRON network. The wallet address he provided for the swap had itself been funded by a separate wallet that ZachXBT was able to trace directly back to funds stolen in the Bybit hack — an address that was also independently flagged on Bybit’s own public blacklist.
ZachXBT continued conducting additional transactions with Jimmy Green specifically to build credibility within the network. According to the investigator, as trust grew, his contact began volunteering information about upcoming movements of DPRK-linked funds. In one notable instance, Jimmy Green told ZachXBT in advance that funds would be moved to the Solana network — and, as ZachXBT documented, that transfer occurred exactly as predicted the following day. Jimmy Green reportedly told ZachXBT that his team had laundered the majority of the $1.5 billion stolen from Bybit, a claim ZachXBT said matched the laundering patterns he had independently observed through on-chain analysis.
Deliberately Losing Money to Gather Intelligence
To sustain the operation and keep his cover credible, ZachXBT accepted a financial loss on every single exchange, losing approximately 5% on each order. He was explicit that the goal was never profit, but rather extracting actionable intelligence as efficiently as possible. In total, he committed $349,700 of his own funds to the operation, with no guarantee the counterparty wouldn’t simply disappear with the money. “I needed to keep losing 5% on every order and take on risk in order to gather as much practical intelligence as possible in the shortest amount of time,” ZachXBT said, adding that engaging directly with the syndicate exposed him to an uncertain degree of personal risk throughout the operation.
Tracing Bybit’s Stolen Funds Across Multiple Chains
A pivotal moment in the investigation came on March 12, 2025, when Jimmy Green sent ZachXBT a screenshot documenting a cross-chain bridge transfer. ZachXBT cross-referenced the amounts and timing shown in the image against an on-chain transaction created just minutes after the message was sent, confirming the laundering activity in near real time.
Jimmy Green later provided three Solana-based addresses, allowing ZachXBT to identify a cluster holding more than $12 million in funds connected to the Bybit exploit. According to his findings, the stolen assets moved from Bitcoin to Ethereum, then to Solana, and ultimately into TRON — with transactions occurring in what ZachXBT described as near real-time succession. Tether subsequently froze 442,000 USDT tied to that specific cluster. ZachXBT also reported that the syndicate had begun using a newer laundering technique involving low-liquidity token pools on Uniswap.
A Syndicate Handling More Than Just Lazarus Funds
Over the course of their exchanges, Jimmy Green disclosed details about other operations beyond the Bybit theft. He mentioned a separate team holding approximately $300,000 that had been frozen in 2024; ZachXBT verified the claim on-chain and determined the actual figure was $332,000 in USDC, tracing the funds back to the earlier Poloniex exploit. In a separate case, Jimmy Green described laundering $3 million in fraud proceeds for a different client — funds ZachXBT traced to the hot wallet of Huione Guarantee, an entity that was subsequently sanctioned, with its former head later arrested.
Beyond the Money: A Human Relationship
ZachXBT noted that over the course of extended communication, Jimmy Green gradually volunteered increasing amounts of information about his team’s activities, and that their conversations extended well beyond crypto and laundering operations. Jimmy Green discussed playing mahjong, hunting wild rabbits, food, weight-loss diets, his family, and a Disneyland vacation. ZachXBT speculated that his contact’s unusual grammar may have reflected reliance on translation software, and said Jimmy Green also provided general operational details about the syndicate’s presence in Hong Kong and mainland China.
Handing the Evidence to Authorities
ZachXBT said all intelligence gathered during the operation was shared with vetted private-sector partners and law enforcement agencies working on the related case, and that he had withheld public details until now because of the investigation’s sensitivity. He noted that the inability to immediately publish findings remains one of the most difficult aspects of his work, adding that he currently holds substantial undisclosed information on several other ongoing cases that cannot yet be made public.
Part of a Larger Pattern
ZachXBT’s findings reinforce a pattern he has documented previously: North Korean state-linked actors generate significant ongoing crypto revenue through a range of schemes, including an estimated $1 million per month earned through fake IT workers posing as legitimate developers at crypto and tech companies — underscoring that laundering networks like the one ZachXBT infiltrated represent just one piece of a much broader, sustained effort to convert stolen and fraudulently obtained crypto into usable funds for the North Korean regime.
What This Means Going Forward
ZachXBT’s undercover operation demonstrates both the scale of organized laundering infrastructure supporting North Korea-linked crypto theft and the extent independent investigators are willing to go to expose it — accepting direct financial losses and personal risk to obtain intelligence law enforcement agencies could act on.
With Tether already freezing hundreds of thousands of dollars tied to the identified cluster and additional sanctions having followed related findings involving Huione Guarantee, the operation illustrates how blockchain transparency, combined with old-fashioned undercover investigative work, continues to produce real consequences for crypto money laundering networks — even when the full scope of what investigators uncover can’t be disclosed right away.

ブロックチェーン調査員のZachXBTは、北朝鮮のLazarus Groupに代わって盗まれた暗号資産10億ドル以上を資金洗浄したとされる中国の犯罪組織に潜入するため、自腹で資金を使い、身分を偽って接触した経緯を明かした。組織の信頼を得て、盗まれた資金の移動方法に関する情報を引き出すため、組織との取引では毎回、意図的に約5％の損失を出していたという。
作戦の始まり
ZachXBTによると、調査は2025年2月に暗号資産取引所Bybitがハッキングされ、攻撃者が約15億ドル相当の暗号資産を盗んだ直後に始まった。これは記録上、取引所からの窃盗として最大規模の事件だった。その後の状況を調べる中で、ZachXBTはTelegramとDiscord上で、盗まれた資金に関係する注文の執行を手助けしてほしいと公然と呼びかけていたアカウントを15件以上特定した。

HSBC, RAKBANK and Commercial Bank of Dubai executives join the Chapter 39 speaker line-up, with Alfa Bank and Sardine leading the sponsor roster for 10–11 November.
Dubai, UAE — 30 September 2026: The next phase of banking transformation will depend on how well its parts work together. Digital channels, payments, data, risk and core systems all contribute to the same customer experience. For financial institutions, connecting them effectively is a question of business performance, operational resilience and growth.
That challenge provides the backdrop to FINNOVEX Middle East 2026 — Chapter 39, taking place in Dubai on 10–11 November 2026. Organised by Exibex under the theme “Finance in Motion,” the banking and fintech summit will bring senior financial services executives and technology businesses together to examine the decisions shaping their institutions—and the connected financial system they are preparing for in 2027.
The chapter is supported by Alfa Bank as Diamond Sponsor and Sardine as Gold Sponsor, alongside Sends and BPC as Silver Sponsors, Posidex as Bronze Sponsor, and Watermelon Communications as Official PR Partner.
Its two-day format combines a conference and the FINNOVEX Awards on 10 November with executive roundtables on 11 November, giving participants space to move from the wider industry discussion into more focused exchanges.
The leadership behind banking transformation
Chapter 39’s speaker line-up brings together the executives responsible for translating strategy into the way banks operate, serve customers and generate growth.
Featured speakers include Linoy Kidd, CIO, GBM MENAT at HSBC; Yan Bechet, Chief Operating Officer at HSBC UAE; Daniele Coda, Chief Commercial Officer at RAKBANK; and Vladislavs Mironovs, Chief Digital Officer at Commercial Bank of Dubai.
They are joined by Abdulla Al Taee, Chief Operating Officer at United Arab Bank; Abdullah Al-Awadi, Chief Strategy Officer at Kuwait International Bank; and Alberto Diez, Chief Operating Officer at Emirates Development Bank.
Further additions include Khawer Khaliq, Chief Operating Officer at Vision Bank Limited; Asim Shrivastava, Chief Credit Officer at Bank of Sharjah; and Mirel Băilă, Acting Chief Operating Officer at Al Masraf.
The range of responsibilities represented is significant. A digital banking proposition needs an operating model capable of delivering it. A faster customer journey must retain effective controls. A technology investment needs a clear commercial purpose and a practical route to implementation.
Bringing these perspectives into one programme allows participants to examine transformation across the institution, including the dependencies that can determine whether an initiative succeeds.
From digital banking to a connected financial system
Looking towards 2027, the chapter’s editorial focus extends beyond individual products and platforms to the connections between them.
A payment or lending journey can involve a bank, a fintech, a payment network and several technology providers. Each contributes to the service, but the experience depends on how reliably information and responsibilities pass between them.
For banking leaders, this raises practical questions about interoperability, data quality, governance and partnership design. For technology businesses, it places greater emphasis on how a solution fits within an institution’s wider architecture and operating priorities.
Artificial intelligence in banking, digital payments, open finance and customer experience are part of this broader discussion. Their business value depends on the systems, controls and people supporting them. Chapter 39’s “Finance in Motion” theme provides a framework for considering those relationships as organisations assess their next phase of financial services innovation.
The Dubai gathering offers an opportunity to connect current implementation challenges with the priorities taking shape for 2027: where to invest, which capabilities to strengthen and which partnerships can help institutions deliver.
Two days to compare priorities and explore partnerships
The opening-day conference will bring banking and technology perspectives into the main programme, with the FINNOVEX Awards adding industry recognition to the gathering.
The second day will be dedicated to executive roundtables. These smaller discussions will provide a setting for participants to exchange experience and examine business challenges in greater depth.
For delegates, the combination offers access to a broad leadership discussion alongside more focused dialogue. For sponsors, exhibitors and technology partners, it provides an opportunity to understand the institutional context behind potential collaborations.
The participation of Alfa Bank, Sardine, Sends, BPC and Posidex brings banking and technology organisations into that exchange. Additional organisations interested in the Middle East financial services market are invited to discuss the available Chapter 39 partnership formats with Exibex.
Sponsorship, exhibition and executive roundtable participation will be agreed according to availability, programme relevance and the associated deliverables.
Register for FINNOVEX Middle East 2026
Banking executives, fintech leaders and financial technology professionals can explore the speaker line-up and register through me.finnovex.com.
For sponsorship opportunities in Dubai, exhibition enquiries or the Chapter 39 partnership prospectus, contact info@exibex.com, using the subject line “FINNOVEX Middle East 2026 — Partnership Enquiry.”
FINNOVEX Middle East — Chapter 39
Finance in Motion
10–11 November 2026 | Dubai, UAE
About FINNOVEX
FINNOVEX is a financial services event series organised by Exibex. Through conferences, executive discussions and industry recognition, it brings banking leaders, fintech businesses and technology specialists together to examine innovation and the decisions shaping financial services.
Media, registration and sponsorship enquiries:
info@exibex.com
https://me.finnovex.com

アラブ首長国連邦・ドバイ、2026年10月 – Minds by Animoca Brandsが主催するCryptoMondays MENAは、2026年10月5日（月）午後8時から午後10時まで、JW Marriott Marquis Hotelで開催予定の集会に向け、登壇者とパートナーネットワークを正式に発表しました。
本イベントでは、中東・北アフリカ（MENA）地域のWeb3リーダー、デジタル資産の先駆者、機関投資家、ビルダーが一堂に会し、市場に関する議論や交流、戦略的な連携を深める夕べを開催します。

UAE・ドバイ、2026年10月 – Minds by Animoca Brandsのプレゼンテーションにより、CryptoMondays MENAは、2026年10月5日（月）20:00〜22:00にJWマリオット・マーキス・ホテルで開催される、次回の集まりに向けたスピーカーパネルおよびパートナーネットワークを正式に発表しました。
このイベントは、中東・北アフリカ（MENA）地域におけるWeb3のリーダー、デジタル資産の先駆者、機関投資家、そしてビルダーたちを結集し、市場に関する議論、ネットワーキング、戦略的な協業を行うための夜を提供します。

ドバイ（UAE）—2026年9月30日、世界最大の実店舗型Web3コミュニティであるCryptoMondaysは、9月28日（月）にMENA支部を正式に立ち上げました。影響力の高いパネル、ネットワーキング、コミュニティづくりのための夕べに向けて、190件の登録を集め、参加者を迎えました。JW Marriott Marquis Dubaiの68階にあるTacenda Loungeで開催された本イベントは、核となる約束を実現しました。ピッチ専用のフロアはなく、持ち帰るものが参加前よりも増えるような“ビルダーたち”で満たされた空間を提供したのです。
Vaibhavv Ali（Cryptonite UAEの共同創業者）に率いられた今回のローンチは、エコシステム全体から業界リーダー、投資家、そして創業者を成功裏につなぎました。

UAE・ドバイ — 2026年9月30日、世界最大級のリアル開催型Web3コミュニティであるCryptoMondaysは、9月28日（月）にMENA拠点を正式にローンチしました。高いインパクトを持つパネル、ネットワーキング、コミュニティづくりのために、190件の登録が集まりました。会場は、JWマリオット・マーキス・ドバイの68階にあるTacenda Lounge。イベントは、コアとなる約束を体現しました。ピッチだけのフロアはなし。持ち帰った以上のものを手にして帰る、熱意あるビルダーたちが満ちた空間です。
Cryptonite UAEの共同創業者であるVaibhavv Aliが率い、ローンチはエコシステム全体から業界リーダー、投資家、起業家を成功裏に結びつけました。

2026年9月は、仮想通貨のセキュリティにとって今年で最も被害の大きい月として記録されました。ハッカーは55件の主要攻撃のうちで約7億6,650万ドルを盗みました。ブロックチェーン・セキュリティ企業PeckShieldによると、これは8月の総額1億3,630万ドルから約462%の増加です。
この驚異的な急増は、ほぼ2つの事件によってもたらされました。Bitget取引所のハックとLiquid Networkの侵害で、両者でその月の損失の大半を占めています。
記録を支える数字

2026年9月は暗号資産セキュリティにとって、年間で最も被害が大きい月として記録されました。ハッカーが55件の主要攻撃で約7億6,650万ドルを盗みました。これはブロックチェーン・セキュリティ企業PeckShieldによると、8月の合計1億3,630万ドルから約462%の増加です。
この驚異的な急増は、ほぼ2つのインシデントによってもたらされました。すなわち、Bitgetの取引所ハックとLiquid Networkの侵害で、両者を合わせて今月の損失の大半を占めています。
記録的な月の裏側にある数字

Coinbaseはポケモントレーディングカードの熱狂に参入する。同社は、ユーザーが自社アプリ内でデジタルカードパックを開封できるようにする計画を発表した。さらに、デジタルで引いたものはすべて実在する物理のポケモンカードで裏付けられる。
この動きにより、暗号取引所は好調なコレクティブル（収集品）市場のど真ん中に位置づけられる。しかもその市場は最近、ビットコインとS&P500の両方を上回る実績を示している。一方で、馴染みのあるトークン化された実世界資産（RWA）の仕組みを、ポップカルチャーで今最も熱い趣味の一つへと持ち込むことにもなる。
Coinbaseが実際に発表したこと
Coinbaseは9月28日にXでこのプロダクトを予告し、短くキレのある売り文句でこう提示した。

コインベースはポケモンのトレーディングカード熱に参入し、ユーザーが自社アプリ内でデジタルカードパックを開けるようにする計画を発表します。しかも、そのすべてのデジタル引き当ては、実在するポケモンの物理カードに裏付けられるとのことです。
この動きは暗号取引所を、近頃ビットコインとS&P 500の双方を上回るほど好調な“盛り上がっているコレクティブル市場”のど真ん中に据えつつ、ポップカルチャーで最も熱い趣味の一つへ、なじみのあるトークン化された現実世界の資産（RWA）構造を持ち込むものです。
コインベースが実際に発表したこと
コインベースは9月28日にXで短く勢いのあるキャッチでこのプロダクトを予告しました。

ブルームバーグによると、デジタル・アセット業界の最も早期のインフラ提供者の一つであるBlockchain.comは、年末までに公的上場を狙って投資家に働きかけています。これは、約5億ドルの資金を調達し、同社を40億ドルから60億ドルの間で評価することにつながる可能性があります。
この計画は、数カ月にわたって発行活動が凍りついた後、暗号資産企業にとって資本市場が幅広く「解凍」しつつあるという流れを反映しています。
ブルームバーグのレポートが詳述する内容
ブルームバーグが取材した関係者によれば、Blockchain.comは「今年後半」に公的デビューを狙っており、オファリングを通じて約5億ドルの調達を目指しています。評価額のターゲットレンジである40億ドル〜60億ドルは依然として流動的で、市場環境によっては、同社の経営陣はより小規模なオファリング規模を受け入れる用意があると報じられています。上場の最終条件はまだ決まっておらず、正式なローンチの前に変更される可能性もあります。

ブルームバーグによれば、デジタル・アセット業界で最初期のインフラ提供者の1社であるBlockchain.comが、年内に公的上場を行うとして投資家に働きかけており、その動きによって約5億ドルを調達し、同社の企業価値を40億ドル〜60億ドルの範囲で評価することになる。
この計画は、暗号資産企業をめぐる資本市場で、数カ月にわたって発行活動が凍結されていた後、より幅広い形で資金が戻りつつあることを反映している。
ブルームバーグの報告が詳述する内容
事情に詳しい関係者によれば、ブルームバーグが引用した情報として、Blockchain.comは今年後半の公開デビューを目指しており、公開を通じて約5億ドルを調達しようとしている。評価レンジの40億ドル〜60億ドルという目標は依然として流動的で、同社の幹部は、市場環境によってはより小さな募集規模の受け入れも想定していると報じられている。上場の最終条件はまだ確定しておらず、正式なローンチの前に変更される可能性もある。