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Beosin Trace monitoring issued a recent update revealing that the Bybit exploiter—responsible for a huge security breach and lots of stolen assets—hasn’t stopped its operations. If anything, it’s still persistently and systematically pouring stolen on-chain assets into various laundering channels. And despite all the tracking and containment efforts, the value of those assets keeps on increasing—pretty steadily, in fact. As of today, the total we know stolen and involving the Bybit exploiter has shot up to over 400,000 ETH. That is a huge sum. If you’re wondering how various channels doing by various laundering methods have managed to do that, we’ve got an answer for you—coming up next. A Breakdown of the Laundering Activities As reported by Beosin Trace, the Bybit exploiter has taken part in a grand total of 11,578 on-chain transactions. Each of these has seen to the transferring of sums greater than 1 ETH, making this particular operation all the more visible across the blockchain network. Incidentally, these activities—part of what is likely a money-laundering operation—have served to move the exploitable funds into different addresses and across a variety of platforms. That has certainly made it easier for the exploiter to serve up the original assets on a platter of the great obscurity of blockchain transactions. The laundering operation mainly takes place on the Ethereum blockchain, with the stolen funds passing through a number of decentralized and centralized platforms. This manner of moving the funds hints at the possibility that sophisticated tools and techniques are being used to conceal the true nature of the transactions. Meanwhile, as more funds are laundered, the operation’s scale has grown, making things even harder for the good guys to track and freeze the stolen assets. Beosin’s KYT (Know Your Transaction) service has been indispensable in pinpointing and labeling the dubious addresses linked to the laundering undertakings. So far, Beosin has done the important work of risk tagging 4,972 blacklisted addresses on the Ethereum chain. We should emphasize that tagging these addresses is a big deal because these funds under tag are now kept under continuous watch. That watch is simply an elbow bump away from Beosin giving those shady operations the side eye in proximity to any address still using Ethereum for anything other than legitimate purposes. According to Beosin Trace monitoring, #Bybit Exploiter is still conducting systematic fund laundering operations. Here are some details: — Beosin Alert (@BeosinAlert) February 26, 2025 Monitoring the Dormant Addresses The operation’s most concerning aspect is the presence of 160 dormant addresses, each holding over 1 ETH. These addresses, which have not been active for a long time, now stand for a large part of the stolen funds. Because these addresses are so dormant, it is difficult to identify them as part of the laundering operation. However, Beosin Trace, the tracing company for this operation, continues to monitor these addresses. Beosin is also attempting to determine the next steps of the operation by analyzing the potential future movements of the funds. Ongoing monitoring efforts at Beosin Trace keep an eye on around 368,507 ETH connected to the addresses that have been flagged. This encompasses all the addresses, both active and dormant, that are identified with the Bybit exploiter. Beosin’s intention here seems to be to trace the illicit funds to their next destination and cut them off from potential uses like exchanges and other illegal activities, all in a bid to prevent any further unlawful use of the assets. The Role of Beosin’s KYT System Beosin’s KYT system has emerged as a necessary tool in the fight against crypto crime, offering real-time transaction monitoring and risk tagging of suspicious addresses. The KYT system allows Beosin to identify suspicious behavior in the crypto space at an early stage and take necessary and appropriate actions to prevent the further laundering of stolen funds. By tagging these addresses, Beosin creates an incredible database of shady addresses, which is invaluable in helping investigators and authorities track and recover stolen assets. In addition, the tagging process allows Beosin to offer exhaustive reports to exchanges, regulators, and law enforcement agencies so that they can act quickly. These reports enable a deep collaboration between Beosin and its many stakeholders, and that deep collaboration helps ensure that money flowing through the crypto ecosystem is clean and that everyone involved is playing by the rules. Ongoing Efforts to Freeze Stolen Funds Even though the laundering operation is on a large scale, attempts to freeze the stolen assets are ramping up. Beosin Trace continues to do the hard work of monitoring and tagging addresses associated with the exploiter’s activities. But the operation’s size and complexity mean that this is not a short-term effort. So is the vigilance of the broader crypto community. We must maintain a close watch on the situation as it shifts and new criminal tactics are developed to misdirect attention and obscure activities. Beosin Trace has not yet disclosed the identities of the people responsible for the Bybit exploit. However, the organization’s scale suggests that the operation was carried out by a well-organized and professional group of individuals—perhaps working as a team and possibly located in a specific geography—who are good at hiding and who trained for a long time to get good at what they do. And the group appears to be good at what it does. Conclusion: A Growing Challenge for Crypto Security Bybit exploiter’s operation highlights a situation that’s getting worse for the industry. Fund laundering is not new; what’s happening here is what’s happening with most stolen crypto in the wild. We simply have no way to monitor what’s going on because the crypto industry is largely unregulated and what’s happening in that space is very opaque. That’s a problem for us, a problem for the industry, and a problem for national security. While Beosin Trace watches where the money goes, the Make-A-Wish Foundation does something similar. It does not have the kinds of powers that Beosin does, tracing on-chain to ensure that funds really do go where they’re supposed to. But it is sort of a collaborative association of very smart folks in law enforcement who do know how to track money. Not every wish is granted; in fact, Beosin’s KYT team might be more successful in tracking down bad guys. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! Image Source: panuwatsikham/ 123RF // Image Effects by Colorcinch
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of BitMaden. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.
Stacks’ sBTC token sees increasing adoption
Stacks, the leading Bitcoin ( BTC ) Layer-2 ( L2 ) network for BTC-oriented decentralized finance ( DeFi ), has announced that its sBTC token has been adopted by a number of institutional clients, as detailed to Finbold on Thursday, February 27. sBTC’s next major milestone will be the launch of its withdrawal functionality, which is scheduled for March 2025. sBTC adoption As a decentralized, Bitcoin-backed, programmable asset, sBTC is designed to bring additional flexibility to the BTC ecosystem. Early sBTC adopters included UTXO, SNZ, Jump Crypto, Sypher Capital, and Asymmetric Research, all part of the initial deposit cap. The rapid demand for sBTC soon led to a second cap raise, tripling the deposit capacity. Fully subscribed within just 24 hours, the second cap signaled a surge in interest among all kinds of investors, most notably Zest Protocol, which has so far accumulated nearly 40% of the total sBTC in circulation. The growing demand for tokenized Bitcoin assets The demand for tokenized Bitcoin assets continues to grow as more and more Bitcoin holders realize that L2 networks like Stacks can offer both innovative solutions and core security of Bitcoin. According to the Bitcoin Builders Association, tokenized Bitcoin has reached 1.67% of the current BTC supply, statistics not matched since October 2022. What sets sBTC apart from other tokenized assets is its versatility, that is, its ability to enable flexible smart contracts and transactions without compromising the security and immutability characteristic of “digital gold.” The rise of Bitcoin Layer 2 solutions L2 BTC has been one of the most significant trends in the cryptocurrency space over the past year. Data published by DeFiLlama suggest that the total value locked (TVL) in Bitcoin L2 networks has increased by over 460% (from ~$500 million in 2024 to ~$2.8 billion in February 2025). This surge reflects the increasing demand for L2 solutions that enable greater BTC functionality. Given how close sBTC is to Bitcoin, and given its adoption by some of the most influential players in the industry, including ecosystems like Solana ( SOL ) and Aptos ( APT ), sBTC could become a key to ensuring the demand for Bitcoin assets remains steady. The post Stacks’ sBTC token sees increasing adoption appeared first on Finbold . NullTx
Nasdaq Files to Launch Grayscale Spot Polkadot ETF, Boosting Investor Excitement
An important turn of events for the crypto investment world, Nasdaq has submitted an official application to the U.S. Securities and Exchange Commission (SEC) for the launch of the Grayscale Spot Polkadot ETF . With this move, the path is cleared for the average investor to trade shares tied directly to Polkadot’s network and its native token, $DOT. Polkadot is known for its attractive and unusual blockchain architecture that connects distinct networks. While this architecture has attracted blockchain enthusiasts and developers to the Polkadot ecosystem, Grayscale’s next fund could open the door for much broader engagement from the average investor. The Move That Sparked a Surge in DOT’s Value One of the most prominent cryptocurrencies invested in, Grayscale has been making quite a stir with its lineup of digital asset products. By filing to launch a Polkadot ETF, the company is looking to introduce an investment vehicle that tracks the live price of $DOT, as a potentially easier way for people to get exposure to the blockchain that’s undergirding that cryptocurrency. This filing’s possible effect on Polkadot’s native token has already been felt. Following the news, $DOT experienced a 4% spike, increasing Polkadot’s total market cap to a robust $6.6 billion. The sudden uptick seems to indicate growing investor excitement around the Polkadot ecosystem and the chance for an ETF tied to $DOT has only served to intensify that enthusiasm. It looks increasingly like Grayscale’s Polkadot ETF could be the vehicle that brings more mainstream investment into this blockchain project. Polkadot is recognized for its innovative technology that allows different blockchains to work together. First, it was Bitcoin. Then Ethereum… Now, Grayscale is pushing for a Polkadot ETF, signaling a growing appetite for broader crypto investment products. With Nasdaq filing the proposal, the SEC has 45 days to respond, so the countdown has begun Bitcoin and Ethereum ETFs… pic.twitter.com/9SmZ05KwX1 — Senior (@SeniorDeFi) February 26, 2025 This makes it one of the most impressive projects in the blockchain space, as it addresses one of the industry’s most critical and unresolved problems—enabling otherwise isolated networks to communicate and exchange data. But for all its technical accomplishment, Polkadot has not achieved anywhere near the same level of visibility as more established projects like Bitcoin and Ethereum. Will the Polkadot ETF Drive Mainstream Adoption? The filing of the Grayscale Spot Polkadot ETF is a major achievement for the Polkadot ecosystem, and analysts are mildly hopeful about it being given the green light by the SEC. With Bitcoin ETFs and Ethereum ETFs already pulling in billions of dollars in investment, the approval of some more ETFs linked to promising new crypto assets like Polkadot might further serve to legitimize the market and draw in institutional investors. The filing is now set to be reviewed by the SEC, which will have 45 days to make a decision. Both retail and institutional investors have shown that Bitcoin and Ethereum have staying power. But whether Polkadot will be adopted at the same kind of scale remains an open question. Some industry experts put the chances of SEC approval for the Grayscale Spot Polkadot ETF in the favorable range. They cite the track record of Polkadot, as well as the success of Grayscale’s other ETF offerings, as a strong foundation. But even if those odds are good, and even if Polkadot has a strong technological narrative that makes it likely to succeed, can it somehow match the magic of Bitcoin and Ethereum in the eyes of the investor base? The launch of an ETF linked to a cryptocurrency has the potential to attract substantial attention and funding for that asset, as both Bitcoin and Ethereum already have. If Polkadot’s ETF wins regulatory approval, it could help spread the word about the blockchain, possibly garnering a good deal more institutional interest in the tech and its tied-together tokens. It is crucial to contemplate if the Polkadot ecosystem can keep up its momentum when confronted with competition from assets that are more established. The Polkadot ecosystem is based on technology with real merit. In terms of interoperability, Polkadot provides valuable tech. Long-term survival and growth demand not only that Polkadot attract projects and developers but also that it demonstrate real-world utility and showcase its platform’s merits. What’s Next for Polkadot? The Nasdaq’s filing has opened the door for what could be a pivotal moment for Polkadot in its attempt to secure a wider embrace. The Polkadot ETF would provide a far more straightforward and regulated entry point for investors wishing to get some skin in the game without them having to deal with the kind of complexities direct purchases of cryptocurrency entail (like managing digital wallets, for instance). If the Nasdaq’s ETF gets the green light from the SEC, it would almost certainly be an inflection point outcome-wise for Polkadot. At present, everyone’s gaze will be directed toward how the SEC responds, and the next few weeks could be quite crucial in revealing whether Polkadot has what it takes to emulate Bitcoin and Ethereum in becoming a top-tier, accessible crypto asset. If the SEC gives its blessing, it is hard to overstate how big a deal that would be. After all, an ETF is arguably the holy grail of accessible Bitcoin investment for average everyday people. Hearing scheduled for this summer also promise major developments in determining what becomes of the ETF signal and indeed the investment signal overall for the crypto sphere. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! Image Source: ximagination/ 123RF // Image Effects by Colorcinch NullTx
