Bybit Hit by Record $1.5B Hack

CRYPTO
Bybit Hit by Record $1.5B Hack

Bybit, a leading cryptocurrency exchange, has suffered the largest crypto heist in history, with hackers draining $1.5 billion in digital assets. The attack targeted Bybit’s cold wallet, an offline storage system meant for security, with stolen funds—primarily in ether—quickly dispersed across multiple wallets and liquidated.

Blockchain analytics firms, including Elliptic and Arkham Intelligence, traced the funds and later linked the attack to North Korea’s Lazarus Group, a notorious state-sponsored hacking collective. The group has stolen billions from crypto platforms to finance North Korea’s regime, using sophisticated laundering techniques.

Bybit CEO Ben Zhou assured users that other wallets remained secure and withdrawals were functioning normally. However, fears of insolvency led to mass withdrawals before stabilizing. Bybit secured a bridge loan to cover any unrecoverable losses.

Security experts warn that large-scale thefts remain a persistent risk, emphasizing the need for stronger safeguards to prevent bad actors from cashing out stolen funds.

FINANCE
Trump Plans Fort Knox Gold Inspection

President Donald Trump announced that Elon Musk will inspect Fort Knox to verify the presence of America’s gold reserves. Treasury Secretary Scott Bessent reassured the public that annual audits confirm all gold is accounted for.

Fort Knox, established in 1937, houses 147.3 million ounces of gold, roughly half of the U.S. Treasury’s stored reserves. The depository is one of the most secure facilities in the world, built with reinforced steel, concrete, and granite. Access to the vault is highly restricted, with only two public visits recorded since 1974.

The site also serves as the Army’s Human Resources Command Center and hosts the Army’s largest training event. Over the years, Fort Knox has become synonymous with security, appearing in pop culture references such as Goldfinger and Looney Tunes.

Trump emphasized the importance of transparency, stating, “I don’t want to open it and the cupboards are bare.” Treasury officials remain confident in the integrity of Fort Knox’s reserves.

TECH
Musk Rejects Uber Partnership on AVs

Uber CEO Dara Khosrowshahi confirmed that Elon Musk declined to make Tesla’s planned robotaxis available on Uber’s platform, positioning Tesla as a direct competitor in the ride-hailing industry. Speaking at the FII conference in Miami, Khosrowshahi said Tesla intends to launch its autonomous service independently, competing with Uber and Waymo in markets like Austin.

Khosrowshahi noted that partnering with Tesla “would make a lot of economic sense” for Uber, as the company could provide demand for autonomous vehicles. However, Tesla remains focused on its own rollout.

Uber has actively pursued its AV strategy, securing over a dozen partnerships with manufacturers and self-driving tech firms since 2023. Analysts warn that the rise of Tesla robotaxis and Waymo’s expansion could reduce Uber’s ride volume and impact its commission rates. Uber will begin offering Waymo-powered autonomous rides in Austin next month, with an Atlanta launch planned for summer 2025.

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.